Research Status and Outlook of Infrastructure REITs

Jie Fan; Yimeng Han; Luyao Jiao; Zixin Yu

doi:doi:10.11648/j.si.20261402.12

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Research Status and Outlook of Infrastructure REITs

Jie Fan^*, Yimeng Han, Luyao Jiao, Zixin Yu

Published in Science Innovation (Volume 14, Issue 2)

Received: 7 March 2026 Accepted: 31 March 2026 Published: 21 April 2026

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Abstract

Infrastructure REITs have attracted extensive attention from both academia and the financial sector, as their development is regarded as a crucial means of revitalizing existing infrastructure assets, broadening financing channels, and improving capital allocation efficiency in China’s infrastructure sector. However, existing studies mainly focus on specific issues and lack a systematic review from an overall perspective. To address this gap, this paper conducts a comprehensive review and analysis of infrastructure REITs research based on 67 relevant studies. By employing the methods of literature review and comparative analysis, this paper systematically summarizes the current research status and identifies the main research themes in this field. The findings show that the existing literature on infrastructure REITs can be classified into three major areas: financing models, returns and dividend distribution, and risks and risk prevention. Specifically, research on financing models mainly focuses on risk prevention and control, as well as the BOT and PPP models; research on returns and dividend distribution mainly examines asset allocation, influencing factors of returns, and profit distribution; and research on risks and risk prevention mainly addresses macro-level risks, management risks, and market fluctuation risks. Overall, the current literature has formed a relatively clear research framework, but still shows limitations in terms of integrated perspectives, in-depth mechanism analysis, and the exploration of China-specific institutional contexts. Based on the review, this paper further proposes future research directions, including strengthening interdisciplinary and multi-dimensional studies, deepening the understanding of the operational mechanisms and risk transmission paths of infrastructure REITs, and exploring institutional optimization in the context of China’s capital market. The study is expected to provide theoretical support for the sustainable and standardized development of infrastructure REITs in China.

Published in	Science Innovation (Volume 14, Issue 2)
DOI	10.11648/j.si.20261402.12
Page(s)	25-34
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2026. Published by Science Publishing Group

Keywords

Infrastructure REITs, Financing Models, Returns and Dividends, Risks and Risk Management

1．引言

REITs是一种房地产信托投资基金，是房地产证券化的重要手段，通过发行股票或收益凭证，由专业投资机构进行房地产投资管理，并按比例分配投资收益，汇集许多投资者的基金

[4]

。截至2018年10月，已有37个国家实施立法并发行了房地产投资信托基金。近年来，随着我国住房租赁市场的发展，REITs已成为一种重要的投融资工具，其发展潜力巨大

[48]

，在我国基础设施行业有了较为广泛的应用。

目前我国正处于百年未有之大变局，经济与国际形式促使我国推出了基础设施公募REITs。2020年4月30日，中国证监会与国家发展改革委联合发布《关于推进基础设施领域不动产投资信托基金（REITs）试点相关工作的通知》，标志着中国境内公募 REITs 市场正式开启。该通知明确了基础设施 REITs 试点的基本原则、试点项目要求和试点工作安排，属于基础设施公募REITs 试点阶段顶层制度设计。

随着基础设施REITs社会认可度的不断提高和国内企业相关领域的不断壮大

[2]

，基础设施REITs盘活实体经济的市场日益庞大，发展前景十分乐观

[3, 10]

。企业创设REITs不仅能打破基础设施运营效率低的瓶颈，还可以通过快速回笼资金帮助企业盘活存量资产，给市场注入新动能

[55]

。为进一步有效服务于实体经济，为基础设施企业的REITs创造更大的发展空间，盘活基础设施运营效率

[11]

，本文在文献综述的基础上，从基础设施REITs的融资模式、基础设施REITs的收益及分红、基础设施REITs的风险及防控三个维度展开了分析。

表1 中国REITs的发展历程。

时间	事件
2004年1月	国务院发布《国务院关于推进资本市场改革开放和稳定发展的若干意见》，我国开始探索资产证券化及REITs相关制度安排。
2005年12月	越秀REIT在香港联交所上市，通常被视为首单以内地物业作为底层资产、在境外上市的REITs，对中国REITs实践具有先导意义。
2007年	中国人民银行、中国证监会和原中国银监会分别成立REITs专题研究小组，中国境内REITs市场建设进入研究论证阶段。
2014年4月	中信启航专项资产管理计划在深交所挂牌转让，被普遍视为我国首单类REITs产品。
2015年1月	住建部发布《关于加快培育和发展住房租赁市场的指导意见》，提出积极推进REITs试点，鼓励社会资本投资REITs产品。
2018年2月	深交所发布战略规划纲要，提出全力推进REITs产品创新。
2020年8月	中国证监会、国家发展改革委联合发布《关于推进基础设施领域不动产投资信托基金（REITs）试点相关工作的通知》，并同步发布《公开募集基础设施证券投资基金指引（试行）》，标志着中国公募基础设施REITs试点正式启动。
2021年1月	上交所、深交所正式发布REITs业务配套规则，明确业务流程、审核标准和发售安排，为基础设施公募REITs落地提供制度支撑。
2021年6月	首批9只基础设施公募REITs正式上市，标志着我国基础设施公募REITs试点正式落地。
2022年5月	国务院办公厅印发《关于进一步盘活存量资产扩大有效投资的意见》，提出推动基础设施领域不动产投资信托基金（REITs）健康发展，并强调建立健全扩募机制。
2023年3月	首批4单基础设施公募REITs扩募项目获批，标志着我国公募REITs市场由“首发”走向“首发+扩募”并行的新阶段。
2023年10月	中国证监会修改《公开募集基础设施证券投资基金指引（试行）》有关条款，将REITs试点范围拓展至消费基础设施。
2024年3月	华夏金茂商业REIT、嘉实物美消费REIT在上交所上市，标志着首批消费基础设施REITs正式落地，我国REITs市场进入“扩容增类”新阶段。
2024年7月	国家发展改革委发布《关于全面推动基础设施领域不动产投资信托基金（REITs）项目常态化发行的通知》，标志着基础设施公募REITs市场迈入常态化发行阶段。
2025年12月	中国证监会印发《关于推动不动产投资信托基金（REITs）市场高质量发展有关工作的通知》，并发布《中国证监会关于推出商业不动产投资信托基金试点的公告》，意味着商业不动产REITs试点正式启动。沪深交易所同步出台配套规则。
2026年1-3月	商业不动产REITs试点进入实操推进阶段。上交所已受理商业不动产REITs项目申报，并于2026年3月启用商业不动产公募REITs专用代码段，表明市场已进入“基础设施REITs+商业不动产REITs”并行发展的新阶段。

2．研究设计与方法

为尽可能全面地收集所需文献信息呈现基础设施REITs领域的研究全貌，本文以Web of Science（WoS）的Social Sciences Citation Index（SSCI）以及中国知网库的Chinese Social Sciences Citation Index（CSSCI）作为基础设施REITs研究数据的主要来源，将检索的时间跨度定为1966—2022年。选择该时间范围的原因在于，随着20世纪60年代中期房地产行业的发展，REITs的研究逐渐兴起，同时通过设定主题词检索中国知网库发现关于我国基础设施REITs研究的中文文献最早出现于2020年，因此选择该起始点。

具体检索过程如下。①分别在中国知网CSSCI来源库和WoS库中，以“REITs”“基础设施REITs（Infrastructure REITs）”“基础设施REITs的融资（Financing of infrastructure REITs）”“基础设施REITs的收益（Benefits of infrastructure REITs）”“基础设施REITs的风险（The risk of infrastructure REITs）”等为主题词进行并列检索，排除社论材料、会议论文、书籍和其他类型文献后共得到外文索引文献155篇。②进一步核实文献的关键词与论文摘要，删除对REITs的概念没有理论贡献、内容重复以及无法获得全文的文献，剩余中英文文献共66篇。③本文根据所得核心文献的主题，归纳并总结出基础设施REITs的融资模式、基础设施REITs的收益及分红、基础设施REITs的风险及防控3个研究领域。

3．基础设施REITs的研究

3.1．基础设施REITs的融资模式

3.1.1．政府专项债券

长期以来，我国的基础资产数量一直非常巨大，始终保持着政府为主体，地方政府加以支撑的方式，使得基础设施建设规模不断扩大

[1]

。

Download: Download full-size image

Figure 1. 图1 2017-2021年政府专项债发行规模。

Download: Download full-size image

Figure 2. 图2 2022年10月地方政府债券发行情况。

当地方政府的财力不足以支撑基础设施建设时，地方政府专项债券就应运而生，以此来降低财政负担和负债风险，避免债务危机的爆发，从而更好地推动地方经济稳定发展

[34, 35]

。图1表明，2017-2021年政府专项债发行规模从72695.91亿元增长至181685.08亿元，呈现出逐年递增的趋势。且从图中可以看出政府专项债的主要投资领域是基础设施建设。由图2可知，2022年地方政府专项债券投资领域中，市政和产业园区基础设施占比38.49%，位列资金投向之首，且保障性安居工程（16.61%）和交通基础设施（15.96%）均占比较大。

3.1.2．基础设施特许权（BOT）模式

通过运行BOT模式，政府可以在不需要直接投资或只需要投入极少量资金的情况下增加基础设施建设，并不断提高基础设施的使用效率，从而在BOT特许期结束时无偿获得一份可继续使用的资产。同时也需要承担由于投资人选择不善而造成的基础设施在融资过程中延误或者失败，既：政府获得了项目但同时也承担了项目的经济亏损。对企业而言，BOT的项目运作过程需要极高的费用金额，用于在特许经营期结束资产移交时，因基础设施经过长期使用或其他原因达不到质量标准而进行的额外维修。

但由于BOT模式可以提高基础设施运作效率，降低政府的负债率，在一定程度上规避了政府盲目投资引发的不确定性风险，从而在基础设施建设领域得到了较为广泛的运用

[1]

。另外，基础设施项目实施BOT模式，可以有效解決政府财政状况吃紧的问题，吸引社会资本参与基础设施建设，优化资源分配，有效缓解基础设施项目融资成本高、融资难度大和融资风险高的问题

[61]

。在BOT模式下，可以充分发挥多方位优势，降低基础设施建设成本，提升基础设施项目建设与运营的经济效益和社会效益，实现多方共赢

[17]

。

3.1.3．政府和社会资本合作（PPP）模式

PPP是在BOT模式上产生的，通过建立一个共同的风险分担机制，实现政府、企业与私人三方 “共赢”。PPP模式既能有效地分散项目投资风险，又能够有效地减少项目融资的困难，增加项目融资成功率，为社会大众提供优质的服务

[5]

。

将主要收入来源与政府，而自身出于公益性质等所以较少能够产生经营性现金流的PPP项目纳入基础设施公募REITs，不仅可以进一步拓展社会资本的融资渠道，还能更高效的为社会公众提供基础设施供给

[19]

。另外，加强PPP+REITs的顶层设计，完善相关配套措施，积极建立完整的PPP+REITs税收细则，依托现有税收体系，避免对REITs双重征税问题

[6]

；制定相关产品上市管理规则，建立严格的信息披露制度

[16]

，从而更好地推送PPP模式下基础设施REITs的建设与发展

[18]

。

3.2．基础设施REITs的收益及分红

3.2.1．资产配置

资产配置是指投资者根据自身风险偏好和资产风险收益特征，将资金在债券、股票、房地产、黄金、大宗商品、外汇等不同资产类别间进行分配，从而达到降低投资风险、增加投资收益目的的投资行为

[26]

。

有效的资产配置被视为投资成功的关键。基础设施REITs企业作为新生产物，初期通常面临着较大风险，资金需求量大，信用保证弱，需要大量、持续性的资金投入。而外部融资机构对于这类高风险企业的货款意愿较低

[28]

，要想在资产配置领域保持胜率，从风险中获得高收益，就要保持资产的多元性和独立性，同时针对不同环境及时迭代调整

[27]

，才能保证基础设施REITs企业的持续平稳发展。

3.2.2．收益的影响因素

（一）经济社会发展水平

较高的经济社会发展水平会带来较高的需求，而需求是企业融资决策的重要组成部分，也是企业收益的重要来源。投资者需求显著影响了基础设施REITs的可转换债券发行决策

[56]

，也就是说，经济社会发展水平较高时，投资者的注意力会更多放在市场上，而注意力的增加也会导致购买的增加

[64]

，从而有效促进企业收益的增加。此时，企业企业采用积极的品牌策略

[51]

，可以有效提高REITs的不可替代性

[66]

，进一步提高收益。

（二）通货膨胀水平

通货膨胀不仅会影响到汇率水平，还会由汇率波动水平影响到债权资产的价值

[20]

。通货膨胀水平较高时，企业的采购、生产活动成本也会大幅上升，从而影响企业的直接受益。

对此，在风险对策方面，参与基础设施建设的机构和企业不仅要在项目开始前及时测算预期的通货膨胀率，并采取适当的措施用以应对，还应当在项目开展的期间及项目后期，充分利用各类金融衍生产品的套期和保值功能，防止过大的外汇波动风险影响到债权价值和投资收益

[21]

。

（三）货币政策

一些研究表明，企业的绩效受到经济政策的不确定性影响

[60]

，经济政策的不确定与回报呈现负相关

[44]

。

保持物价稳定和拉动经济增长是货币政策的最终目的。但我国的货币政策具有较大的复杂性，因此判断时容易出现偏差，且该偏差并不平稳，从而导致了货币政策的不确定性

[24]

；处于较大不确定经济下的决策主体会通过调整预期来改变消费和投资方式，但这样就很容易产生市场波动，进而影响宏观经济的运行，并最终造成企业收益的波动

[9]

。

货币政策越宽松，企业风险承担水平越高，且高增长企业的风险水平普遍高于低增长企业

[25]

，因此，高增长企业应当加强风险防范意识，健全风险管理体系，将风险承担控制在风险容忍范围之内，才能保证企业收益的平稳。

3.2.3．利润分配

利润分配是企业的重要财务手段，合理的利润分配能够为新基建企业REITs的平稳健康发展提供重要保障

[29]

，如果能够合理掌握经济指标、货币政策工具和信息指标就能够更好的预测回报

[40]

，从而获得更高的收益。

为此，企业应当优化分红决策机制，提高中小股东话语权，同时也要加强对中小投资者的教育，引导其树立正确的投资理念，规范其行为的同时，也避免其滥用股东权利

[30]

。当出现控股比例高、货币资金流动性过剩、陷入财务困境等情况时，及时调整

[31]

，避免利润分配失当。

3.3．基础设施REITs的风险及防控

3.3.1．宏观风险

（一）宏观经济风险

宏观经济风险的增加会提高资本市场的信息不对称程度，从而影响公司外部融资成本，进而影响到公司的现金持有行为

[22]

。当宏观经济风险越大时，信息不对称程度越高的公司越倾向于积累现金流以应对不确定性

[13]

。

据此，政府层面应逐步确立我国经济市场的宏观审慎监管原则，不断完善监管框架，从而有区别、分层次的进行监管与指导；同时应当建立市场的正向激励及引导机制；受到宏观经济风险影响的企业应当建立市场风险预警体系，及时识别并化解系统性风险；同时建立和规范与各类机构、企业的沟通交流机制，降低监管成本，提高监管效率

[23]

。

但是，由于REITs通常规模较小，短期势头低、低周转率、增长机会高、长期势头强劲

[41]

，具有低系统性的先天优势，受金融危机影响较小

[52]

，宏观经济风险较低。

（二）政策支持力度

REITs作为基础设施建设企业的新兴试点产物，不但可以为企业资本融资提供新的渠道，还能够帮助地方政府缓解债务压力

[14]

，通过REITs工具以存量带动增量，实现分散政府债务风险、推动基础设施持续建设和资金的良性循环等多重目标，自2020年试点以来受到了政府的大力支持

[33]

。

为更好地促进我国基础设施建设可持续发展，我国政府通过税收优惠的方式鼓励基础设施公募REITs的发展。一方面，免除设立环节的土地增值税，并放宽享受企业范畴，另一方面，免除运营环节的项目公司企业所得税，适当放宽债资比限制，在一定程度上缓解双重征税的问题

[32]

。同时，为了避免频繁的股票发行、财务限制以及薄弱的治理和监管

[63]

，政府通过强有力的政策制定、有效的法规、货币激励、税收减免和评级系统促进了基础设施REITs的可持续发展、房地产和投资的进步和可承受能力的提高

[62]

。

3.3.2．管理风险

（一）公司治理

公司治理在企业的发展中尤为重要，好的治理能够更好的分配新基建REITs企业中的自由现金流，从而促进企业绩效水平正向发展

[42]

。也正是积极地公司治理使REITs成为了“天生高效的”存在

[50]

。

公司治理受到信息不对称性和管理层的管理能力影响

[8]

。

由于新基建企业的REITs融资及管理方面存在信息的不对称性

[48]

，能够快速和充分的获取新的信息并将其纳入资产价格

[58]

，从而有效进行风险调整的的企业往往能够得到更高的收益回报

[55]

。

有效的公司治理能够降低企业运行成本并增加外部投资

[59]

，因此，高效的管理者至关重要。经验丰富的管理者采用冒险进入新市场的方式

[65]

，能够在股票发行期间以更低的成本提供流动性服务

[46]

，从而提高REITs的市场价值

[47]

，为新基建企业创造更高的回报率

[43]

。

（二）公司绩效

企业是一个以盈利为目的的组织，利润最大化一直是其最重要的目标之一

[36]

。基础设施企业的REITs要想在风险中获得高收益，促进公司绩效的稳步提升，加强公司治理体系，减少信息不对称程度十分重要。

企业绩效受到内部与外部治理的双重考量，一方面，要注重企业自身的公司治理和内部控制质量；另一方面，要进一步强化管理层的责任和法律意识，缓解企业与投资者之间的信息不对称，降低企业融资约束，确保企业创新资金供给，提高企业创新质量

[7]

。通过对REITs的制度进行改进、转型和改革，以提高REITs公司治理的透明度和披露，从而促进基础设施REITs的持续战略发展和相关企业绩效的稳步增长

[45]

。

3.3.3．市场波动风险

（一）流动性风险

REITs具备流动性大、波动性小、交易成本低等特点

[53]

，可以让投资者有效的进行风险规避

[52]

，如果能够通过不断的持续增长和整合还能够获得额外的效率机会

[49]

，因此REITs的强流动性使其成为发展基础设施建设企业的首选投资工具

[57]

。但由于国内的公募REITs产品设立后只能通过在二级市场上卖出的方式套现，因此存在一定的流动性风险

[39]

。

据此，基础设施企业推行REITs的同时，也要提高自身风险管理意识，将债资比例控制在合理的范围内，严格控制借款规模；同时不断完善企业流动性风险预警机制

[37]

，提高企业的经营效率和效果，才能合理规避流动性风险。

（二）疫情冲击

受到近年来新冠疫情的冲击，企业发展REITs必须适应新冠疫情时期用户不断增长的新需求和疫情带来的不良影响

[40]

，如果不积极管理新冠疫情带来的系统风险，企业的价值将受到众多无法控制的风险冲击

[54]

。

处于激烈竞争中的企业可以实施差异化战略来扩大竞争优势，优化整合资源，同时提高内部控制质量避免由于信息不对称导致的风险增加

[12]

。此外，企业还可以通过提升组织韧性，增强突发事件的应对能力，从而加快数字化转型的步伐，开展组织架构调整，整合优势资源，通过多措并举来应对资金链、产业链和供应链危机

[38]

，更好的应对疫情带来的冲击

[15]

。

4．研究结论与展望

积极推动基础设施REITs的发展，对于地方政府而言，有利于盘活资产、优化负债结构，从而更好地扩充地方财政收入来源；对于金融机构而言，基础设施公募REITs将创造更多的业务机会，提供新的业务增长点，为金融类机构、企业带来更高的收益预期；对于投资者而言，基础设施公募REITs将成为构建投资组合的重要工具，也是优化资产配置的重要基础。

虽然无论是地方政府还是金融机构、企业，又或是投资者，都高度重视基础设施公募REITs的发展，但影响基础设施REITS发展的因素众多，其中融资模式是存在的基础，收益是目标，风险是基础设施REITs发展所面临的最大挑战。

本文通过对基础设施REITs的融资模式、收益及分红、风险及防控三个维度进行分析，分别从政府专项债券、基础设施特许权BOT模式、政府和社会资本相结合的PPP模式三个方面对其融资模式进行分析；从资产配置、收益的影响因素、利润分配三个方面对其收益及分红进行分析；从宏观风险、微观风险、市场波动风险三个方面对其风险及防控进行分析。深入探讨了经济社会发展水平、通货膨胀水平和货币政策对收益的影响；通过宏观经济风险和政策支持力度探讨宏观风险；通过理论研究与实践探索的方式，从公司治理与公司绩效探讨管理风险；从流动性风险和疫情冲击探讨市场波动风险，从而得出基础设施REITs如何更好的规避风险，加强对风险识别、分析、控制和应对，望以此推动基础设施REITs的健康发展。

另外，由于我国的基础设施REITs发展缓慢，许多环节难以得到开展，在如何稳步推动基础设施REITs快速成长，以及通过怎样的方式能够更好的稳定资产的流动性方面值得继续研究。此外，在微观经济对基础设施REITs的收益影响上，可以通过系统分析证券市场大盘总体对REITs的影响、金融类企业股票价格变动对REITs收益的影响和地产类企业股票价格变动对REITs收益的影响这三个方面进行详细分析，为更好地促进基础设施REITs收益的提高，推送基础设施REITs逐步发展提供有效方案。

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Fan, J., Han, Y., Jiao, L., Yu, Z. (2026). Research Status and Outlook of Infrastructure REITs. Science Innovation, 14(2), 25-34. https://doi.org/10.11648/j.si.20261402.12

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Fan, J.; Han, Y.; Jiao, L.; Yu, Z. Research Status and Outlook of Infrastructure REITs. Sci. Innov. 2026, 14(2), 25-34. doi: 10.11648/j.si.20261402.12

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Fan J, Han Y, Jiao L, Yu Z. Research Status and Outlook of Infrastructure REITs. Sci Innov. 2026;14(2):25-34. doi: 10.11648/j.si.20261402.12

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@article{10.11648/j.si.20261402.12,
  author = {Jie Fan and Yimeng Han and Luyao Jiao and Zixin Yu},
  title = {Research Status and Outlook of Infrastructure REITs},
  journal = {Science Innovation},
  volume = {14},
  number = {2},
  pages = {25-34},
  doi = {10.11648/j.si.20261402.12},
  url = {https://doi.org/10.11648/j.si.20261402.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.si.20261402.12},
  abstract = {Infrastructure REITs have attracted extensive attention from both academia and the financial sector, as their development is regarded as a crucial means of revitalizing existing infrastructure assets, broadening financing channels, and improving capital allocation efficiency in China’s infrastructure sector. However, existing studies mainly focus on specific issues and lack a systematic review from an overall perspective. To address this gap, this paper conducts a comprehensive review and analysis of infrastructure REITs research based on 67 relevant studies. By employing the methods of literature review and comparative analysis, this paper systematically summarizes the current research status and identifies the main research themes in this field. The findings show that the existing literature on infrastructure REITs can be classified into three major areas: financing models, returns and dividend distribution, and risks and risk prevention. Specifically, research on financing models mainly focuses on risk prevention and control, as well as the BOT and PPP models; research on returns and dividend distribution mainly examines asset allocation, influencing factors of returns, and profit distribution; and research on risks and risk prevention mainly addresses macro-level risks, management risks, and market fluctuation risks. Overall, the current literature has formed a relatively clear research framework, but still shows limitations in terms of integrated perspectives, in-depth mechanism analysis, and the exploration of China-specific institutional contexts. Based on the review, this paper further proposes future research directions, including strengthening interdisciplinary and multi-dimensional studies, deepening the understanding of the operational mechanisms and risk transmission paths of infrastructure REITs, and exploring institutional optimization in the context of China’s capital market. The study is expected to provide theoretical support for the sustainable and standardized development of infrastructure REITs in China.},
 year = {2026}
}

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TY  - JOUR
T1  - Research Status and Outlook of Infrastructure REITs
AU  - Jie Fan
AU  - Yimeng Han
AU  - Luyao Jiao
AU  - Zixin Yu
Y1  - 2026/04/21
PY  - 2026
N1  - https://doi.org/10.11648/j.si.20261402.12
DO  - 10.11648/j.si.20261402.12
T2  - Science Innovation
JF  - Science Innovation
JO  - Science Innovation
SP  - 25
EP  - 34
PB  - Science Publishing Group
SN  - 2328-787X
UR  - https://doi.org/10.11648/j.si.20261402.12
AB  - Infrastructure REITs have attracted extensive attention from both academia and the financial sector, as their development is regarded as a crucial means of revitalizing existing infrastructure assets, broadening financing channels, and improving capital allocation efficiency in China’s infrastructure sector. However, existing studies mainly focus on specific issues and lack a systematic review from an overall perspective. To address this gap, this paper conducts a comprehensive review and analysis of infrastructure REITs research based on 67 relevant studies. By employing the methods of literature review and comparative analysis, this paper systematically summarizes the current research status and identifies the main research themes in this field. The findings show that the existing literature on infrastructure REITs can be classified into three major areas: financing models, returns and dividend distribution, and risks and risk prevention. Specifically, research on financing models mainly focuses on risk prevention and control, as well as the BOT and PPP models; research on returns and dividend distribution mainly examines asset allocation, influencing factors of returns, and profit distribution; and research on risks and risk prevention mainly addresses macro-level risks, management risks, and market fluctuation risks. Overall, the current literature has formed a relatively clear research framework, but still shows limitations in terms of integrated perspectives, in-depth mechanism analysis, and the exploration of China-specific institutional contexts. Based on the review, this paper further proposes future research directions, including strengthening interdisciplinary and multi-dimensional studies, deepening the understanding of the operational mechanisms and risk transmission paths of infrastructure REITs, and exploring institutional optimization in the context of China’s capital market. The study is expected to provide theoretical support for the sustainable and standardized development of infrastructure REITs in China.
VL  - 14
IS  - 2
ER  -

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Author Information

Jie Fan

International Business School, Beijing Foreign Studies University, Beijing, China;International Business School, Beijing Foreign Studies University, Beijing, China;International Business School, Beijing Foreign Studies University, Beijing, China;School of Marxism, Beijing Foreign Studies University, Beijing, China

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Yimeng Han

International Business School, Beijing Foreign Studies University, Beijing, China;International Business School, Beijing Foreign Studies University, Beijing, China;International Business School, Beijing Foreign Studies University, Beijing, China;School of Marxism, Beijing Foreign Studies University, Beijing, China
Luyao Jiao

International Business School, Beijing Foreign Studies University, Beijing, China;International Business School, Beijing Foreign Studies University, Beijing, China;International Business School, Beijing Foreign Studies University, Beijing, China;School of Marxism, Beijing Foreign Studies University, Beijing, China
Zixin Yu

School of Marxism, Beijing Foreign Studies University, Beijing, China

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Figure 1

Figure 1. 图 1 2017-2021年政府专项债发行规模。
Figure 2

Figure 2. 图 2 2022年10月地方政府债券发行情况。

Table 1

表1 中国REITs的发展历程。

Plain Text BibTeX RIS

APA Style

Fan, J., Han, Y., Jiao, L., Yu, Z. (2026). Research Status and Outlook of Infrastructure REITs. Science Innovation, 14(2), 25-34. https://doi.org/10.11648/j.si.20261402.12

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ACS Style

Fan, J.; Han, Y.; Jiao, L.; Yu, Z. Research Status and Outlook of Infrastructure REITs. Sci. Innov. 2026, 14(2), 25-34. doi: 10.11648/j.si.20261402.12

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AMA Style

Fan J, Han Y, Jiao L, Yu Z. Research Status and Outlook of Infrastructure REITs. Sci Innov. 2026;14(2):25-34. doi: 10.11648/j.si.20261402.12

Copy | Download

@article{10.11648/j.si.20261402.12,
  author = {Jie Fan and Yimeng Han and Luyao Jiao and Zixin Yu},
  title = {Research Status and Outlook of Infrastructure REITs},
  journal = {Science Innovation},
  volume = {14},
  number = {2},
  pages = {25-34},
  doi = {10.11648/j.si.20261402.12},
  url = {https://doi.org/10.11648/j.si.20261402.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.si.20261402.12},
  abstract = {Infrastructure REITs have attracted extensive attention from both academia and the financial sector, as their development is regarded as a crucial means of revitalizing existing infrastructure assets, broadening financing channels, and improving capital allocation efficiency in China’s infrastructure sector. However, existing studies mainly focus on specific issues and lack a systematic review from an overall perspective. To address this gap, this paper conducts a comprehensive review and analysis of infrastructure REITs research based on 67 relevant studies. By employing the methods of literature review and comparative analysis, this paper systematically summarizes the current research status and identifies the main research themes in this field. The findings show that the existing literature on infrastructure REITs can be classified into three major areas: financing models, returns and dividend distribution, and risks and risk prevention. Specifically, research on financing models mainly focuses on risk prevention and control, as well as the BOT and PPP models; research on returns and dividend distribution mainly examines asset allocation, influencing factors of returns, and profit distribution; and research on risks and risk prevention mainly addresses macro-level risks, management risks, and market fluctuation risks. Overall, the current literature has formed a relatively clear research framework, but still shows limitations in terms of integrated perspectives, in-depth mechanism analysis, and the exploration of China-specific institutional contexts. Based on the review, this paper further proposes future research directions, including strengthening interdisciplinary and multi-dimensional studies, deepening the understanding of the operational mechanisms and risk transmission paths of infrastructure REITs, and exploring institutional optimization in the context of China’s capital market. The study is expected to provide theoretical support for the sustainable and standardized development of infrastructure REITs in China.},
 year = {2026}
}

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TY  - JOUR
T1  - Research Status and Outlook of Infrastructure REITs
AU  - Jie Fan
AU  - Yimeng Han
AU  - Luyao Jiao
AU  - Zixin Yu
Y1  - 2026/04/21
PY  - 2026
N1  - https://doi.org/10.11648/j.si.20261402.12
DO  - 10.11648/j.si.20261402.12
T2  - Science Innovation
JF  - Science Innovation
JO  - Science Innovation
SP  - 25
EP  - 34
PB  - Science Publishing Group
SN  - 2328-787X
UR  - https://doi.org/10.11648/j.si.20261402.12
AB  - Infrastructure REITs have attracted extensive attention from both academia and the financial sector, as their development is regarded as a crucial means of revitalizing existing infrastructure assets, broadening financing channels, and improving capital allocation efficiency in China’s infrastructure sector. However, existing studies mainly focus on specific issues and lack a systematic review from an overall perspective. To address this gap, this paper conducts a comprehensive review and analysis of infrastructure REITs research based on 67 relevant studies. By employing the methods of literature review and comparative analysis, this paper systematically summarizes the current research status and identifies the main research themes in this field. The findings show that the existing literature on infrastructure REITs can be classified into three major areas: financing models, returns and dividend distribution, and risks and risk prevention. Specifically, research on financing models mainly focuses on risk prevention and control, as well as the BOT and PPP models; research on returns and dividend distribution mainly examines asset allocation, influencing factors of returns, and profit distribution; and research on risks and risk prevention mainly addresses macro-level risks, management risks, and market fluctuation risks. Overall, the current literature has formed a relatively clear research framework, but still shows limitations in terms of integrated perspectives, in-depth mechanism analysis, and the exploration of China-specific institutional contexts. Based on the review, this paper further proposes future research directions, including strengthening interdisciplinary and multi-dimensional studies, deepening the understanding of the operational mechanisms and risk transmission paths of infrastructure REITs, and exploring institutional optimization in the context of China’s capital market. The study is expected to provide theoretical support for the sustainable and standardized development of infrastructure REITs in China.
VL  - 14
IS  - 2
ER  -

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