Abstract:
This paper systematically summarizes the development characteristics of China’s Real Estate Investment
Trusts(REITs), and puts forward the key tasks to promote market development in the next step. Since its launch, China’s REITs
market is gradually developing in line with China’s situation. (1) It adheres to serving the real economy. Pilot projects are
related to infrastructure such as transportation, energy, and municipal administration. (2) It gradually promotes from pilot to
the normalization of offering, gives full play to the joint efforts of all parties, and launches supporting policies. (3) It adheres
to high standards and steady launching, pays attention to top-level design, enhances market liquidity, and strengthens investor
protection. (4) It considers the actual situation in China, and adopts the “public fund + ABS” operation mode. In the next step,
in order to pave the development path of REITs with Chinese characteristics, it needs measures from 5 aspects. (1) It should
maintain the normalization of offering, and expand the scope of REITs pilots. (2) It should improve the market system and
promote the construction of a multi-level market system. (3) It should strengthen operational and post-operational oversight. (4)
It should improve the laws and regulations, and consolidate the long-term development foundation of the market. (5) All parties
should work together to solve common problems in the development of REITs.
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