The Introduction, Survival and Development of Public REITs in China (Advances in Economics Management and Political Sciences)

Summary

• The first nine public REIT products began trading in China on 21 June 2021, raising approximately RMB 31.4 billion.p.1
• By mid-June 2026, the Chinese public REIT market expanded to 86 listed products with cumulative capital raised reaching RMB 245 billion.p.1
• By the end of 2025, listed products reached approximately 78–79 with cumulative capital raised exceeding RMB 210 billion.p.3
• Among 52 Shanghai-listed REITs disclosing 2025 annual reports, total revenue reached RMB 14.5 billion, representing a year-on-year increase of 71 per cent.p.4
• Distributable amounts for these Shanghai-listed REITs reached RMB 8.8 billion in 2025, marking a 42 per cent increase.p.4
• Shanghai-listed public REITs distributed over RMB 15 billion in cumulative dividends over their first four years, with a 2024 dividend rate of approximately 5.7 per cent.p.4

Key insights

1. China's public REIT market launched in 2020 and grew to 86 listed products raising RMB 245 billion by mid-June 2026.p.1
2. The initial launch on 21 June 2021 featured five products on the Shanghai Stock Exchange and four on the Shenzhen Stock Exchange.p.2
3. By count of listed products, the Chinese public REIT market ranks first in Asia.p.3
4. Chinese regulations mandate that at least 90 per cent of distributable amounts be paid out to investors.p.4
5. In 2025, property-type REITs logged an overall distribution rate around 4.2 per cent, whereas concession-type products recorded full-cycle internal rates of return near 4.1 per cent.p.4
6. Secondary-market liquidity remains a key constraint due to high strategic-placement ratios and concentration among long-term institutional holders.p.5