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CBRE

INTELLIGENTINVESTMENT

C-REITExpansionunlocksExit

channelsforofceandHotelAssets

December2025

onNovember28th,2025,thechinasecuritiesRegulatorycommission(CSRC)issuedthe"AnnouncementonLaunchingthepilotprogrammeforcommercialRealEstatelnvestmentTrusts(Draftforcomment)"(hereinafterreferredtoasthe"Draftforcomment")·ThiswasfollowedonDecember1st,2025,bytheNationalDevelopmentandReformcommission's(NDRC)releaseofthe"InfrastructureRealEstatelnvestmentTrust(REIT)projectIndustryscopeList(2025Edition)"(hereinafterreferredtoasthe"2025List").Thesequentialreleaseofthesetwodocumentssignifiesthatchina'spublicREITShavenowachievedcompletecoverageofthecommercialrealestatemarket·

policyInterpretation

comparedwiththepreviousupdatetothescopeofunderlyingassetsincludedinthe"RequirementsforInfrastructureRealEstatelInvestmentTrust(REIT)projectDeclaration(DocumentNO.1014)"releasedinJuly2024,therehavebeenseveralchangestopoliciesconcerningownership-basedpublicREITS·Theseinclude:

AdditionofofficeBuildingsandHotelsasunderlyingAssets

The2025Listaddsandlistscommercialofficefacilitiesasaseparatecategoryofunderlyingassets·projectsmustbein22mega-citiesandextra-largecities1acrossthenationandbeofpremiumGradeAorGradeAquality·However,furtherclarificationisneededonwhetherthedefinitionofpremiumGradeAandGradeAbuildingsadherestothe"classificationRequirementsforcommercialBuildingsGrade(GB/T390692020)2”implementedin2021ortoothermarketstandards·

concurrently,the2025Listadds"Four-starandaboveHotelprojectsunderthecategoryofconsumptioninfrastructure·

Note1:Accordingtochina'sseventhNationalpopulationcensus,thereareatotalof22megacitiesandextralargecitiesnationwide.shanghai,

Beijing,shenzhen,chongqing,Guangzhou,chengdu,andTianjinareclassifiedasmegacitieswithapermanenturbanpopulationofover10milion.wuhan,Dongguan,xi'an,Hangzhou,Foshan,Nanjing,shenyang,Qingdao,Jinan,changsha,Harbin,zhengzhou,kunming,Dalian,andsuzhouareclassifiedasextralargecitieswithapermanenturbanpopulationbetweenfiveand10million.

Note2:IssuedbythestateAdministrationforMarketRegulation(SAMR)andthestandardisationAdministrationofchina(SAC)inseptember2020andimplementedinApril2021.

CBRERESEARCH

IntelligentInvestmentC-REITExpansionUnlocksExitChannelsforOfficeandHotelAssets

2CBRERESEARCH?2025CBRE,INC.

AdditionofuIrbanRenewalFacilitiesasunderlyingAssets

The2025ListdefinesurbanRenewalFacilities"asagingneighbourhood,factoryrenewalandrenovationprojects,aswellasurbanrenewalcomprehensivefacilityprojectscoveringvarioustypesoftheabove-mentionedassets·Thisdescriptiondoesnotincludeanewunderlyingpropertytype.consideringthefeaturesofthetwocurrentlylistedpublicREITswithanurbanrenewalbackgroundJinyuIntelligentManufacturingFactoryIndustrialparkREITandshouNongIndustrialparkREIT-CBREbelievesthatlistinguurbanRenewalFacilities"asanewunderlyingassettypewillhelpprovideclearerguidanceonhowtoaddresscomplianceissuescommonlyencounteredinsuchprojects·Theseissuesincludelandacquisitionmethods,landnature,andarchitecturaluseadjustmentsduringthedeclarationandapprovalprocESS·

AdditionofsportsvenuesandcommercialcomplexesIntegratingMultipleBusinessFormatslikecommerce,Tourism,culture,sports,andHealthwithinconsumptionInfrastructure

Inits"opinionsonunleashingthepotentialofsportsconsumptionandFurtherpromotingtheHigh-QualityDevelopmentofthesportsIndustry"releasedinseptember2025,china'sstatecouncilproposedsupportingeligiblesportsvenueprojectstoissuepublicREITS·Theinclusionofsportsvenuesinthe2025Listasunderlyingassetsalignswithmarketexpectations·

The2025Listchangestheexpression"commercialcomplexes"inDocumentNO.1014to"commercialcomplexesintegratingmultiplebusinessformatslikecommerce,Tourism,culture,sports,andHealth".Thequalificationof"commerce,Tourism,culture,sports,andHealth"mayindicatethatitdiffersfromtheindustry'sunderstandingofofficeretailcomplexesorofficeretailhotelcomplexes·Thereasonisthatthe2025ListretainstherelevantstatementsfromDocumentNO.1014withintheconsumptioninfrastructurecategory,namely:"Hotelsandcommercialofficepremisesthatarephysicallyinseparablefromtheaforementionedconsumptioninfrastructureandwhosepropertyrightsbelongtothesaeinitiator(originalequityholder)maybeincludedasunderlyingassetsoftheproject;thecombinedfloorareaofthesepremisesgenerallyshallnotexceed30%ofthetotalfloorareaoftheunderlyingassets,andunderspecialcircumstances,shallnotexceed50%".CBREbelievesthatthedeclarationofoffice-retailcomplexesoroffice-retail-hotelcomplexesstillneedstocomplywiththeaboverequirements,withconsumptioninfrastructureasthemainbodyoftheproject.ASOfficebuildingsandhotelsareincludedasunderlyingassets,thiswillcreateprerequisitesforgreaterflexibilityinthefloorareaallocationratioforunderlyingassetsinfutureoffice-retailandofficeretailhotelcomplexes·

IntelligentInvestmentC-REITExpansionUnlocksExitChannelsforOfficeandHotelAssets

3CBRERESEARCH?2025CBRE,INC.

IntelligentInvestmentC-REITExpansionUnlocksExitChannelsforOfficeandHotelAssets

4CBRERESEARCH?2025CBRE,INC.

Improvingthe"private-to-public"Assetpricingsystem

Astheyfeaturemoretransparentinformationdisclosureandhighmmfrequencytradinginthesecuritiesmarket,publicREITSCanprovideapublicandreal-timemarketbasedanchorfortheassetpricesofnewlyincludedunderlyingassetslikeofficebuildingsandhotels·Thisenablesinvestorstoconstructacompleteassetpricingreferencesystemfromprivatetopublic·

CBRE'sanalysisoftheprice-to-value(pv)multipleforlistedinfrastructurepublicREITSOverthepastfewyearsshowsthatassetpricingfluctuatesalongwithfactorssuchasthemacroeconomicfinancialcycleandthecommercialrealestateleasingmarket·Differencesinriskpricingamongvariousunderlyingassetsalsoalignwithinvestorperceptionsinthecommercialrealestateinvestmentmarket·since2025,variousunderlyingassetshavegenerallyexperiencedapremium,orapvmultiplehigherthan1.AlthoughthisispartlyduetothecurrentscarcityofREITProductsinthefinancialmarket,itcreatesarelativelyidealassetpricingandtimewindowfortheprivate-to-publicexitofhigh-qualityofficebuildingandhotelprojects·

Figure2:ownership-basedpublicREITS'pvMultiples

LogisticsR&DofficeFactoryRentalhousingconsumptionIDC

EnjoyaLiquiditypremium

Givenregulators'strictscrutinyofpublicREITS'underlyingassetsandthecurrentscarcityofpublicREITS'channelresou「ces,CBREbelievesthatthequalityofnewlyincludedofficeandhotelassetswillhaveastrongbearingonassetpricing.TheliquiditypremiumderivedfrompublicREITswillgraduallybetransmittedtotheprivatemarket,benefitingprojectswithcorelocationsandqualityassetmanagement·

Thetrendofassetpricingdifferentiationwillbefurthersupportedbyleasingmarketperformance.ASOfQ32025,theaveragevacancyrateforofficebuildingsintiercitieswas22%.ThevacancyrateinCBDSWas15%whilefuturesupplyinCBDsaccountsforonly1.1%oftierlcities'existingstock.onthedemandside,tenantsretainastrongpreferenceforCBDS,withCBRE's2025chinaofficeTenantsurveyshowingthat74%oftenantsprefertoremaininsuchareas·

IntelligentInvestmentC-REITExpansionUnlocksExitChannelsforOfficeandHotelAssets

Figure3:TierlcitycBDvacancyRateandshareofFuturesupplyRelativetoExistingstock

TierIcitiescitywide

HuaihaiRd. chaoyangcBD FinancialstreetzhujiangNewTown Lujiazui FutiancBD NanjingRd.wzhongguancun

0%5%10%15%20%25%30%35%40%

source:CBREResearch,December2025

Inthehotelsector,therecoverypatternforRevenueperAvailableRoom(RevpAR)comparedtothepre-pandemiclevelin2019showsabarbellshape·FromJanuarytooctoberthisyear,theaverageRevpARforluxury,uppe「upscale,andeconomyhotelswasequivalentto102%,93%,and93%ofthesameperiodin2019,respectively,aheadofothertiers.GiventhattheunderlyingassetrequirementsforpublicREITSmandatehotelstobefour-starandabove(roughlyequivalenttoupscaleandaboveinFigure4),CBRErecommendsinvestorsfocusonmarketleadinguppe「upscaleandluxuryhotelswithhigh-qualitymanagementandbranding·

Figure4:RecoveryRatioofHotelRevpARbyRatingcomparedtosameperiodof2019

——Luxury——upperupscale——upscaleupperMidscaleMidscale——Economy

120%

110%

100%

90%

80%

70%

source

Researchcontact

samxie

HeadofResearch,china

sam.xie@cbre.com

?Copyright2025.Allrightsreserved.Thisreporthasbeenpreparedingoodfaith,basedonCBRE’scurrentanecdotalandevidencebasedviewsofthecommercialrealestatemarket.AlthoughCBREbelievesitsviewsrefle

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