2026 First Public REIT Initiates Pricing Inquiry, Multiple Projects Under Review Advance, Market Continues Volatile Decline

“Daily Economic News” reporters have learned that last week, public REITs experienced continued declines in the secondary market. As of last Friday (March 20), the CSI REITs (closing) index closed at 785 points, down 0.15% week-on-week; the CSI REITs Total Return Index closed at 1021.8 points, down 0.13% week-on-week.

Data from Guoxin Securities (002736) shows that from the beginning of the year, the major indices’ performance rankings are: CSI REITs (+0.8%) > CSI All Bonds (+0.6%) > CSI Convertible Bonds (+0.1%) > CSI 300 (-1.4%).

According to Wind data, among the 79 listed public REITs, the number of those rising week-on-week increased to 39. The top three products with the largest gains are China International Chongqing Liangjiang REIT, Huaxia Beijing Affordable Housing REIT, and China International Xiamen Anju Affordable Rental Housing REIT; the three with the largest declines are Southern SF Logistics REIT, China International Prologis Warehousing & Logistics REIT, and Huaxia Hefei High-tech REIT.

In terms of industry sectors, this week will see the issuance of the first new product in 2026. On March 25, Dongfanghong Tunnel Co. (600820) High-Speed REIT will initiate price inquiries, with a range of 4.012 to 4.700 yuan per unit. Several other REIT projects under review have also made progress.

Secondary market continues to decline, rental housing sector leads in gains

Last week, the public REITs secondary market continued its downward trend. As of last Friday, the CSI REITs (closing) and CSI REITs Total Return Index closed at 785 points and 1021.8 points, respectively, with weekly declines of 0.15% and 0.13%.

From the perspective of underlying assets, data from Guosheng Securities shows that REITs in the affordable housing and transportation infrastructure sectors performed relatively well, while municipal water conservancy and warehousing logistics REITs experienced corrections. The weekly performance of REITs in warehousing logistics, industrial parks, affordable housing, transportation infrastructure, energy infrastructure, ecological environmental protection, consumer, water conservancy facilities, and data centers ranged from -1.76% to +0.83%.

Regarding individual products, among the 79 listed public REITs, the number of those rising week-on-week increased to 39. The top three with the largest gains are China International Chongqing Liangjiang REIT, Huaxia Beijing Affordable Housing REIT, and China International Xiamen Anju Affordable Rental Housing REIT, with weekly increases of 3.18%, 2.77%, and 2.38%, respectively.

Top ten public REITs by weekly gains

The number of declining REITs decreased to 37, with 3 remaining flat. The three largest declines were Southern SF Logistics REIT, China International Prologis Warehousing & Logistics REIT, and Huaxia Hefei High-tech REIT, with weekly drops of 4.62%, 4.46%, and 3.30%, respectively.

According to Guangda Securities, last week’s total REITs trading volume was 1.85 billion yuan, with new infrastructure REITs leading in daily turnover rate among other categories.

From the perspective of different underlying assets, the top three in net capital inflow during the period were transportation infrastructure, energy infrastructure, and affordable rental housing REITs. For individual REITs, the top three in net inflow were China Asset JD Warehouse Infrastructure REIT, Huaxia China Nuclear Clean Energy REIT, and Huaxia Yuexiu Expressway REIT.

Dongfanghong Tunnel REIT to initiate price inquiry, public REITs see first new product issuance in 2026

In industry news, the public REITs market will see its first new issuance in 2026.

On March 25, the first tunnel public REIT in the country—Dongfanghong Tunnel Co. High-Speed REIT—will start price inquiry, with a range of 4.012 to 4.700 yuan per unit. Shenwan Hongyuan Securities noted that, based on the valuation of the underlying assets, the upper limit of the range has a premium of 13.0%, and the lower limit a discount of 3.5%. The pricing range has narrowed significantly, and compared to the upper limit premium rate of products issued in the second half of last year, it remains relatively low.

Additionally, several other public REITs projects under review have made progress last week. For example, Hongtu Innovation Xinghe Group Commercial Real Estate REIT has been accepted; China International Xiamen Anju Affordable Rental Housing REIT’s fundraising registration has become effective; Guotai Haitong Chongbang Group Commercial Real Estate REIT and China Asset Shoukai Commercial Real Estate REIT received feedback from the Shanghai Stock Exchange; other projects such as E Fund Guangxi Beitou High-Speed REIT, AVIC China Nuclear Energy REIT, and Shanxi Jinzhong Heating REIT have also responded with feedback.

It is worth noting that last week, listed company Rainbow Department Store (002419) announced the withdrawal of its Rainbow Consumer REIT application, which was filed with the Shenzhen Stock Exchange in July 2025 and received feedback in September of the same year. The forecasted distribution rate in 2026 was 4.92%. Industry insiders suggest that the withdrawal may be related to valuation pressures and the inability to meet fundraising expectations.

Regarding recent sector trends, CICC’s research report pointed out that the CSI REITs Total Return Index’s weekly decline has gradually narrowed, with operational rights retreating less than property rights and rebounding earlier.

Specifically, data centers, after reaching high levels earlier, have maintained strong momentum following profit-taking; the recent rebound in highway sectors may benefit from increased travel volume around the Spring Festival, supporting performance; the energy sector performed relatively steadily in March, possibly supported by rising oil prices and expectations of improved power demand amid narratives of increased computing power needs; the rental housing sector saw capital replenishment as market sentiment weakened marginally and several rental REITs corrected to near half-year price oscillation lows; consumer, industrial parks, and warehousing logistics sectors experienced relatively large gains before the Spring Festival, with weekly declines narrowing since then, mainly due to a temporary retreat in bullish sentiment, while recent volatility in warehousing logistics is influenced by earlier mentioned sentiment disturbances.

“After this round of correction, we believe property rights REITs have improved their risk-reward profile, and future focus should be on timing and portfolio optimization; operational rights REITs should be considered based on industry prosperity and project valuation,” the institution stated.

(Edited by: Li Yue)

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