Reksa Dana Real Estat Terbuka (REITs) laporan tahunan menunjukkan kinerja yang stabil secara keseluruhan, dan beberapa produk long position mendapatkan umpan balik, tetapi harga di pasar sekunder terus menurun selama enam minggu berturut-turut

Reporter|Li Lei Editor|Ye Feng

“Daily Economic News” reporter learned that 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, from the comparison of weekly gains and losses of major indices, the order is: CSI All Bond > CSI REITs > CSI 300 > CSI Convertible Bonds.

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

In terms of industry, last week, public REITs mainly disclosed their 2025 annual reports, showing stable improvement in operational performance. Additionally, two commercial real estate REITs were accepted, and several other products received regulatory feedback.

二级市场跌幅收窄，环保水务、数据中心REITs涨幅居前

Last week, the decline in the secondary market for public REITs continued, 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 ShenYin WanGuo Securities shows that, by project attribute, last week, property rights REITs increased by 0.07%, while franchise rights REITs decreased by 0.37%. By asset type, environmental water services (+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 terms of largest gains are Jiashi JD Warehouse Infrastructure REIT, China Merchants Innovation REIT, and Hu’an Bailing Consumer REIT, with weekly increases of 5.38%, 4.16%, and 3.70%, respectively.

Top ten public REITs with the highest weekly gains

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

Top ten public REITs with the largest weekly declines

Guangda Securities data shows that last week, the total transaction scale of REITs was 1.91 billion yuan, with environmental protection water services REITs leading in daily turnover rate among other sectors.

Looking at different underlying assets, the top three in transaction volume during the week were CICC Prologis REIT, Jiashi JD Warehouse Infrastructure REIT, and Huaxia China Communications Construction REIT; in terms of transaction amount, the top three products last week were CITIC Construction Investment State Power Investment New Energy REIT, Huaxia China Communications Construction REIT, and Jiashi JD Warehouse Infrastructure REIT.

Overall performance of annual reports remains steady, with multiple products receiving feedback

In terms of industry, last week also saw several important developments.

First, the disclosure of annual reports for public REITs showed 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%, respectively. Investors remain mainly institutional, with brokerage proprietary funds still holding a dominant position in circulating shares.

Second, two commercial real estate REITs were accepted, namely 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, with Guo Guangchang as the actual controller. The project asset is the Sanya Atlantis project in Haitang District, Sanya, including hotel and water park sectors. It plans to raise 13.928 billion yuan, with an expected distribution rate of 4.12% in 2026, making it the largest commercial real estate project currently planned for fundraising.

Lungfu Temple Phase I project is a landscape protection 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 2.703 billion 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 the asset group valuation decreasing from 4.3 billion yuan to 3.51 billion yuan, an 18.5% reduction; on April 3, Shenzhen Stock Exchange issued an inquiry letter to Hongtu Innovation Galaxy Group Commercial Real Estate REIT, among others.

Additionally, on March 31, the Shenzhen Stock Exchange official website showed that the China Aerospace Rainbow Consumer REIT project status was updated to “Terminated (Withdrawn).” According to public inquiry content, the project has received key attention in areas such as lease mode 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