C-REIT Expansion Unlocks Exit Channels for Office and Hotel Assets

On November 28th, 2025, the China Securities Regulatory Commission (CSRC) issued the “Announcement on Launching the Pilot Programme for Commercial Real Estate Investment Trusts (Draft for Comment)”. This was followed on December 1st, 2025, by the National Development and Reform Commission’s (NDRC) release of the “Infrastructure Real Estate Investment Trust (REIT) Project Industry Scope List (2025 Edition)”. The sequential release of these two documents signifies that China’s public REITs have now achieved complete coverage of the commercial real estate market.
 
With China’s commercial real estate investment market having undergone asset price adjustments and structural reshaping in the past two years, the renewed expansion of public REITs will have a positive impact on the liquidity and asset price formation mechanism of related underlying assets, particularly for office and hotel assets.