The Introduction, Survival and Development of Public REITs in China

Public real estate investment trusts provide a capital-market mechanism for converting income-producing assets into liquid and tradable investment vehicles. China launched its pilot programme for publicly offered infrastructure REITs in 2020, and the first nine products began trading on the Shanghai and Shenzhen Stock Exchanges on 21 June 2021, raising approximately RMB 31.4 billion. Over the subsequent five years the market evolved from a narrowly focused pilot into a multi-asset platform covering infrastructure, affordable rental housing, consumption facilities and commercial real estate. By mid-June 2026 the number of listed public REITs had reached 86, with cumulative capital raised of RMB 245 billion. Expansion offerings became operational, creating a dual mechanism of primary issuance and follow-on fundraising. This paper examines the policy origins, market expansion trajectory, operating performance and principal constraints facing Chinese public REITs. Drawing on exchange statistics, regulatory notices and secondary-market data, the analysis shows that the sector has achieved substantial scale and institutional completeness. Nevertheless, limited secondary-market liquidity, valuation dispersion across asset classes and an institutionally concentrated investor base continue to constrain market depth. Sustained development will depend on further improvements in market microstructure, operational transparency and investor diversification.