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Abstract: The paper analyzes the leverage ratio issue of the infrastructure publicly-traded Real Estate Investment Trusts (REITs) pilot in China. According to the capital structure theories and global practices, the requirement of REITs market system on leverage ratio is related to the governance structure, financial market development, and other factors. In the short run, considering that there may be moral hazards in governance, insufficient investor maturity, and imperfect supporting financial instruments in the early stage of market construction, it is reasonable to adopt a relatively cautious restriction on the leverage ratio. In the long run, the value creation ability of REITs is an important condition to determine whether China’s publicly-traded REITs market can become a high-quality trillion market. With the further development of China’s publicly-traded REITs market, the supporting debt financial instruments are constantly enriched, and the leverage ratio limit has room for upward adjustment.