China Expands REIT Program to Cover Office Assets, Urban Renewal
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China has expanded the asset scope of its infrastructure real estate investment trust (REIT) program to include Grade-A office buildings and urban renewal projects.
The National Development and Reform Commission (NDRC) released the 2025 eligibility list Monday, adding two new categories and lifting the total number of qualified sectors to 15.
The expansion supports Beijing’s efforts to broaden the range of infrastructure projects eligible for REIT financing. REITs allow income-generating infrastructure assets to be packaged into tradable units.
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- China expanded its infrastructure REIT program to include Grade-A office buildings, urban renewal projects, stadiums, and high-rated hotels, raising eligible sectors to 15 for 2025.
- The new criteria limit eligible office buildings to major cities and require REIT sponsors to avoid for-sale residential development.
- The expansion aims to broaden REIT market assets while insulating it from risks related to China’s ongoing property downturn.
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What Happened When
- 2020：
- China launched its public infrastructure REIT pilot.
- Since 2021：
- China's property downturn has impacted developers, leading to heavy debts and delayed projects.
- 2024：
- China shifted its public infrastructure REIT program to normalized issuance.
- As of 2025：
- The REIT program covers assets such as logistics facilities, toll roads, and shopping malls.
- 2025：
- Beijing pushes to broaden the range of infrastructure projects eligible for REIT financing.
- 2025：
- Eligible office assets are limited to super-Grade-A and Grade-A office buildings in certain major cities.
- 2025：
- The scope of China's REIT market is widened to fill gaps in available underlying assets.
- 2025：
- The 2025 eligibility list adds stadiums and hotels rated four stars or above under the consumption infrastructure category.
- 2025：
- REIT sponsors involved in rental housing, commercial offices, and urban renewal must be independent entities not engaged in for-sale residential development.
- December 2, 2025：
- The National Development and Reform Commission (NDRC) released the 2025 eligibility list, adding two new categories and increasing the total number of qualified sectors to 15.
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