In 2025, China will launch 22 new publicly-issued REITs products.

The latest monitoring data from the China Securities Pengyuan Research Institute shows that the trend of China's public REITs market in 2025 presents a reverse V-shape, rising first and then falling, with the index reaching a maximum increase of 16% during the year, and approaching the end of December 2025, the cumulative decline rebounded to around 2%. In terms of sectors, consumption infrastructure REITs led the market, with most projects seeing an increase of 18%-40% during the year, except for a few remaining flat from the beginning of the year. In terms of market expansion, a total of 22 new REITs products were issued in 2025, including 20 initial offerings, with a total issuance size of 40.781 billion yuan, along with 2 follow-on projects - Huaxia Beijing Affordable Housing REIT with a follow-on size of 946 million yuan, and Guotai Haitong Lingang Innovation Industrial Park REIT with a follow-on size of 1.723 billion yuan. In terms of liquidity, market activity has significantly increased, with the average daily trading volume of the entire market reaching 590 million yuan in 2025, a substantial increase of 40% compared to the same period in 2024.