Recently, the market application for public real estate investment trusts (REITs) in China has accelerated, with new product categories represented by commercial real estate REITs constantly expanding, and multiple iconic "first order" innovative products appearing. Institutional insiders estimate that as the pilot of commercial real estate REITs enters an accelerated stage, the REITs market will continue to expand. Since the beginning of this year, the proposed fundraising scale of commercial real estate REITs accepted by the exchange has exceeded the total issuance of REITs for the whole year of last year. This year, the scale of newly listed REITs is expected to reach the level of billions of yuan, which will play an important role in revitalizing existing assets, expanding effective investment, and improving the capital market ecosystem. Recently, there have been frequent occurrences of "first orders" in the pilot acceleration, and multiple public REITs have made new progress in their applications. According to the website of the China Securities Regulatory Commission, both E Fund's Guangxi Beitou Expressway REIT and AVIC China Nuclear Energy New Energy REIT have received approval from the China Securities Regulatory Commission. At the same time, the pilot of commercial real estate REITs has entered an accelerated stage, with CITIC Securities Shounong Food Group Commercial Real Estate REIT, Huitianfu Shanghai Real Estate Commercial Real Estate REIT, CICC Vipshop Commercial Real Estate REIT, and Guotai Haitong Sand Ship Commercial Real Estate REIT receiving feedback one after another. Zhang Jiqiang, director of Huatai Securities Research Institute, analyzed that commercial real estate declaration projects exhibit characteristics of "accelerated supply, diversified assets, moderate single transaction scale, and optimistic valuation". The development of commercial real estate REITs has opened up market space and ushered in a new era of trillion dollar markets. Improved approval efficiency brings high-quality assets to the market quickly and opens up new channels for real estate and other enterprises to revitalize their assets. In terms of category innovation, the demonstration effect of "first order" continues to emerge. Recently, Chuangjin Hexin Beijing State owned Commercial REIT has submitted its application and been accepted. This project is the first "urban renewal+technological innovation" asset portfolio REITs in China after the pilot launch of commercial real estate REITs at the end of 2025, marking the formal entry of China's urban renewal assets into the capital market in the form of standardized products. Chen Cong, Chief Analyst of Infrastructure and Modern Service Industry at CITIC Securities, predicts that the expansion of the REITs market is imminent. Starting from the second quarter, commercial real estate REITs are expected to go public. The increase in issuance scale brought about by the launch of commercial real estate REITs will contribute to the prosperity of the entire market ecosystem and promote the entry of incremental funds into the market. The entry of bond funds into the market is expected to bring about active expansion in the primary market, while supporting measures on the funding side are also being implemented simultaneously. Recently, several newly established hybrid secondary bond funds have explicitly included public REITs in their investment scope, which is expected to introduce new investor groups to the market and gradually enhance market liquidity. This can be seen from the contract terms of recently released products. Changxin Fund announced that the Changxin Stable Hui Li 90 day Holding Bond Fund will be launched for sale starting from May 14th. This fund can invest in public REITs and will conduct in-depth research on the investment value of public REITs by considering various factors such as macroeconomic performance. It will select public REITs with higher investment value for investment. The inclusion of public REITs in the investment scope of bond funds is in line with current policy guidance. The notice previously issued by the China Securities Regulatory Commission clearly stated that it supports eligible public funds to include REITs in their investment scope. Zeng Yu, Chief Fixed Income Analyst at CITIC Securities, stated that including REITs in the investment scope of secondary bond funds is expected to further enhance the asset allocation effectiveness of fund products. The optimization and expansion of the system can be observed from the policy perspective, and the continuous improvement of institutional rules can provide protection for the high-quality expansion of the REITs market. From the perspective of top-level design, the special legislation work for REITs has been included in the plan. The 2026 legislative work plan issued by the China Securities Regulatory Commission specifies the "projects that need to be studied and introduced at the right time", including the formulation of the "Interim Measures for the Supervision and Administration of Publicly Offered Real Estate Investment Funds". The notice previously issued by the China Securities Regulatory Commission also clarified the research and exploration of innovative products such as exchange traded open-end index funds (REITs ETFs) that track REITs indices, further enriching investors' asset allocation choices. In the future, we will conduct in-depth research on relevant suggestions based on market development to introduce more long-term funds into the REITs market and promote its healthy development. Guo Xiangyu, Research Director of the Real Estate Finance Research Center at the Wudaokou School of Finance, Tsinghua University, suggests that the key to the next stage is to upgrade the multi-level REITs market to a full cycle asset cultivation platform: on the one hand, promote asset management transformation, guide market entities to continue to actively manage on the REITs platform, break through the "reluctance to sell" obstacles of high-quality assets, and use stock revitalization to drive incremental expansion; On the other hand, strengthening the coordinated development of the public and private equity markets, allowing public REITs and inter institutional REITs to complement each other, and providing a suitable financial environment for the long-term operation of different types of new formats. (New Society)