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Abstract: This paper analyzes the trading operation of publicly-traded Real Estate Investment Trusts(REITs) in China since their listing, summarizes the key points that are worth paying attention to in the operation of the secondary market of REITs, and studies the reasons behind them, in order to provide reference for promoting the healthy development of publicly-traded REITs market. The study finds that the REITs market has generally operated smoothly, showing the characteristics of relatively stable price trend, good liquidity, less volatility, and mainly institutional investors trading. At present, the publicly-traded REITs market is in the early stage of development, which is highly concerned by the market. The relevant institutional arrangements need to be further tested by the market. Superimposed by various factors such as the external environment, there may be abnormal situations such as overheating of the trade of certain REITs, liquidity affected by the lifting of restricted shares, and price fluctuation caused by unexpected impact on underlying assets, which are worth paying attention to. The development of publicly-traded REITs is an important measure for the capital market to serve the real economy and high-quality development. It is suggested to continue to promote the development and growth of publicly-traded REITs market, improve the market supporting system, actively cultivate various investors, give full play to the functions of the publicly-traded REITs, further promote the virtuous circle of investment and financing, and promote the high-quality development of the real economy.