中国公募REITs市场建设：发展现状、治理瓶颈与改革方向

Building China’s Public REITs Market: Development Status, Governance Constraint, and Reform Directions

摘要: 自2020年启动试点以来，中国公募REITs市场持续扩容，发行机制逐步完善，底层资产类型不断丰富。随着市场由试点运行转向常态化发展，公募REITs在盘活存量资产和畅通投融资循环中的作用日益凸显。本文在梳理中国公募REITs发展历程的基础上，从一级市场发行、二级市场价格和流动性等方面分析其市场运行特征，并进一步考察制约市场长期发展的治理瓶颈。研究发现，当前中国公募REITs已经形成一定市场规模，但二级市场仍存在交易活跃度下降和产品流动性分化等现象。同时，公募REITs在法律制度基础、税收中性机制、产品架构与审核机制以及治理约束与主动管理等方面仍存在不足。为推动公募REITs由规模扩张向高质量发展转变，应进一步完善法律制度体系和全生命周期税收安排，优化产品架构与审核机制，并强化利益冲突约束和基金管理人的主动管理能力。本文的分析可为完善中国公募REITs制度体系、提高市场运行效率和推动市场长期健康发展提供参考。

Abstract: Since the initiation of pilot programs in 2020, China’s public REITs market has experienced sustained expansion, with progressive improvements in the issuance framework and continuous diversification of underlying asset types. As the market transitions from a pilot operation to a normalized development phase, public REITs have increasingly demonstrated their critical role in revitalizing existing assets and facilitating a virtuous cycle of investment and financing. This paper reviews the development history of China’s public REITs, analyzes their market operating characteristics from the perspectives of primary-market issuance, secondary-market prices, and liquidity, and further examines the governance constraints on the long-term development of the market. The findings reveal that while China’s public REITs have achieved a considerable market scale, the secondary market still exhibits phenomena such as declining trading activity and pronounced liquidity differentiation across products. Concurrently, significant deficiencies persist in the legal and regulatory foundation, tax neutrality mechanisms, product structuring and review procedures, as well as governance constraints and active management capabilities. To facilitate the transition of public REITs from scale-driven expansion to high-quality development, it is imperative to further refine the legal and regulatory system and the full-life-cycle tax arrangements, optimize product structures and review mechanisms, and strengthen conflict-of-interest constraints alongside the active management competencies of fund managers. The analysis presented in this paper offers valuable references for improving the institutional framework of China’s public REITs, enhancing market operational efficiency, and fostering the sustainable and healthy development of the market in the long run.