2026年1月下旬，国内公募REITs市场出现标志性转折。短短一周多时间内，多家头部企业相继主动撤 回已筹备数年的公募REITs发行或扩募申请。 1月23日，上海证券交易所和深圳证券交易所同步更新了项目状态，宣布5单公募REITs申报终止或撤回 审核。 公募REITs，即不动产投资信托基金，是一种通过发行基金份额募集资金、投资于能产生稳定现金流的 不动产，并将大部分收益分配给投资者的金融工具。 它曾是中国基础设施领域重要的融资创新。在政策持续支持下，市场规模快速突破千亿，成为盘活存量 资产、拓宽融资渠道的"当红炸子鸡"品种，甚至在作为类固收资产配置价值突出的时期，一度出现百倍 认购、被众多投资机构疯抢的火热局面。 在业内人士看来，其一度备受追捧的核心在于资产的标准化——只有那些权属清晰、现金流持续稳定的 优质资产方能"入池"，目标是凭借可预测的现金流，为投资者提供稳定的分红回报。然而，当前的风向 似乎正在发生变化。 这些终止申报的项目包括：建信建融家园租赁住房REIT、创金合信电子城产业园REIT、华夏万纬仓储 物流REIT、建信金风新能源REIT，以及富国首创水务REIT的扩募申请。 它们的申报时点跨度从2 ...

21世纪经济报道记者 余纪昕 2026年1月下旬，国内公募REITs市场出现标志性转折。短短一周多时间内，多家头部企业相继主动撤回已筹备数年的公募REITs 发行或扩募申请。 1月23日，上海证券交易所和深圳证券交易所同步更新了项目状态，宣布5单公募REITs申报终止或撤回审核。 这批项目多集中于2024年初市场高涨时申报，却在近两年的等待后集体"离场"。 这波罕见的"撤回潮"迅速引发市场高度关注：从曾经的"申报热"到如今的"撤回潮"，公募REITs市场是否已经走过了行情的高光 时刻？集中撤回的背后究竟有哪些深层原因？未来的投资机会又该如何把握？ REITs市场降温：从"当红品种"到"理性回调" 公募REITs，即不动产投资信托基金，是一种通过发行基金份额募集资金、投资于能产生稳定现金流的不动产，并将大部分收益 分配给投资者的金融工具。 它曾是中国基础设施领域重要的融资创新。在政策持续支持下，市场规模快速突破千亿，成为盘活存量资产、拓宽融资渠道 的"当红炸子鸡"品种，甚至在作为类固收资产配置价值突出的时期，一度出现百倍认购、被众多投资机构疯抢的火热局面。 在业内人士看来，其一度备受追捧的核心在于资产的标准化— ...

近日，建设银行（601939）、万科A、金风科技（002202）、电子城（600658）等头部企业，相继宣布 主动撤回或终止公募REITs的发行申请。 中国证券报记者了解到，近期多个公募REITs的"战略性撤退"，或是监管新规落地、市场环境变化及企 业自身战略调整共同作用的结果，也预示着公募REITs市场正从"扩容提速"转向更加注重资产质量、估 值逻辑深度重构的新发展阶段。 多家公司撤回REITs申报 1月23日，建设银行公告称，前期，该行附属公司建信住房作为原始权益人，以建信住房持有的保障性 租赁住房项目申报发行公募REITs。该项目于2024年3月获中国证券监督管理委员会和上海证券交易所 受理。为进一步整合项目资源，优化运营管理，该项目的基金管理人和专项计划管理人主动申请撤回申 报材料。截至2026年1月23日，该项目已终止申报审核流程。 图片来源：建设银行公告 建设银行表示，本次终止申报审核，不会对该行的经营活动和财务状况产生不利影响。 记者就该项目终止的原因、未来发展规划等问题向建设银行发函采访。截至记者发稿，该行未予以明确 回应。记者注意到，此次公募REITs撤回或正处于建信住房经营发展的关键阶段， ...

Core Viewpoint - The recent collective termination of public REITs applications is significantly influenced by the decline in underlying asset valuations, marking a critical shift in the regulatory landscape and market dynamics [1][10][12]. Group 1: Termination of REITs Applications - On January 23, 2026, both the Shanghai and Shenzhen Stock Exchanges announced the termination or withdrawal of five public infrastructure REITs applications, marking the first instance of such a collective termination since the pilot program began [2]. - The terminated projects include various types of underlying assets such as rental housing, industrial parks, logistics, new energy, and water treatment, all structured as "public funds + infrastructure asset-backed securities" [5][6]. - The termination is attributed to the new regulatory guidelines effective December 31, 2025, which stipulate that applications not responding to feedback within a specified timeframe will be automatically terminated [10]. Group 2: Underlying Asset Challenges - The underlying assets of the terminated REITs face structural challenges that hinder compliance with regulatory requirements, such as the need for stable cash flows and operational stability [11][12]. - For instance, the rental housing REIT faced issues related to compliance verification and operational stability, leading to a lack of response to inquiries for over a year [5][11]. - The logistics REIT encountered declining rental prices and high tenant concentration, complicating its ability to demonstrate operational stability [12]. Group 3: Market Dynamics and Regulatory Changes - The public REITs market has grown significantly, with over 78 products launched and a cumulative financing scale exceeding 210 billion yuan, positioning it as the largest in Asia and the second largest globally [15]. - However, the market is now transitioning from a focus on quantity of issuance to an emphasis on the quality of underlying assets and the stability of cash flows [3][15]. - The decline in asset valuations, particularly in the real estate sector, has led to increased reluctance among original equity holders to proceed with applications, as they may not find the valuations acceptable [13][16]. Group 4: Future Outlook - The termination of these applications is viewed as a necessary phase for the high-quality development of public REITs, with expectations that the market will optimize and enhance resilience amid ongoing challenges [17]. - The introduction of commercial real estate REITs, which do not require approval from the National Development and Reform Commission, is anticipated to accelerate the approval process and improve market conditions [16][17].

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges announced the termination or withdrawal of five public infrastructure REITs applications, marking the first occurrence of such terminations since the pilot program began in 2021 [1][2]. Group 1: Termination of REITs Applications - Five REITs projects have been terminated, including those focused on rental housing, industrial parks, logistics, and renewable energy, with the aim of achieving stable cash flow for dividends [1][3]. - The terminated projects include: - Jianxin Jianrong Rental Housing REIT - Chuangjin Hexin Electronic City Industrial Park REIT - Huaxia Wanwei Logistics REIT - Jianxin Jinfeng Renewable Energy REIT - Fuguo Shouchuang Water REIT [1][5]. - The termination is attributed to the projects not responding to regulatory feedback within the required timeframe, as per the new guidelines effective from December 31, 2025 [6][11]. Group 2: Market Context and Regulatory Changes - The public REITs market has surpassed 200 billion yuan in scale, transitioning to a phase of normalized development, with a shift in regulatory focus from quantity to the quality of underlying assets and cash flow stability [2][10]. - The new regulatory guidelines introduced a "termination" mechanism for applications that do not meet response deadlines, aiming to enhance market efficiency and quality [6][11]. Group 3: Challenges Faced by Terminated Projects - The terminated projects faced various structural challenges, such as compliance issues, rental stability, and cash flow predictability, which hindered their ability to meet regulatory requirements [7][8]. - Specific issues included: - Jianxin Jianrong Rental Housing REIT struggled with compliance for non-residential housing conversions and high short-term rental ratios [7]. - Chuangjin Hexin Electronic City Industrial Park REIT had concerns regarding tenant stability and lease renewal risks [7]. - Huaxia Wanwei Logistics REIT faced declining rental prices and high tenant concentration [7]. - Jianxin Jinfeng Renewable Energy REIT was impacted by subsidy reductions affecting cash flow [7][8]. Group 4: Future Outlook for REITs Market - The termination of these projects is seen as a necessary phase for the high-quality development of public REITs, with expectations for structural optimization and resilience in the market as commercial real estate REITs trials deepen [12]. - However, the market still faces challenges related to the stability of underlying assets and macroeconomic cycles [12].

Core Viewpoint - The public REITs market in China is experiencing a significant regulatory shift, with the first instances of project withdrawals occurring as a result of new guidelines issued by the Shanghai and Shenzhen Stock Exchanges, which clarify the conditions under which REITs applications may be suspended or terminated [1][6][10]. Group 1: Project Withdrawals - Jin Feng Technology announced on January 20, 2026, its decision to terminate the application for the Jianxin Jin Feng New Energy REIT, marking the first case of a project entering the review stage but failing to issue successfully [1][3]. - On the same day, Electronic City also announced its intention to withdraw the application for the Chuangjin Hexin Electronic City Industrial Park REIT, indicating a strategic retreat to enhance project stability [1][7]. - The recent regulatory changes are closely linked to these withdrawals, as the new guidelines specify conditions for the suspension or termination of REITs applications [1][4]. Group 2: Regulatory Changes - The new guidelines, effective from December 31, 2025, outline specific circumstances under which the review of REITs applications may be terminated, including expired financial documents and failure to respond to inquiries within the stipulated time [4][14]. - The introduction of these guidelines aims to improve the transparency and efficiency of the REITs application process, ensuring that projects do not remain in limbo and occupy regulatory resources unnecessarily [7][17]. - The regulatory environment is shifting towards a more stringent approach, emphasizing the importance of maintaining high standards for project approvals in the public REITs market [6][10]. Group 3: Market Dynamics - As of the end of 2025, there were 79 public REITs listed in China, with a total issuance scale exceeding 210 billion yuan, reflecting a steady expansion of the market [6][16]. - The relationship between REIT issuers and investors is evolving, with a shift from early valuation premiums to a more rational and professional pricing phase [6][10]. - The market is expected to see a balance between active applications and stringent entry requirements, creating a new ecosystem for public REITs [10][18].

Core Insights - The public REITs market in China is experiencing its first case of project withdrawal after entering the review stage, with Jin Feng Technology and Electronic City both announcing the termination of their REIT applications [1][9][10] - The recent regulatory changes, particularly the new review procedures implemented by the Shanghai and Shenzhen Stock Exchanges, have introduced stricter criteria for REIT approvals, leading to a more rigorous screening process [2][8][9] Group 1: Project Withdrawals - Jin Feng Technology announced on January 20, 2026, its decision to terminate the application for the Jianxin Jin Feng New Energy REIT, marking the first instance of a project failing to issue after entering the review stage [1][4] - Electronic City also announced its intention to withdraw the application for the Chuangjin Hexin Electronic City Industrial Park REIT, indicating a strategic retreat to reassess and potentially reapply in the future [1][9] - The reasons for these withdrawals are linked to the new regulatory framework that outlines specific conditions under which REIT applications may be suspended or terminated [1][5][9] Group 2: Regulatory Changes - The new review procedures, effective from December 31, 2025, specify seven conditions under which the review of a REIT application can be terminated, including failure to respond to inquiries within the stipulated time [5][9] - The introduction of these procedures aims to enhance the transparency and efficiency of the REIT approval process, ensuring that only projects meeting stringent criteria proceed to issuance [8][9] - The regulatory environment is shifting towards a more stringent approach, with a focus on maintaining investor interests and ensuring the stability of project operations [7][10] Group 3: Market Implications - As of the end of 2025, there were 79 publicly listed REITs in China, with a total issuance scale exceeding 210 billion yuan, indicating a growing market despite the recent withdrawals [7] - The market is transitioning towards a more mature phase, where the pricing dynamics between REIT issuers and investors are becoming more rational and professional [7][10] - The ongoing regulatory enhancements are expected to create a new ecosystem for public REITs, characterized by both active applications and stringent entry requirements [10]