In four years since its establishment, the total market value of China's REITs exceeds 200 billion yuan.

Four years ago today, the first batch of publicly raised infrastructure securities investment funds (REITs) were listed on the Shanghai and Shenzhen Exchanges. Since then, this innovative category of REITs has entered the sight of domestic investors. In just four years, the total issuance scale of China's REITs market has exceeded 180 billion yuan, and the total market value has surpassed the 200 billion yuan mark, with 66 REITs products listed, surpassing markets like Singapore and Japan, becoming the largest in Asia. Looking back at the four-year history of fluctuations in the REITs secondary market, from the eager pursuit at the beginning, the "blind speculation" rising market, to the quiet trading in 2023, experiencing a significant discount after a "deep adjustment," and returning to rationality in 2024, focusing on the investment value of underlying asset operation, a complete cycle has been initially experienced. In this process, regulatory authorities have adapted to market rules, grounded in market practice, continuously explored in areas such as institutional construction, project issuance, and regulatory mechanisms, and focused on establishing a good ecosystem centered on market-based pricing, driving the full-chain development of issuance pricing, secondary market trading, and duration management. (Securities Times)