Page 6 - Listing a Real Estate Investment Trust in Singapore or China

China REIT (C-REIT)

Under a pilot scheme, nine C-REITs (see below) were floated on the Shanghai and Shenzhen
stock exchanges respectively on 21 June 2021. The REITs are backed by real assets, such as
infrastructure projects and certain types of real estate, including logistics and business parks.
C-REITs are currently limited to infrastructure and certain types of real estate, at present,
logistics and business parks. There are also geographical limitations.

A recent circular from China’s National Development and Reform Commission confirmed that
a ordable rental housing will be promoted as a sector suitable for REITs, which will spark further Initial
Public O erings (IPOs).

1 Bosera China Merchants Shekou Industrial Zone

2 HuaAn Zhangjiang Everbright Park
3 Soochow Suzhou Industrial Park

4 Hongtu Innovation Yantian Port Warehousing and Logistics
5 CICC GLP Warehouse Logistics

6 AVIC Shougang Biomass fund
7 Fullgoal Capital Water

8 Zheshang Securities Zhejiang Expressway
9 Ping An Guangzhou Comm Invest Guanghe Expressway

Sample structure of a C-REIT

Plan manager Trustee agency Publicly offered
fund manager
Management services
Fund Trustee
Payment for Share raising agency
assets subscription
Original equity Asset-backed Public listed
holder (initiator) special plan infrastructure fund
Transfer of Dividend
project manager’s Share Dividend
equity 100% Dividend subscription
Public investors and
SPV (if any) original equity holder

Dividend
Management 100% and interest Rental /
fee usage fee
Property Project company Premium
manager (holding the Infrastructure) user
Management Infrastructure
services service

Infrastructure
project

THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING