China REITs Industry Sectors

With industrial parks, technology parks, and innovation parks as underlying assets, income mainly comes from rent from enterprise tenants.

• Largest sector in China REITs market
• Benefits from industrial upgrading and technological innovation
• Occupancy rates generally above 90%

With modern warehousing and logistics facilities as underlying assets, benefiting from e-commerce development and supply chain upgrading.

• E-commerce-driven demand continues to grow
• High-standard warehouse scarcity is prominent
• Strong rent stability

With affordable rental housing projects as underlying assets, serving the housing needs of new residents and young people.

• Strong policy support
• Rigid demand is strong
• Stable cash flow

With highway toll rights as underlying assets, income from vehicle tolls, belonging to non-lease-type REITs.

• Higher dividend yield
• Mature operating model
• Significantly affected by economic cycles

With sewage treatment, waste incineration power generation and other environmental infrastructure as underlying assets, serving urban environmental governance.

• Concession right model
• Strong cash flow predictability
• Benefits from environmental protection policies

With wind power, photovoltaic and other clean energy power generation facilities as underlying assets, benefiting from the dual-carbon strategy.

• Core beneficiary of dual-carbon strategy
• Electricity pricing mechanism gradually market-oriented
• High long-term growth certainty

With shopping centers, department stores and other consumer commercial properties as underlying assets, new sector added in 2023.

• New sector added in 2023
• Benefits from consumption recovery
• Operational management capability is key