Public REITs annual reports show steady overall performance, with multiple long products receiving positive feedback, but secondary market prices have fallen for six consecutive weeks.

Reporter | Li Lei Editor | Ye Feng

According to reporters from “Daily Economic News,” during the week before the Qingming holiday, public REITs in the secondary market continued to decline for the sixth consecutive week, but the decline narrowed.

As of last Friday (April 3), the CSI REITs (closing) index closed at 777.49 points, down 0.13% week-on-week; the CSI REITs Total Return Index closed at 1013.29 points, a slight decrease of 0.01% week-on-week.

Data from Guoxin Securities shows that, comparing the weekly percentage changes of major indices, the order is: ChinaBond All Bond Index > CSI REITs > CSI 300 > ChinaBond Convertible Bond Index.

According to Wind data, among the 79 listed public REITs products, 38 increased week-on-week. The top three in gains are Jiashiqingdong Warehouse Infrastructure REIT, China Merchants Innovation REIT, and Hu’an Bailing Consumer REIT; the top three in declines are CICC Chongqing Liangjiang REIT, China Merchants Expressway REIT, and E Fund Huawi Market REIT.

Industry-wise, last week, public REITs mainly disclosed their 2025 annual reports, showing stable improvement in operational performance. Additionally, two commercial real estate REITs received acceptance, and several other products received regulatory feedback.

Secondary market decline narrows, Environmental Water & Wastewater, Data Center REITs lead in gains

Last week, public REITs in the secondary market continued their downward trend, but the decline narrowed. As of last Friday, the CSI REITs (closing) and CSI REITs Total Return Index closed at 777.49 points and 1013.29 points, respectively, down 0.13% and 0.01% during the week.

Data from ShenYinWanguo Securities shows that, by project type, property-type REITs increased by 0.07%, while concession-type REITs decreased by 0.37%. By asset class, environmental water & wastewater (+1.42%), data centers (+0.49%), consumer (+0.36%), and park (+0.15%) sectors performed well.

In terms of individual products, among the 79 listed public REITs, 38 increased week-on-week. The top three in gains are Jiashiqingdong Warehouse Infrastructure REIT, China Merchants Innovation REIT, and Hu’an Bailing Consumer REIT, which rose 5.38%, 4.16%, and 3.70% respectively during the week.

Top ten public REITs with the highest weekly gains

The number of declining products increased to 40, with 1 remaining flat. The three largest declines were CICC Chongqing Liangjiang REIT, China Merchants Expressway REIT, and E Fund Huawi Market REIT, which fell 5.54%, 3.04%, and 2.62% respectively during the week.

Top ten public REITs with the largest weekly declines

Guotai Securities data shows that last week, the total trading volume of REITs was 1.91 billion yuan, with environmental protection and water services REITs leading in daily turnover rate among different asset classes.

Looking at REITs based on underlying assets, the top three in trading volume were CICC Prologis REIT, Jiashiqingdong Warehouse Infrastructure REIT, and Huaxia China Communications Construction REIT; in terms of trading value, the top three products last week were CITIC Construction Investment State Power Investment New Energy REIT, Huaxia China Communications Construction REIT, and Jiashiqingdong Warehouse Infrastructure REIT.

Overall annual report performance remains steady, with multiple products receiving feedback

In industry news, several important updates occurred last week.

First, public REITs disclosed their 2025 annual reports, showing stable growth. Guoxin Securities statistics indicate that, among the public REITs that disclosed their 2025 annual reports, total operating income reached 21.1 billion yuan, and distributable amount was 12.5 billion yuan, representing year-on-year increases of 59% and 46%. Investors remain primarily institutional, with brokerage proprietary funds still dominating the circulating market.

Second, two commercial real estate REITs received acceptance: Guolian An Fosun Commercial Real Estate REIT and Chuangjin Hexin Beijing State-owned Commercial Real Estate REIT.

Public information shows that Guolian An Fosun Commercial Real Estate REIT’s original equity holder is a company under Fosun International, controlled by Guo Guangchang. The project asset is the Sanya Atlantis project in Haitang District, Sanya, including hotel and water park segments. It plans to raise 13.93B yuan, with an expected distribution rate of 4.12% in 2026, making it the largest proposed commercial real estate project in scale.

Lanfusi Phase I project is a cityscape preservation and urban renewal project jointly promoted by Beijing State-owned Assets and Dongcheng District government, with an occupancy rate of 82.65% at the end of 2025. The project plans to raise 2.7B yuan, with distribution rates of approximately 4.42% and 4.63% in 2026 and 2027, respectively.

Several other products received regulatory feedback last week. For example, on March 30, the Shanghai Stock Exchange issued feedback on Guojin Jiazhe New Energy REIT and Jianxin Tianjin Lingang Port REIT; on March 31, Huaxia Hubei Jiaotou Chutian Expressway REIT responded, with asset valuation reduced from 4.3 billion yuan to 3.51 billion yuan, an 18.5% decrease; on April 3, Shenzhen Stock Exchange issued an inquiry letter to Hongtu Chuangxin Xinghe Group Commercial Real Estate REIT, among others.

Additionally, on March 31, the Shenzhen Stock Exchange website showed that the status of AVIC Rainbow Consumer REIT project was updated to “Terminated (Withdrawn).” According to public inquiries, the project had received significant attention regarding lease model conversion, tenant contract terms, asset ownership and transfer restrictions, mortgage arrangements, operational costs and capital expenditure estimates, and transaction structure design.

As of April 3 this year, a total of 21 public REITs have been successfully issued since 2025, with an issuance scale of 45 billion yuan.

Cover image source: Meiri Media Library