Recently, leading enterprises such as China Construction Bank Corporation, China Vanke Co.,Ltd., Goldwind Science & Technology, and Dianzi Cheng have successively announced the voluntary withdrawal or termination of their applications to issue public Real Estate Investment Trusts (REITs).
The recent "strategic retreat" of several public REITs is understood to be the result of a combination of newly implemented regulatory rules, changing market conditions, and companies' own strategic adjustments. This also signals that the public REITs market is transitioning from a phase of "rapid expansion" to a new developmental stage that places greater emphasis on asset quality and a deep restructuring of valuation logic.
Several Companies Withdraw REIT Applications On January 23, China Construction Bank Corporation announced that previously, its subsidiary CCB Housing had, acting as the originator, applied to issue a public REIT based on its affordable rental housing projects. This application was accepted by the China Securities Regulatory Commission and the Shanghai Stock Exchange in March 2024. To further integrate project resources and optimize operational management, the fund manager and the special plan manager for this project proactively applied to withdraw the application materials. As of January 23, 2026, the application review process for this project has been terminated.
China Construction Bank stated that this termination of the application review will not adversely affect the bank's business operations or financial condition. Inquiries regarding the reasons for the project's termination and future development plans were sent to CCB. As of the time of writing, the bank had not provided a clear response. It was noted that this withdrawal of the public REIT application coincides with a critical stage in CCB Housing's operational development. CCB's performance reports disclosed that CCB Housing recorded a net loss of 221 million yuan in the first half of 2025 and a net loss of 247 million yuan in 2024.
China Vanke Co.,Ltd. also issued an announcement on January 23, stating that after comprehensive consideration of various factors including the external objective environment and market conditions, and following full communication and prudent analysis by relevant parties, it applied to withdraw the application documents for the China Vanke Weisuo Logistics Warehouse REIT. The application process for this project has now been terminated. It is understood that the underlying assets for this REIT included Vanke's logistics warehouse projects in Foshan, Shaoxing, and Huzhou, with an initial public offering intended to raise approximately 1.159 billion yuan.
Earlier, Goldwind Science & Technology announced its intention to terminate the application and issuance work for the CCB Goldwind New Energy REIT. Dianzi Cheng also announced that, to effectively safeguard investor interests and further enhance the operational stability of the project, it applied to withdraw the application for the Chuangjin Hexin Dianzi Cheng Industrial Park REIT, with plans to continue pursuing the application at a later date.
Multiple Influencing Factors An analyst from a leading fund company indicated that the recent withdrawals or terminations of several public REITs are likely the result of newly implemented regulations, shifts in the market environment, and companies' own strategic adjustments. This also signals that the public REITs market is transitioning from a phase focused on "scale and speed" to a new stage emphasizing "quality and efficiency."
Tianfeng Securities analysis suggested that the recent "strategic retreat" of some REIT projects is closely related to the new "Review Procedure Guidelines" recently issued by the Shanghai and Shenzhen stock exchanges. These new rules, implemented late last year, explicitly define specific scenarios under which the review of a public REIT application may be "suspended" or "terminated outright," further refining the regulatory chain from application to listing.
On December 31, 2025, the China Securities Regulatory Commission issued the "Notice on Promoting the High-Quality Development of the Real Estate Investment Trusts (REITs) Market," emphasizing the drive for high-quality development in the REITs market, improving the REITs application and registration system, and strengthening supervision and risk prevention.
On the same day, the Shanghai and Shenzhen stock exchanges simultaneously released the Rules Application Guidance No. 4 for Public REITs - Review Procedures (Trial), which clarifies specific circumstances for terminating a review. These include situations where application or information disclosure documents contain obvious flaws, application documents are found to contain false records, misleading statements, or major omissions, or the manager proactively requests to withdraw the application.
Banks' Role in Building a Housing Ecosystem "In the future, investors will demand higher quality from the underlying assets of REIT projects and greater stability in cash flows. Regulatory scrutiny of the ownership, compliance, and sustainability of profits from underlying assets will intensify. The market's valuation logic for REITs may also shift from asset appreciation to discounted cash flow, potentially leading to cooler reception for projects with high valuations during price inquiries," a senior banking analyst at a securities firm commented.
Regarding the banking sector, the senior analyst noted that in recent years, driven by policy and compounded by weak mortgage demand and the urgent need for banks to optimize their credit structures, many banks have been exploring the housing rental business. Overall, bank participation in the housing rental market currently remains predominantly focused on credit business, with relatively little exploration of public REITs; however, significant potential for involvement remains under future policy guidance.
He also acknowledged that banks' overall business development in the housing rental market has not been ideal, characterized by fragmentation, small scale, and slow progress.
Industry insiders suggest that in the future, banks could focus on the housing ecosystem, refining and optimizing financial services to promote the construction of a new real estate model and the stable development of the real estate market. This includes supporting the construction, renovation, and long-term operation of rental housing, revitalizing existing housing stock, and actively supporting lending business for affordable housing projects.
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