Secondary-market volatility in public REITs has risen. As of Nov 12, the CSI REITs total‑return index is down 7.36% YTD and the CSI REITs price index is down 11.73% YTD. On a monthly basis only January posted a gain (+3.98%); REITs have recorded nine consecutive monthly declines. Seventeen public REITs are positive YTD — China Merchants Expressway REIT, CICC Shandong Expressway REIT and ChinaAMC China Communications Construction REIT are up >10% — while 61 are negative YTD; 21 are down >20%, 10

Secondary-market volatility in public REITs has risen. As of Nov 12, the CSI REITs total‑return index is down 7.36% YTD and the CSI REITs price index is down 11.73% YTD. On a monthly basis only January posted a gain (+3.98%); REITs have recorded nine consecutive monthly declines. Seventeen public REITs are positive YTD — China Merchants Expressway REIT, CICC Shandong Expressway REIT and ChinaAMC China Communications Construction REIT are up >10% — while 61 are negative YTD; 21 are down >20%, 10 down >30% and 3 down >40%, with industrial‑park and warehousing/logistics names most affected. Huatai Securities fixed‑income research says October’s core tension was improved expectations for incremental funding versus limited actual buying, producing a pattern of steady‑then‑weak, slow rises and fast falls: month‑start demand expansion plus falling rates supported allocations to cash‑flow‑stable, high‑distribution assets (eg guaranteed‑rental housing), while month‑end renewed trading supply, a rate uptick and five concentrated new REIT listings amplified price moves. Huatai adds deeply discounted industrial‑park and logistics REITs may present trading opportunities, but only after unlocked shares fully turnover, volumes ease and selling pressure is absorbed.