China’s C-REIT Chinese Real Estate Investment Trust market experiences explosive growth in 2025. Experts predict Greater Bay Area assets will lead the next surge, especially with recent policy expansions into commercial properties.
Rapid Growth of China’s C-REIT Market
China launches infrastructure-focused C-REITs in 2021. The market expands dramatically, with value rising about 85% in the previous year. This positions China among Asia’s top three REIT markets for the first time in 2024.
A key milestone arrives on December 1, 2025, when the National Development and Reform Commission (NDRC) updates eligibility to include commercial assets like shopping centers, hotels, and office buildings. This broadens the scope beyond traditional infrastructure, aiming to support urban renewal and consumption.
Why GBA Assets Attract Strong Demand
The Greater Bay Area encompassing Hong Kong, Macau, and nine Guangdong cities like Shenzhen and Guangzhouemerges as a prime hotspot. Deloitte China’s Ryan Wu predicts GBA assets “will likely be oversubscribed” in upcoming commercial C-REIT launches over the next two years.
Additionally, the region’s mature commercial real estate, high occupancy rates, and strategic economic role draw investors. Retail and logistics assets in the GBA already feature in successful listings, like Prologis’ recent Shenzhen REIT focused on GBA logistics hubs.
