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Growth of the Chinese REIT Market and Implications for Global Capital

China’s C‑REIT market is rapidly reshaping commercial real estate, driven by supportive policy, strong liquidity, and investor demand. Since launching in 2021, issuance has exceeded RMB200 billion, attracting global sponsors. Logistics, retail, and rental housing lead growth, offering stable yields, efficient capital recycling, and expanding access to domestic institutional capital.

China’s CREIT market is rapidly reshaping commercial real estate, driven by supportive policy, strong liquidity, and investor demand. Since launching in 2021, issuance has exceeded RMB200 billion, attracting global sponsors. Logistics, retail, and rental housing lead growth, offering stable yields, efficient capital recycling, and expanding access to domestic institutional capital.
Chris Yang

Chris Yang

Head of Valuation & Advisory Services, Beijing; Head of China REIT Practice Group, Cushman & Wakefield

Chris Yang brings more than 15 years of experience with Cushman & Wakefield’s valuation team, and leads the China REIT Practice Group. He boasts a proven track record in valuing large commercial asset portfolios and major acquisition projects. Chris has engaged in more than 200 Quasi-REIT and CMBS projects, with cumulative issuance exceeding RMB450 billion, demonstrating Cushman & Wakefield’s market-leading position in ranking first among Greater China’s real estate appraisal institutions. He has contributed to industry policy formulation, delivered valuation services for 40+ C-REITs, and participated in the first batch of 14 commercial REIT pilot projects launched in December 2025.