Supply acceleration and asset expansion: the long-term allocation value of public REITs is gradually emerging.

Recently, the public REITs market can be summarized by two main themes: first, the public REITs secondary market has moved from deep adjustment to gradual recovery; second, the supply side is accelerating expansion, with multiple breakthroughs in asset types. After experiencing a significant drawdown this year, the secondary market rebounded in mid-to-late September, with the market gradually recovering and stabilizing; the pace of registration and issuance in the primary market hit a historical high for the same period, and asset types continued to extend to commercial real estate, coal-fired power generation, and affordable rental housing in second- and third-tier cities. At the current juncture, discussion among institutions about the allocation value of low valuation plus high dividends has noticeably heated up, and the long-term allocation value of public REITs is becoming prominent.