China Debuts First Commercial Property REITs in $3 Billion Listings

China’s first four commercial real estate investment trusts (REITs) debuted on the Shanghai Stock Exchange on Thursday, raising a combined 20.3 billion yuan ($3 billion) and ending their first day of trading in positive territory.

The listings mark a crucial expansion of China’s public REIT market from infrastructure to commercial properties, offering developers a vital new fundraising channel while giving retail investors access to retail and office yields amid a broader economic transition.