**Introduction**: Three new public REITs have successfully raised more than their target amounts.

The subscription results for the Huaxia Nanjing Transportation Expressway REIT, CICC United Dongkechuang REIT, and Merchants Highway Expressway REIT have been announced.

The announcements show that the actual confirmed subscription ratio for the public offering of the Huaxia Nanjing Transportation Expressway REIT was 19.16%, and the effective subscription ratio for the offline offering was 12.85%; for the Merchants Highway Expressway REIT, the public offering had an effective subscription ratio of 27.91%, and the offline offering had an effective subscription ratio of 83.35%; the CICC United Dongkechuang REIT had an allocation ratio of 93.16% for offline investors and 95.46% for public investors.

Including these three successfully raised new funds, the fundraising scale for new REITs products this year has reached 46.242 billion yuan.

All three REITs were oversubscribed.

The launch of new public REITs continues to receive enthusiastic subscriptions from investors.

According to the announcement by Huaxia Fund on October 16, the total number of fund shares raised by the Huaxia Nanjing Transportation Expressway REIT this time is 500 million shares, with an issue price of 5.45 yuan, and the planned fundraising amount is 2.725 billion yuan. Among them, the initial strategic allocation of fund shares is 374 million shares, accounting for 74.80% of the total number of shares offered; the initial number of fund shares offered offline is 88.2 million shares, accounting for 17.64% of the total number of shares offered; the initial number of fund shares offered to public investors is 37.8 million shares, accounting for 7.56% of the total number of shares offered.

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The final offering results show that the number of fund shares effectively subscribed by public investors is 197.25000091 million shares, with a subscription ratio of 19.16%; the number of effectively subscribed shares in the offline offering is 686.5 million shares, with a subscription ratio of 12.85%, which means that the total subscription funds before proportional allocation have exceeded 6.8 billion yuan.

In addition, on October 15, the Merchants Highway Expressway REIT and the CICC United Dongkechuang REIT also disclosed the confirmation ratio of fund applications.

The subscription results of the Merchants Highway Expressway REIT show that the fund raised 500 million shares, with an issue price of 699 million yuan, and the planned fundraising amount is 3.495 billion yuan. The subscription results show that the initial 418.19 million shares for strategic investors were fully subscribed, the number of effectively subscribed fund shares by offline investors is 68.71 million shares, with a subscription ratio of 83.35%; the number of effectively subscribed fund shares by public investors is 32.059332 million shares, with an effective subscription ratio of 27.91%.The total number of shares for the China Gold Lian Dong Kechuang REIT offering is 500 million, with an issue price of 3.23 yuan, and the planned fundraising scale is 1.615 billion yuan. The results show that, in addition to the 100% allocation to strategic investors, the number of fund shares subscribed by offline investors in the China Gold Lian Dong Kechuang REIT is 101,100,000 shares, with an allocation ratio of 93.16%; the number of fund shares effectively subscribed by public investors is 42,283,772 shares, with an allocation ratio of 95.46%.

The REITs fundraising scale has reached 46.242 billion yuan within the year.

Since 2024, against the backdrop of policy benefits and the downward trend of long-term interest rates, the secondary market performance of REITs has shown a significant recovery, and the issuance of the primary market has also accelerated, with market attention gradually increasing.

Wind statistics show that as of October 16th, this year, there have been 17 public REITs issued and established, with a total fundraising scale of 38.407 billion yuan. If the aforementioned three successfully raised new funds are included, the total fundraising scale has reached 46.242 billion yuan, far exceeding previous years.

So far, there are still 17 public REITs in the application process. Among them, China Gold Yizhuang Industrial Park REIT, Guotai Junan Jinan Energy Heating REIT, and Huaan Waigaoqiao Storage Logistics REIT received feedback from the Shanghai Stock Exchange on October 11th, October 8th, and September 26th, respectively; on September 29th, the Shenzhen Stock Exchange official website showed that Yifangda Hua Wei Agricultural Market REIT has been accepted.

It is worth mentioning that the REITs annual market survey report (2025) recently released by China Gold Company shows that in this 110 valid questionnaires, insurance and securities institutions are the main participants. Nearly 70% of sample investor institutions have a configuration scale higher than 100 million yuan, and more than half of the insurance institutions participate in a scale of 500 million yuan and above; nearly 80% of investors have a return rate range of 5%-20% so far this year (as of the questionnaire collection date from September 23rd to September 26th).

Regarding the market outlook for 2025, 99% of surveyed investors said they would consider maintaining or increasing the configuration of REITs, among which 70% of investors consider increasing the configuration. Among them, insurance companies, public FOF, and private institutions consider increasing the configuration proportion relatively high (all above 75%). In terms of asset type preference, institutions generally prefer asset types with stable cash flow.