China Asset Management releases ESG reports for 11 REITs for 2025, helping public REITs enter the normalization stage of ESG.

On March 31, 2026, 11 publicly offered REITs under Huaxia Fund released their 2025 annual Environmental, Social, and Governance (ESG) reports on the same day. This round of centralized disclosures not only set a new record for the number of REITs ESG reports issued by the same fund manager, but also became, to date, the largest in-China showcase of publicly offered REITs ESG practices through centralized presentation at scale. This move not only highlights Huaxia Fund’s leading position in the publicly offered REITs space, but also reflects its responsibility and commitment to advancing standardized industry ESG and sustainable development; it will further help usher China’s publicly offered REITs market ESG information disclosure into a new stage of standardization and normalization.

The 11 REITs releasing ESG reports in this round comprehensively cover publicly offered REITs asset types such as expressways, rental housing, industrial parks, consumption, and clean energy. Specifically, they include Huaxia Yuexiu Expressway REIT, Huaxia Beijing Affordable Housing REIT, Huaxia Fund & China Resources Youchu REIT, Huaxia Hefei High-Tech REIT, Huaxia Heda GaoKe REIT, Huaxia JINMAO Commercial REIT, Huaxia China Resources Commercial REIT, Huaxia Joy City Commercial REIT, Huaxia C&D Commercial REIT, Huaxia TBEA New Energy REIT, and Huaxia Huadian Clean Energy REIT, forming a diversified, all-scenario ESG practices matrix.

**　　Strengthening the long-term value of assets, deeply integrating ESG into the full lifecycle of REITs**

Huaxia Fund has already累计 issued and listed 19 publicly offered REITs, with assets under management exceeding RMB 45.4 billion. It is the fund manager with the largest scale and the most publicly offered REITs managed in China. This centralized publication of ESG reports by these 11 REITs is not only an active response to the national “dual carbon” strategy, but also vividly demonstrates Huaxia Fund’s practice results and long-term plan for deeply embedding ESG concepts into full-lifecycle management of publicly offered REITs.

The core logic for integrating ESG into the full lifecycle of publicly offered REITs lies in continuously improving the quality of underlying assets and operational efficiency of REITs through comprehensive and systematic consideration of ESG factors, thereby achieving long-term and stable investment returns and ultimately creating sustainable value for investors. Based on this logic, all 11 REITs disclosed in this round have, in combination with their respective asset characteristics, taken distinctive ESG practice paths, setting benchmark examples that can be referenced for the sustainable operation of REITs products across different sectors.

Specifically, in the expressway sector, Huaxia Yuexiu Expressway REIT improves green operating procedures and strengthens environmental protection and control, driving a green transformation in the transportation sector; its related practices have become an industry benchmark. In the people’s livelihood sector, Huaxia Beijing Affordable Housing REIT and Huaxia Fund & China Resources Youchu REIT focus on the rental housing sector, continuously improving housing supply and optimizing residential services to help address urban housing challenges. In the industrial parks sector, Huaxia Hefei High-Tech REIT and Huaxia Heda GaoKe REIT, building on technology innovation empowerment, continuously improve park supporting services to support high-quality development of the real economy. In the consumption sector, Huaxia JINMAO Commercial REIT, Huaxia China Resources Commercial REIT, Huaxia Joy City Commercial REIT, and Huaxia C&D Commercial REIT embed green concepts into the entire commercial operation process, optimize tenant management, enhance consumer experience, and drive sustainable upgrades of commercial scenarios. In the clean energy sector, Huaxia TBEA New Energy REIT and Huaxia Huadian Clean Energy REIT continuously improve energy utilization efficiency through technology optimization, supporting effective implementation of the national “dual carbon” strategy.

Industry insiders point out that the asset attributes of publicly offered REITs are highly aligned with sustainable development goals. With an underlying-asset lifecycle of decades, ESG performance has become a core dimension for evaluating long-term asset value and enhancing risk-resilience capabilities. Integrating ESG into the full lifecycle of REITs is both an inevitable choice to respond to national strategies and a proactive strategy for fund managers to improve asset quality and create long-term value.

**　　From pioneers to deep practitioners, continuously promoting standardized industry ESG**

In the ESG arena, Huaxia Fund has always been at the forefront of the industry. As early as 2017, it became the first publicly offered institution in China to sign the United Nations Principles for Responsible Investment (UNPRI), deeply embedding ESG concepts into corporate culture and investment logic. The company has released the “China ESG Investment Development Innovation White Paper” for five consecutive years, and in 2021 it was the first to commit to specific targets and pathways for carbon neutrality, achieving carbon-neutral operations for three consecutive years and continuously fulfilling its mission in green finance.

In ESG practices within publicly offered REITs, Huaxia Fund has also led industry breakthroughs through innovation. In 2022, Huaxia, together with Yuexiu Transport, introduced the first domestic publicly offered REITs ESG report, opening a precedent for industry ESG disclosure. In 2025, it helped drive eight publicly offered REITs to release ESG reports in a centralized manner, becoming a benchmark case in China of centralized disclosure of ESG practice outcomes for multiple REITs driven by the same fund manager for the first time; this set an industry development milestone. This time, it further expanded the disclosure scope to 11 products, pushing ESG practices to a deeper and broader level.

Industry insiders state that, with the scale of China’s publicly offered REITs market continuing to expand, ESG is gradually becoming an important yardstick for distinguishing the quality of assets. Under the triple drivers of policy support, capital preferences, and technological innovation, ESG is expected to be elevated from a risk management tool to the core competitiveness of publicly offered REITs, driving the industry’s transformation toward being greener, more standardized, and more internationalized. Huaxia Fund’s efforts to drive 11 publicly offered REITs to release ESG reports in a centralized manner are not only a comprehensive review and public commitment of its own ESG practices, but also effectively break the current industry situation in which REITs ESG disclosures are scattered and standards are inconsistent, thereby setting a benchmark for centralized and standardized disclosure. As a leading player in the publicly offered REITs industry, Huaxia Fund not only remains ahead in product layout and scale management, but also takes an active role in ESG practice and standard-setting. By building a well-rounded ESG management system, strengthening ESG control over underlying assets, and disclosing practice outcomes in a public and transparent manner, it provides the industry with valuable experience that can be replicated and promoted.

**　　Intensive cultivation to chart a new course, helping drive high-quality development of publicly offered REITs**

A relevant spokesperson for Huaxia Fund said that this round of 11 publicly offered REITs releasing ESG reports in a centralized manner is an important initiative for the company to implement the理念 of “sustainable development and finance for the people,” and also a solid fulfillment of its commitment to “responsible investment.” In the future, Huaxia Fund will continue to deepen its efforts in the publicly offered REITs space, continuously expand product layout, improve the ESG management system, and promote deep integration of ESG concepts with REITs operations and investment, further enhancing the quality of underlying assets and its ability to create long-term value. At the same time, the company will fully leverage its industry-leading role, share practical experience, and help drive the industry’s overall ESG level upward, supporting high-quality development of the publicly offered REITs market and contributing more financial strength to serving the real economy, promoting green development, and achieving common prosperity.

Looking ahead, as the quality of ESG information disclosure within the mainland continues to improve and the “dual carbon” goals are further advanced, ESG building for publicly offered REITs will shift from an “optional item” to a “required assignment.” Huaxia Fund’s centralized release of ESG reports by these 11 REITs is not only a firm commitment to its own social responsibility, but also a strong demonstration for the industry, injecting new momentum into China’s capital market’s green transformation and the high-quality development of publicly offered REITs.

Risk reminder: 1. Publicly offered REITs have different risk-return characteristics from stock or bond publicly offered funds; their expected risks and returns are higher than bond funds and money market funds, lower than equity funds, and they are medium-to-high risk products. The specific risk rating results shall be subject to the ratings provided by the fund manager and sales institutions. 2. Publicly offered REITs are real estate investment trusts. Most of their assets are invested in real estate projects and therefore have equity-like attributes. They are affected by factors such as the economic environment and operational management; the market value and cash flow of real estate projects may change, which may lead to price volatility of this fund and even involve the risk that a real estate project suffers a major loss due to an extreme event (such as an earthquake, typhoon, etc.), thereby affecting the fund price. 3. Publicly offered REITs invest in fixed-income assets other than real estate, which may expose them to credit risk, interest-rate risk, risk related to the yield curve, spread risk, supply-and-demand risk, and purchasing-power risk. 4. Publicly offered REITs adopt a closed-ended operation, do not offer subscription or redemption, and can only be traded in the secondary market, which entails the risk of insufficient liquidity. 5. This fund has other risks related to publicly offered funds and risks related to real estate projects; please refer to legal documents such as the prospectus for details. 6. The fund management company does not guarantee that this fund will earn a profit, nor does it guarantee a minimum return. 7. Before investing, investors should carefully read the fund’s “Fund Contract,” “Prospectus,” their updates, and other fund legal documents such as the “Product Information Summary,” to fully understand the risk-return characteristics and product features of this fund, seriously consider all risk factors that may exist for this fund, and, based on factors such as the investor’s investment objectives, investment horizon, investment experience, and asset situation, fully consider the investor’s own risk tolerance. After understanding product information and sales appropriateness opinions, investors should make rational judgments and make cautious investment decisions, independently bearing investment risk. 8. This material does not constitute any legal document. All information or opinions expressed in this material do not constitute the final operational advice regarding investment, legal, accounting, or tax matters. Our company provides no guarantee regarding the final operational advice for the contents of this material. Under any circumstances, our company shall not be liable for any losses incurred by any person as a result of using any content in this material. The time that funds in China have been in operation is relatively short and cannot reflect all stages of stock market development. There are risks in the market; enter the market with caution.

（责任编辑：王蕾 ）

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