{"id":"https://openalex.org/W7225743655","doi":"https://doi.org/10.54254/2754-1169/2026.ld38872","title":"The Introduction, Survival and Development of Public REITs in China","display_name":"The Introduction, Survival and Development of Public REITs in China","publication_year":2026,"publication_date":"2026-11-10","ids":{"openalex":"https://openalex.org/W7225743655","doi":"https://doi.org/10.54254/2754-1169/2026.ld38872"},"language":"en","primary_location":{"id":"doi:10.54254/2754-1169/2026.ld38872","doi":"https://doi.org/10.54254/2754-1169/2026.ld38872","is_oa":true,"landing_page_url":"https://doi.org/10.54254/2754-1169/2026.ld38872","pdf_url":"https://aemps.ewapub.com/article/view/38872.pdf","source":{"id":"https://openalex.org/S4387278942","display_name":"Advances in Economics Management and Political Sciences","issn_l":"2754-1169","issn":["2754-1169","2754-1177"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Advances in Economics, Management and Political Sciences","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://aemps.ewapub.com/article/view/38872.pdf","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5001615998","display_name":"\u989c\u57f9\u6c5f","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I142263535","display_name":"University of Nottingham","ror":"https://ror.org/01ee9ar58","country_code":"GB","type":"education","lineage":["https://openalex.org/I142263535"]}],"countries":["GB"],"is_corresponding":true,"raw_author_name":"Peijiang Yan","raw_affiliation_strings":["University of Nottingham"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Nottingham","institution_ids":["https://openalex.org/I142263535"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5001615998"],"corresponding_institution_ids":["https://openalex.org/I142263535"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"314","issue":"1","first_page":"None","last_page":"None"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.323199987411499,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.323199987411499,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14317","display_name":"Finance, Markets, and Regulation","score":0.19269999861717224,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.15150000154972076,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[],"concepts":[{"id":"https://openalex.org/C38815200","wikidata":"https://www.wikidata.org/wiki/Q697852","display_name":"Real estate investment trust","level":3,"score":0.8144000172615051},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6420999765396118},{"id":"https://openalex.org/C9841139","wikidata":"https://www.wikidata.org/wiki/Q39099","display_name":"Renminbi","level":3,"score":0.6096000075340271},{"id":"https://openalex.org/C82279013","wikidata":"https://www.wikidata.org/wiki/Q684740","display_name":"Real estate","level":2,"score":0.6031000018119812},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.574400007724762},{"id":"https://openalex.org/C191935318","wikidata":"https://www.wikidata.org/wiki/Q148","display_name":"China","level":2,"score":0.5060999989509583},{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.44620001316070557},{"id":"https://openalex.org/C143910263","wikidata":"https://www.wikidata.org/wiki/Q750458","display_name":"Capital market","level":2,"score":0.4404999911785126},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.43560001254081726},{"id":"https://openalex.org/C195487862","wikidata":"https://www.wikidata.org/wiki/Q850210","display_name":"Revenue","level":2,"score":0.4334999918937683},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.41920000314712524},{"id":"https://openalex.org/C2780233690","wikidata":"https://www.wikidata.org/wiki/Q535347","display_name":"Transparency (behavior)","level":2,"score":0.4020000100135803},{"id":"https://openalex.org/C74514629","wikidata":"https://www.wikidata.org/wiki/Q1640570","display_name":"Net asset value","level":2,"score":0.39989998936653137},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.3637000024318695},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.3598000109195709},{"id":"https://openalex.org/C85502023","wikidata":"https://www.wikidata.org/wiki/Q157171","display_name":"Renting","level":2,"score":0.3540000021457672},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.3531000018119812},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.32179999351501465},{"id":"https://openalex.org/C58823610","wikidata":"https://www.wikidata.org/wiki/Q746418","display_name":"Liberalization","level":2,"score":0.3215000033378601},{"id":"https://openalex.org/C134221152","wikidata":"https://www.wikidata.org/wiki/Q4736525","display_name":"Alternative investment","level":3,"score":0.3199999928474426},{"id":"https://openalex.org/C147859227","wikidata":"https://www.wikidata.org/wiki/Q294217","display_name":"Public sector","level":2,"score":0.3127000033855438},{"id":"https://openalex.org/C12559387","wikidata":"https://www.wikidata.org/wiki/Q185142","display_name":"Initial public offering","level":2,"score":0.30480000376701355},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.29440000653266907},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.29420000314712524},{"id":"https://openalex.org/C30772137","wikidata":"https://www.wikidata.org/wiki/Q5164762","display_name":"Consumption (sociology)","level":2,"score":0.28360000252723694},{"id":"https://openalex.org/C2779439359","wikidata":"https://www.wikidata.org/wiki/Q317088","display_name":"Commodity","level":2,"score":0.27790001034736633},{"id":"https://openalex.org/C2777276756","wikidata":"https://www.wikidata.org/wiki/Q5196446","display_name":"Customer base","level":2,"score":0.26899999380111694},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.26739999651908875},{"id":"https://openalex.org/C172497479","wikidata":"https://www.wikidata.org/wiki/Q302208","display_name":"Capital expenditure","level":2,"score":0.2624000012874603},{"id":"https://openalex.org/C78780426","wikidata":"https://www.wikidata.org/wiki/Q902410","display_name":"Deregulation","level":2,"score":0.260699987411499},{"id":"https://openalex.org/C2776988154","wikidata":"https://www.wikidata.org/wiki/Q66100","display_name":"Exchange rate","level":2,"score":0.2597000002861023},{"id":"https://openalex.org/C137577040","wikidata":"https://www.wikidata.org/wiki/Q431965","display_name":"Information asymmetry","level":2,"score":0.25760000944137573},{"id":"https://openalex.org/C102177615","wikidata":"https://www.wikidata.org/wiki/Q1627483","display_name":"Public offering","level":3,"score":0.25690001249313354},{"id":"https://openalex.org/C81657359","wikidata":"https://www.wikidata.org/wiki/Q5322573","display_name":"Earnings before interest, taxes, depreciation, and amortization","level":3,"score":0.2547999918460846},{"id":"https://openalex.org/C202552767","wikidata":"https://www.wikidata.org/wiki/Q1901350","display_name":"Market value","level":2,"score":0.2547999918460846}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.54254/2754-1169/2026.ld38872","doi":"https://doi.org/10.54254/2754-1169/2026.ld38872","is_oa":true,"landing_page_url":"https://doi.org/10.54254/2754-1169/2026.ld38872","pdf_url":"https://aemps.ewapub.com/article/view/38872.pdf","source":{"id":"https://openalex.org/S4387278942","display_name":"Advances in Economics Management and Political Sciences","issn_l":"2754-1169","issn":["2754-1169","2754-1177"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Advances in Economics, Management and Political Sciences","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.54254/2754-1169/2026.ld38872","doi":"https://doi.org/10.54254/2754-1169/2026.ld38872","is_oa":true,"landing_page_url":"https://doi.org/10.54254/2754-1169/2026.ld38872","pdf_url":"https://aemps.ewapub.com/article/view/38872.pdf","source":{"id":"https://openalex.org/S4387278942","display_name":"Advances in Economics Management and Political Sciences","issn_l":"2754-1169","issn":["2754-1169","2754-1177"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Advances in Economics, Management and Political Sciences","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7225743655.pdf","grobid_xml":"https://content.openalex.org/works/W7225743655.grobid-xml"},"referenced_works_count":0,"referenced_works":[],"related_works":[],"abstract_inverted_index":{"Public":[0],"real":[1,80],"estate":[2],"investment":[3,17],"trusts":[4],"provide":[5],"a":[6,63,68,107],"capital-market":[7],"mechanism":[8,109],"for":[9,24],"converting":[10],"income-producing":[11],"assets":[12],"into":[13,67],"liquid":[14],"and":[15,31,41,78,113,127,140,153,165,188],"tradable":[16],"vehicles.":[18],"China":[19],"launched":[20],"its":[21],"pilot":[22,66],"programme":[23],"publicly":[25],"offered":[26],"infrastructure":[27],"REITs":[28,90],"in":[29,183],"2020,":[30],"the":[32,39,55,59,85,119,143,147],"first":[33],"nine":[34],"products":[35],"began":[36],"trading":[37],"on":[38,45,135,180],"Shanghai":[40],"Shenzhen":[42],"Stock":[43],"Exchanges":[44],"21":[46],"June":[47],"2021,":[48],"raising":[49],"approximately":[50],"RMB":[51,99],"31.4":[52],"billion.":[53,101],"Over":[54],"subsequent":[56],"five":[57],"years":[58],"market":[60,122,174,184],"evolved":[61],"from":[62],"narrowly":[64],"focused":[65],"multi-asset":[69],"platform":[70],"covering":[71],"infrastructure,":[72],"affordable":[73],"rental":[74],"housing,":[75],"consumption":[76],"facilities":[77],"commercial":[79],"estate.":[81],"By":[82],"mid-June":[83],"2026":[84],"number":[86],"of":[87,98,110],"listed":[88],"public":[89,132],"had":[91],"reached":[92],"86,":[93],"with":[94],"cumulative":[95],"capital":[96],"raised":[97],"245":[100],"Expansion":[102],"offerings":[103],"became":[104],"operational,":[105],"creating":[106],"dual":[108],"primary":[111],"issuance":[112],"follow-on":[114],"fundraising.":[115],"This":[116],"paper":[117],"examines":[118],"policy":[120],"origins,":[121],"expansion":[123],"trajectory,":[124],"operating":[125],"performance":[126],"principal":[128],"constraints":[129],"facing":[130],"Chinese":[131],"REITs.":[133],"Drawing":[134],"exchange":[136],"statistics,":[137],"regulatory":[138],"notices":[139],"secondary-market":[141,158],"data,":[142],"analysis":[144],"shows":[145],"that":[146],"sector":[148],"has":[149],"achieved":[150],"substantial":[151],"scale":[152],"institutional":[154],"completeness.":[155],"Nevertheless,":[156],"limited":[157],"liquidity,":[159],"valuation":[160],"dispersion":[161],"across":[162],"asset":[163],"classes":[164],"an":[166],"institutionally":[167],"concentrated":[168],"investor":[169,189],"base":[170],"continue":[171],"to":[172],"constrain":[173],"depth.":[175],"Sustained":[176],"development":[177],"will":[178],"depend":[179],"further":[181],"improvements":[182],"microstructure,":[185],"operational":[186],"transparency":[187],"diversification.":[190]},"counts_by_year":[],"updated_date":"2026-11-11T12:16:26.678958","created_date":"2026-11-11T00:00:00"}