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Abstract: The development of China’s Real Estate Investment Trusts (REITs) have achieved remarkable results, but the exploration and reform of key issues have also entered into the deep water area. Certain principles specified in the report of the 20th National Congress of the Communist Party of China should be taken as the long-term value orientation for the development of REITs. First, the development of REITs should focus more on promoting the high-quality development of the real economy. More attention shall be paid to mobilizing the enthusiasm of original stakeholders, rationalizing the use of recovered funds, regulating the development of social capital, and securing the compliance of project management. Second, the development of REITs should be people-centered and mainly serve the long-term investors and value investors. Persist in conducting investor education and market cultivation, checking asset quality, simplifying product logic, and optimizing operation management. Third, the development of REITs should better reflect Chinese characteristics and be closer to the reality of reform and development. Treat the problems in the reform with an inclusive attitude, broaden the scope of issuance at a reasonable pace, develop and revitalize the stock market with diversified ideas, and increase policy support with a courageous spirit.