The total market value of China's REITs market exceeded 200 billion yuan after four years of listing.

Four years ago today, the first batch of publicly offered infrastructure securities investment funds listed on the Shanghai and Shenzhen stock exchanges. Since then, REITs, this innovative product, began to enter the vision of domestic investors. In just four years, the total issuance scale of China's REITs market exceeded 180 billion yuan, with a total market value exceeding 200 billion yuan, and a total of 66 REITs products listed, exceeding markets such as Singapore and Japan, becoming the number one in Asia. Looking back at the fluctuating history of the REITs secondary market over the past four years, from the enthusiastic pursuit at the beginning, the rise in the market due to "blindly chasing new" trends, to the indifferent trading in 2023, experiencing a "deep adjustment" and significant discount, and then returning to rationality in 2024, focusing on the investment value of underlying asset operations, we have gone through a complete cycle. In this process, regulatory authorities have followed market rules, based on market practices, continuously exploring in institutional construction, project issuance and regulatory mechanisms, focusing on establishing a good ecological environment that drives issuance pricing, secondary market trading and continuing period management with market-driven prices at its core.