The public REITs secondary market continues its adjustment trend, and Shanghai has announced new policies for the renewal of land use rights for commercial and industrial projects.

Last week, the secondary market for publicly offered REITs continued its downward adjustment trend. As of last Friday, the China Securities REITs Index fell by 1.69% during the week, closing at 701.5 points; the China Securities REITs Total Return Index decreased by 1.64%, closing at 938.1 points. Except for ecological environmental protection, municipal, and water conservancy REITs which saw gains, all other types of REITs reported losses. Data shows that among the 88 publicly offered REIT products listed, only 13 experienced gains compared to the previous period. The three highest-gaining products were CICC China Green Development Consumption REIT, AVIC Shougang Green Energy REIT, and CITIC Securities Mingyang Intelligent New Energy REIT, which rose by 3.04%, 1.86%, and 1.55%, respectively, during the week. The number of products experiencing losses increased to 73, with 2 showing no change. The three products with the largest declines were CITIC Securities Shenyang International Software Park REIT, AVIC E-Commerce Warehousing and Logistics REIT, and Bosera Shekou Industrial Park REIT, with the CITIC Securities Shenyang International Software Park REIT falling by over 10% during the week. On the policy and industry front, Shanghai released a new policy for the extension of land use rights for commercial and industrial projects, specifically clarifying that "for special cases such as proposed REITs issuance, the application period can be determined based on the actual situation of the project." The first energy publicly offered REIT in Northeast ChinaHuatai Three Gorges New Energy REITwas successfully listed, and the Huatai Zijin Golden Eagle Commercial Real Estate REIT has officially been submitted for approval.