CITIC Securities: The proportion of China's domestic listed real estate assets to total market capitalization is already lower than the 1.7% market capitalization share of U.S. listed real estate assets.

CITIC Securities research report states that the proportion of domestically listed real estate assets in China's total market capitalization has fallen from nearly 6.2%, which was far higher than other countries, all the way down to the current 1.4%, already lower than the 1.7% market capitalization share of listed real estate assets in the United States. Of course, compared with the United States, whether in development enterprises or real estate REITs, the market capitalization share of China's leading varieties is significantly lower, and the proportion of China's holding and operating equity assets is notably low.