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Since the beginning of this year, the filing of public real estate investment trusts (REITs) has been continuous.

According to the information released by the Shanghai Stock Exchange on September 24th, a REIT filed by Ping An Fund has received feedback.

Information released by the Shenzhen Stock Exchange on September 23rd shows that Nanfang Fund has filed a REIT.

To date, there are a total of 45 public REITs in the market, and the types of underlying assets invested in are continuously expanding.

However, looking at the performance in the secondary market since the beginning of this year, the performance of REITs is significantly differentiated.

Some industry insiders told reporters from International Finance News that the returns of REITs are not only affected by the operation of the underlying assets but also influenced by market sentiment, policy support, macroeconomic environment, and other factors.

On September 24th, the Shanghai Stock Exchange's official website showed that Ping An Ningbo Jiaotong Investment Hangzhou Bay Cross-sea Bridge Closed-end Infrastructure Securities Investment Fund has received feedback.

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The original equity holders of this project include Ningbo Transportation Investment Group Co., Ltd., Ningbo Datang Development Co., Ltd., Shanghai Jiyun Infrastructure Construction Co., Ltd., and Jiaxing City High-grade Highway Investment Co., Ltd.

The fund manager is Ping An Fund, and the special plan manager is Ping An Securities.

On September 23rd, the Shenzhen Stock Exchange's official website showed that Nanfang SF Warehouse Logistics Closed-end Infrastructure Securities Investment Fund has been filed.

The original equity holder of this project is Shenzhen Jiafeng Industrial Park Management Co., Ltd. and Shenzhen Fengtai E-commerce Industrial Park Asset Management Co., Ltd.

The fund manager is Nanfang Fund, and the special plan manager is Nanfang Capital.

As a large public fund company, Nanfang Fund has also joined the competition of public REITs, and Ping An Fund has previously established a REIT.

In addition to the above two REITs filings, in September, the status of REITs filed by companies such as CICC, Huitianfu, Huaxia, Huaan, China Merchants, Yinhua Fund, and Guotai Junan Asset Management has been updated.

Reporters learned that this new type of investment tool, REITs, is more likely to be valued by large companies, and the fund companies or securities companies managing assets that are in the filing status are all medium and large companies with a leading scale in the industry.

The so-called REITs refer to real estate investment trust funds, whose main investment targets are infrastructure.

Domestic REIT products are mainly operated in a public offering form.

Investors can trade and transfer their held REIT shares in the open secondary market.

According to the statistics of reporters from International Finance News, since the first batch of public REITs was established in June 2021, the number of such products has been increasing year by year.

There are currently a total of 45 products in the market, and the types of underlying assets are diverse, including affordable rental housing, warehouse logistics, industrial parks, photovoltaic energy, expressways, commercial real estate, sewage treatment, cross-sea bridges, and other projects.

The performance of REITs investment in the underlying projects can be referred to the data of distributable amount in the financial report, which is regarded as the most intuitive indicator of REITs investment returns, and can also be used to evaluate the cash flow situation of the project.

According to the information of 36 public REITs disclosed this year, by the end of the first half of the year, the distributable amount of REITs is significantly differentiated.

The REITs with higher distributable amounts are "dominated" by expressways, with 4 expressway-type REITs having a distributable amount of more than 200 million yuan, followed by photovoltaic energy, logistics parks, natural gas power generation types of REITs, with a total of 11 REITs having a distributable amount of over 100 million yuan, including 7 of them belonging to expressway types.

The types of REITs with the lowest distributable amounts are mainly water conservancy facilities, industrial parks, commercial complexes, affordable rental housing, etc.

In the secondary market, the price fluctuations of REITs are not completely positively correlated with the actual project investment returns.

According to statistics, as of the closing on September 24th, this year, the highest increase in the secondary market is the water conservancy project with the lowest distributable amount in the report period.

Among the several expressway-type REITs with higher distributable amounts in the report period, the market increase of CICC Anhui Jiaotong Control REIT and Zheshang Huhang Ning REIT is currently negative.

Overall, among the 45 public REITs, there are a total of 30 with a positive market increase within the year, with the maximum increase exceeding 30%, and the maximum decrease exceeding 20%, with a gap of more than 50% between the first and last.

A total of 12 REITs have a market increase of more than 10%, and 8 REITs have a market decrease of more than 5%.

Affected by multiple factors, Yao Xusheng, a wealth manager at Paipai Network, believes that REITs are less affected by the stock market, showing a relatively independent trend, and showing strong resistance to fluctuations.

The correlation between the price trend of REITs and other financial assets is low, which means they can provide a diversified effect for the investment portfolio, reducing the impact of stock market fluctuations on the overall investment portfolio.

However, from the above performance of REITs, it can be seen that in this year's turbulent market, not all REITs are very stable, and the performance of differentiation still exists.

Yao Xusheng believes that the performance difference of REITs is mainly affected by several factors: First, the policy has a direct impact.

Industries such as hydropower generation, affordable rental housing, and energy generation have performed well in the market due to the rigid demand for their infrastructure and policy support, while industries such as warehouse logistics and expressways may not have received the same level of policy inclination, leading to a lag in the increase.

Second, the operation efficiency of the underlying assets of REITs directly affects their performance.

Energy generation REITs have high operation efficiency, strong income certainty, and high performance achievement rate.

Warehouse logistics and expressways may face problems such as low operation efficiency or poor cost control, leading to poor performance.

Third, market sentiment and investor expectations also affect the performance of REITs.

If the market generally expects a certain industry to have a good development prospect in the future, the related REITs may be sought after, thereby pushing up their performance.

Fourth, the ability of the REIT management team is also an important factor affecting performance.

An excellent management team can effectively improve the operation efficiency and profitability of assets, thereby improving the performance of REITs.

As the types of REITs gradually increase, Yao Xusheng believes that some asset types that are supported by government policies, have stable market demand, conform to market development trends, and have innovation may be more popular with investors.