Supply Acceleration and Asset Expansion Highlight Long-Term Allocation Value of Public REITs

Recently, the public REITs market has been characterized by two main trends: first, the secondary market rebounding from deep adjustments to gradual recovery; second, accelerated supply expansion and breakthroughs in asset types. After a significant pullback earlier this year, the secondary market saw a rebound in mid-to-late September, gradually warming up and stabilizing. Meanwhile, the registration and issuance pace in the primary market hit a historical high for the same period, with asset types continuously expanding to include commercial real estate, coal-fired power generation, and rental housing in second- and third-tier cities. At this juncture, institutional discussions on the allocation value of low valuations combined with high dividends have intensified, highlighting the long-term allocation value of public REITs.