On November 4, the “CITIC Construction Investment-Waigaoqiao Group Held Real Estate Asset Support Special Program” completed its first expansion in 2026, with an expansion scale of 1,498 billion yuan. This is the first inter-agency REITs expansion project for local state-owned enterprises in Shanghai. For the market, the significance of this expansion is not only an increase in the scale of a single product. Inter-agency REITs are not only a one-time financing tool, but also an “institutional REITs platform” where new assets can be continuously loaded. This expansion means that local state-owned enterprises are revitalizing existing properties and are moving from “one-time monetization of a single project” to “batch loading and recycling of funds on the same platform”.

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