DaHe Fortune Cube | 16 REITs Projects to Take Center Stage at SSE Annual REITs Performance Briefing

DaHe Fortune Cube (Reporter Wang Yu) – From April 9 to 10, the Shanghai Stock Exchange (SSE) will host the 2025 Annual Performance Briefing for SSE-listed REIT sunder the theme "Building REITs Front-Runners". 16 representative REITs projects will hold performance briefings one by one, presenting their 2025 operational achievements and development highlights to the market collectively.

Public data shows that as of March 31, 2026, all 52 publicly offered REITs listed on the SSE have completed their 2025 annual report disclosures. Total revenue for the year reached RMB 14.5 billion, up 71% year-on-year, while distributable income totaled RMB 8.8 billion, representing a 42% increase.

In the secondary market, SSE REITs recorded an average ex-dividend price increase of 6.3% in 2025, while total return (including dividend reinvestment) rose by 11.9%. A total of 110 dividend distributions were implemented throughout the year, totaling nearly RMB 7.8 billion, a 30% increase year-on-year.

According to reporters, based on performance data, the 16 projects set to appear at the briefings achieved an average revenue completion rate of 100% and an average cash flow completion rate of 103% in 2025, outperforming the overall market.

Most projects exceeded their expected targets for revenue and cash flow completion. Among them, Vipshop Outlet REIT led the pack with a 129% revenue completion rate and 138% cash flow completion rate, while rental housing projects such as China Resources Youchao REIT, Xiamen Anju Affordable Rental Housing REIT and Huaxia Beijing Affordable Housing REIT also surpassed the 100% threshold.

In terms of secondary market performance, the vast majority of the 16 front-runner projects delivered positive returns, with an average adjusted price increase of approximately 15.1% for the year, significantly outperforming the broader market. Among them, Jointown REIT ranked first with a 44.5% adjusted price increase for the year, followed by Wumart Consumer REIT, CUAM Shanghai Real Estate Rental Housing Closed-end Infrastructure REIT and JD Storage Logistics REIT, which rose 40.8%, 32.0% and 22.7% respectively.

On investor returns, the 16 projects distributed a total of over RMB 1.4 billion in dividends in 2025, with an average of nearly RMB 90 million per project. SPIC REIT, Huatai Securities Assets Management- Jiangsu Traffic Control REIT and Guotai Junan Urban Investment Kuanting Rental Housing REIT ranked the top three with dividend amounts of RMB 416 million, RMB 246 million and RMB 131 million respectively. In terms of yield indicators, most ownership-based front-runner projects maintained an annualized cash flow distribution rate in a reasonable range of 3% to 4%, while the full-cycle internal rate of return (IRR) of franchise-based projects also offered attractive allocation value.

Notably, the 16 front-runner projects cover six major segmented sectors: industrial parks, warehousing and logistics, consumer infrastructure, affordable rental housing, energy and transportation, with a wide range of business formats and distinct characteristics.

Projects in the consumer sector achieved an average occupancy rate of 98% and a rent collection rate close to 100%; the rental housing sector maintained a high occupancy rate of 95% and a 100% rent collection rate; the energy sector recorded over 4 billion kWh of settled electricity, with SPIC REIT accounting for 30% of the total; parks such as DNE REIT and JD Storage Logistics REIT achieved full occupancy.

If strong performance represents the "public face" of REITs, then increasingly robust governance mechanisms form the "foundation" supporting their long-term development. It is understood that the 16 front-runner projects stand out not only for their strong "public face" but also for their active exploration in dimensions such as original equity holders' performance of duties, optimization of incentive and restraint mechanisms, advancement of additional offerings, improvement of information disclosure quality and participation in the multi-tiered market.

China's publicly offered REITs market is undergoing a profound transformation from focusing on issuance to operational excellence, and from single-asset listings to platform-based asset management.

In this transition, the SSE acts not only as the market organizer and regulator, but also as a dedicated cultivator of a trusted investment and financing ecosystem. To date, the SSE REITs market has become one of the important REITs trading centers in Asia, with 53 listed products, a steadily rising total market capitalization, accounting for nearly 70% of China's total REITs market share.

The "Building REITs Front-Runners" performance briefings held from April 9 to 10 are not only a collective showcase of the 16 REITs' achievements over the past year, but also an important initiative to leverage benchmark projects for leading demonstration, continuously expand the "front-runner" team, and further deepen the construction of the REITs market ecosystem. In addition, from April 13 to 17 and April 20 to 24, SSE REITs will continue to hold 2025 annual performance briefings in the form of industry-themed weeks.