After four years of development, the Shenzhen REITs market has begun to show results.

On June 21st, four years ago, the first batch of 9 REITs were successfully listed on the entire market, marking the official start of the domestic REITs pilot program. Over the past four years, the Shenzhen Stock Exchange has accelerated the normalization of REITs issuance, steadily expanded the types of underlying assets, continuously standardized product governance and operational management, continuously improved regulatory framework mechanisms, gradually played a role in market function, and further enhanced market vitality and resilience. The construction of the Shenzhen REITs market has achieved initial results.