CITIC Securities: Expanding REITs Market, Fully Reassessing High-Quality Commercial Real Estate

The research report by CITIC Securities pointed out that the value of real estate spaces that generate sustained cash flow independently will eventually be recognized. In history, the cap rate of shopping centers has remained high, which is indeed related to the lack of diverse financial products and the insufficient reflection of operational value. We believe that the upcoming launch of commercial real estate REITs will completely change the ecosystem of real estate ownership, operation, and services, and also lay the foundation for a comprehensive reassessment of corporate assets holding commercial real estate.