Recently, an infrastructure public REIT that was oversubscribed offline by 235.8 times was officially listed on the Shenzhen Stock Exchange. The closing price fell below the issue price on the first day of listing. The closing price was 5.499 yuan, down 10.16% from the issue price, making it the first REITs product to go public during the year. Luo Yuanjiang, managing partner of Deloitte's China real estate industry, said that the market differentiation in the domestic REITs market stems from the fragmentation of underlying assets. For industrial parks or commercial real estate with an old business format, etc., if investors have negative dividend expectations such as rental income, etc., it will inevitably lead to a decline in the valuation of such REITs projects, unless specific REITs projects have irreplaceable advantages, such as commercial real estate in a core location and high traffic.

Recently, an infrastructure public REIT that was oversubscribed offline by 235.8 times was officially listed on the Shenzhen Stock Exchange. The closing price fell below the issue price on the first day of listing. The closing price was 5.499 yuan, down 10.16% from the issue price, making it the first REITs product to go public during the year. Luo Yuanjiang, managing partner of Deloitte's China real estate industry, said that the market differentiation in the domestic REITs market stems from the fragmentation of underlying assets. For industrial parks or commercial real estate with an old business format, etc., if investors have negative dividend expectations such as rental income, etc., it will inevitably lead to a decline in the valuation of such REITs projects, unless specific REITs projects have irreplaceable advantages, such as commercial real estate in a core location and high traffic.