The pace of public REIT registration approvals has accelerated notably in recent weeks.
Following the approvals of Huatai Zijin Huazhu Anzhu Commercial REIT and Bosera Shandong Railway Bridge REIT on August 17, three additional products—Ping An Xi'an Hi-Tech Industrial Park REIT, Shanxi Securities Jinzhong Gongtou Ruiyang Heating REIT, and Guotai Haitong CSC Rental Housing REIT—were granted approval on August 18, according to the China Securities Regulatory Commission (CSRC) website.
A Wave of Approvals
On August 18, the CSRC website showed that all three REITs had received the green light, just one day after the previous pair's approval results were published. Based on the approval documents, all five products received their registration permits on August 13.
Each of the three newly approved REITs carries notable significance. The Ping An Xi'an Hi-Tech Industrial Park REIT, managed by Ping An Fund, has a 40-year contract term with 400 million units to be offered. With Postal Savings Bank serving as custodian, it marks the first industrial park public REIT in Shaanxi Province. The underlying asset is the Software R&D Base Phase II project in Xi'an High-Tech Zone's Software New Town, with tenants predominantly in software development and IT services, highlighting strong locational and industrial clustering advantages.
The Guotai Haitong CSC Rental Housing REIT, managed by Guotai Haitong Asset Management, carries a 62-year contract term with 500 million units to be offered and China Construction Bank as custodian. This represents the first rental housing REIT within the China State Construction Engineering Corporation system. The initial asset is the Zhongjian Xingfu+ Apartment (Shanghai Songjiang branch), offering 2,432 units of government-subsidized rental housing—the largest such project in Songjiang District. Operating since 2021 and now past its cultivation period, the property sits at the core of the Yangtze River Delta G60 Science and Technology Innovation Corridor, benefiting from a steady inflow of young talent from nearby Songjiang University Town.
The Shanxi Securities Jinzhong Gongtou Ruiyang Heating REIT, managed by Shanxi Securities (Shanghai) Asset Management, has a 22-year contract term with 200 million units to be offered and China Merchants Bank as custodian, making it the first public REIT in Shanxi Province. The underlying assets comprise Jinzhong's municipal heating Phase I project and winter clean heating pipeline equipment, covering a heating fee area exceeding 12 million square meters and serving more than 145,000 households. The project replaces scattered coal combustion with clean cogeneration heating, with proceeds directed toward pipeline energy-efficiency retrofits and biomass energy facility construction.
20 Products Approved This Year
As of August 19, 2026, a total of 20 initial public REITs (excluding expansions) have received CSRC registration approval this year, spanning transportation, energy, commercial real estate, industrial parks, rental housing, and municipal heating asset categories.
Looking at the timeline: March saw the first approvals with Dongfang Hong Tunnel Stock Expressway REIT and AVIC Beijing Changbao Rental Housing REIT kicking off the year. On April 10, E Fund Guangxi Beibu Investment Expressway REIT and AVIC CGN New Energy REIT were approved. April 24 marked a milestone when the first batch of four commercial real estate REITs—CICC Vipshop REIT, Fullgoal Shanghai Real Estate REIT, Guotai Haitong Shazhichuan REIT, and CSC Financial Shounong Food REIT—received simultaneous approvals, officially bringing commercial real estate into the REIT underlying asset pool. June saw concentrated approvals for Huaxia Poly Commercial REIT, Huaxia CapitaLand Commercial REIT, Hua'an Lujiazui Commercial REIT, Chuangjin Hexin Beijing State-owned Company Commercial REIT, Hua'an Jinjiang Commercial REIT, and Everbright Prudential Everbright Anshi Commercial REIT.
Since August, the nation's first cross-Yellow-River bridge REIT—Bosera Shandong Railway Bridge REIT—the Shenzhen Stock Exchange's first hotel-type REIT—Huatai Zijin Huazhu Anzhu Commercial REIT—and CICC Liandong Kechuang REIT have all come to market. Combined with the three latest approvals, the monthly approval density ranks among the highest this year.
Additionally, several products remain in the "answered/feedback pending" stage, including Guotai Haitong Chongbang Commercial REIT, Guojin Jiaze New Energy REIT, GF New City Wuyue Commercial REIT, Yinhua Guangdong Water Conservancy REIT, CICC Cainiao Warehousing and Logistics REIT, and CICC Hangzhou Anju Affordable Rental Housing REIT.
Ping An Fund noted that China's public REIT market has entered a new phase of normalized filings and high-quality development, with asset types continuously expanding and playing an increasingly important role in revitalizing existing assets, closing the investment-financing loop, and fostering new productive forces.
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