🔬 Siphtor
← Back to HomeSiphtor Research
NDRC to Fast-Track First Listings of REITs
Since the launch of the REITs pilot in 2020, China’s National Development and Reform Commission (NDRC) has recommended 105 projects to the China Securities Regulatory Commission (CSRC); 83 have been listed, with a total fund size of RMB 207 billion, expected to drive over RMB 1 trillion in new investment. The REITs now span 10 industries and 18 asset categories, including toll roads, clean energy, urban heating, logistics, data centers, industrial parks, and rental housing. Private investment participation is expanding — 18 private-sector projects have been recommended, 14 of which are listed, raising nearly RMB 30 billion and marking “firsts” in community retail, farmers’ markets, and data center REITs.
Published: 11/12/2025
- #China
- #real estate
China’s National Development and Reform Commission (NDRC) announced plans to accelerate the listing of new asset-type REITs and expand private investment participation in infrastructure-related real estate investment trusts, according to Economic Information Daily. The move aims to further activate stock assets, diversify funding channels, and strengthen investment momentum in key sectors.
Since the REITs pilot began in 2020, the program has transitioned to a normalized expansion phase. By late 2025, 105 projects had been approved for recommendation to the CSRC, of which 83 were publicly issued and listed. These funds have raised RMB 207 billion, with the resulting investments expected to leverage over RMB 1 trillion in new infrastructure projects.
The NDRC’s REIT portfolio now covers a wide range of industries — from transportation and clean energy to water resources, warehousing, and digital infrastructure — signaling a structural shift toward asset-backed public financing. Among private-sector initiatives, 14 out of 18 NDRC-endorsed projects have been successfully listed, mobilizing RMB 30 billion in funds. These include the first community commercial and farmers’ market REITs, and the first data center REITs, issued in August 2025, which aim to bolster the digital economy and AI-related investment mechanisms.