This photo taken on Feb. 17, 2023 shows a view of the China Securities Regulatory Commission (CSRC) in Beijing, capital of China. (Xinhua/Wang Quanchao)
BEIJING, Nov. 27 (Xinhua) -- China's top securities regulator has approved three applications for the country's first publicly traded consumption-related Real Estate Investment Trusts (REITs).
Two of the three REITs applications were submitted by the China Asset Management, and the other one was submitted by the CICC Fund, according to the China Securities Regulatory Commission (CSRC).
In March this year, the CSRC unveiled new measures to foster the issuance of REIT products, saying that China will develop REITs for consumption infrastructure that can create improved conditions and scenarios for consumers.
The REITs products are financial tools to pool capital for developing real estate projects. China kicked off a public REITs pilot program in infrastructure in 2020.
REITs had already for some time been a popular asset class for investment in major economies. Experts believe that with infrastructure spending being a key growth pillar for China, REITs in the world's second-largest economy has immense potential for investors.
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