First Batch of Commercial Real Estate REITs Listed on the Shanghai Stock Exchange

On June 18, 2026, the listing ceremony for the first batch of commercial real estate REITs was successfully held at the Shanghai Stock Exchange (SSE). Representatives from relevant departments of the China Securities Regulatory Commission (CSRC), provincial and municipal governments, and market institutions involved in the REITs listing witnessed the official listing of the first products. The issuance and listing of the first batch of commercial real estate REITs signals a strong start to the pilot program and ushers China's REITs market into an entirely new phase.

The 4 products listed are the CUAM Shanghai Real Estate Commercial REIT, CSC Shounong Commercial REIT, GHS Sasseur Commercial REIT, and CICC Vipshop Commercial REIT, raising a combined total of approximately RMB 20.3 billion. The underlying assets span mature commercial property sectors such as retail and commercial offices, and are located in core areas of cities including Beijing, Shanghai, Zhengzhou, Xi'an and Harbin. The participating entities bring together leading local state-owned enterprises and top-tier private companies in the industry, demonstrating strong market representation and a notable demonstration effect. As of now, a total of 21 projects have been accepted market-wide, and more first-batch projects are set to be issued and listed in accordance with relevant regulations in the near future.

The launch of the pilot program for commercial real estate REITs is an important initiative by the CSRC to implement the decisions and plans of the CPC Central Committee and the State Council on "optimizing new supply and revitalizing existing assets" and "accelerating the establishment of a new development model for the real estate sector", as well as the requirements set forth in the State Council's new guidelines for the capital market on "promoting the high-quality development of the REITs market". Since the pilot was launched, the SSE has resolutely carried out the CSRC's work arrangements, adhered to the principles of a steady start and steady development, and made every effort to complete all preparatory work. The SSE has strictly ensured the quality of market entrants, enhanced review quality and efficiency, and facilitated all market participants in completing the issuance and listing of the first batch of commercial real estate REITs, thereby fully safeguarding the smooth implementation of the pilot.

The commercial real estate REITs market holds broad prospects. China's vast stock of existing commercial real estate has laid a solid foundation for the market's sustained expansion and quality enhancement. Developing commercial real estate REITs is of great significance in supporting the establishment of a new development model for the real estate sector, bringing the functions of the REITs market into full play, better meeting the people's growing wealth management needs, and further expanding the depth and breadth of the capital market in serving the real economy. Looking ahead, under the leadership of the CSRC and the oversight of the disciplinary inspection and supervision team stationed at the CSRC, the SSE will thoroughly implement the guiding principles of the 4th Plenary Session of the 20th CPC Central Committee and the Central Economic Work Conference, fully carry out the deployments outlined in the Outline of the 15th Five-Year Plan, and continue to advance the comprehensive reform of investment and financing in the capital market. The SSE will promote the high-quality development of the REITs market, thereby contributing to better serving national strategies, people's well-being, and the sustained, steady, and healthy development of the capital market, and to enhancing the quality and efficiency of serving the real economy.