22 January 2026 | 3:04PM CST Equity Research CHINA C-REITs: A new regulatory framework to accelerate transformation of our covered companies to an asset-light model In this report, we highlight the Commercial Property REITs pilot program (vs. prior Infrastructure REITs) launched in December 2025, a new regulatory framework that we believe will further drive C-REITs market growth in China and accelerate our covered companies' transformation to an asset-light model for their IP business (by enhancing the visi ...