FINANCE

Retail Assets Lead $6.2 Billion REIT Filing Wave After Policy Shift

Published: Mar. 5, 2026 1:03 a.m. GMT+8

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Of China’s 78 publicly listed REITs, 12 are backed by consumer infrastructure. Photo: VCG

China’s stock exchanges are seeing a surge in applications for publicly offered real estate investment trusts (REITs) backed by commercial properties, with a clear tilt toward shopping malls and other consumer-focused assets. The rush follows regulators’ decision late last year to broaden the scope of eligible listings.

In the first two months of 2026, the Shanghai and Shenzhen stock exchanges received applications for 14 commercial-property REITs, with a combined fundraising target of more than 42.7 billion yuan ($6.2 billion).

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China’s stock exchanges saw 14 commercial-property REIT applications in early 2026, targeting over 42.7 billion yuan ($6.2 billion).
The expansion of eligible REIT assets to include shopping centers and other commercial properties led to increased filings, especially in consumer infrastructure.
Of 78 listed REITs, 12 are backed by consumer infrastructure, with 11 of those posting positive returns in 2025 despite falling retail sales and rents.

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Who’s Who

Harvest Capital: Harvest Capital is sponsoring the Harvest Capital Beijing Closed-End Commercial Property REIT, which has been accepted for review by the Shanghai Stock Exchange. This REIT plans to raise 1 billion yuan and is backed by three properties in Beijing, including a shopping center and two community-level commercial projects. Its prospectus indicates that while occupancy rates were stable, average rents saw a modest decline between 2022 and September 2025.

Xincheng Holdings Group Co. Ltd.: Xincheng Holdings Group Co. Ltd. is a Chinese company mentioned in the article. It owns Wuyue Plaza malls, which are expected to back the GF Xincheng Wuyue Commercial Property REIT. This REIT is one of several new applications in China's expanded commercial property REIT program, focusing on consumer-focused assets.

Bridge5 Asia: Bridge5 Asia is a Singapore-based consultancy. Wu Xiaojun, a managing director at Bridge5 Asia, believes that consumer infrastructure has the greatest potential among asset classes, citing its resilience and broadly stable rents compared to declining rents and rising vacancy rates in industrial parks and office buildings.

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What Happened When

2025：: Beijing’s total retail sales of consumer goods fell by 2.9%; average ground-floor rents at Beijing malls fell 2.4%.

Fourth quarter of 2025：: Vacancy rate for shopping malls in Beijing recorded its first quarterly drop after rising for four consecutive quarters.

Dec. 31, 2025：: The China Securities Regulatory Commission expanded its REITs pilot program to include market-oriented commercial properties such as shopping centers, office buildings, and hotels.