Shares Insights on C-REITs Momentum and Capital Market Transformation
Cushman & Wakefield has participated in the Capital Markets Forum at the 2026 ULI APAC Summit. KK Chiu, Chief Executive, Greater China, Cushman & Wakefield, attended the event and joined the panel discussion as a featured speaker.
The APAC Summit is the flagship gathering for ULI’s community in the Asian region, bringing together industry leaders to explore emerging opportunities across Asia Pacific and examine the trends shaping real estate investment today. The summit provides in-depth analysis and strategic perspectives to help inform investment decision-making in 2026 and beyond.
Under the theme Green Shoots — Is Now the Time to Buy in China?, the panel explored how the Chinese mainland real estate capital market is entering a new phase of institutional development, supported by ongoing regulatory enhancement, broader investor participation, and the continued maturation of listed real estate investment platforms. KK Chiu noted that this transformation is not a sudden shift, but rather a structural evolution that has developed over time, with the C-REIT framework emerging as a key mechanism linking private real estate assets with public capital markets.
China’s C-REITs have become an increasingly important bridge between private real estate assets and public capital markets, and the sector is now at a critical point of development. In 2025, the scope of underlying assets expanded significantly beyond traditional infrastructure to include office buildings, commercial complexes, hotels and digital infrastructure, reflecting a shift toward a more diversified and market-driven stage of development. This dual advancement in both policy and market fundamentals has broadened financing channels for income-producing real estate, improved asset liquidity, expanded access for institutional investors, and further strengthened transparency and capital allocation efficiency across the real estate capital market.
With the continued development of the C-REIT framework, the real estate industry has gradually established a more mature full-cycle model spanning acquisition and incubation, operational enhancement and value creation, through to listing and exit. The market has increasingly shifted from a focus on cyclical appreciation toward refined asset management. Through continuous optimization of tenant mix, stabilization of rental income, improvements in operational efficiency, and stronger ESG performance, asset value can be repositioned, enabling high-quality commercial real estate to evolve into stable income-generating core assets aligned with C-REIT requirements and long-term institutional capital allocation strategies.
KK Chiu further emphasized that investors are placing increasing importance on income quality, tenant covenant strength, operational efficiency, ESG performance, and institutional-grade reporting standards, particularly during the pre-REIT stage, where asset readiness can directly influence capital market outcomes. As a result, operational excellence and asset management capability are becoming increasingly central to investment decision-making in the Chinese mainland market.
Finally, integrated advisory platforms are playing an increasingly important role as the market becomes more sophisticated. As capital markets continue to evolve, investors require support across the full real estate lifecycle – from acquisition strategy and leasing optimization to asset enhancement, ESG implementation, and REIT readiness. Cushman & Wakefield continues to expand its capabilities in this space, providing end-to-end advisory, transaction services, asset optimization, and sustainability solutions to help investors navigate an increasingly complex market environment.
KK Chiu concluded that the continued development of the C-REIT framework represents a fundamental shift in the structure of the Chinese mainland real estate capital market, strengthening the connection between capital markets and real asset performance, improving transparency and liquidity, and creating a more institutionally driven investment landscape. He added that the next phase of market development will be defined by the integration of capital, asset management, and execution capability – an alignment that will be a key driver of future opportunity across the sector.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2025, the firm reported revenue of $10.3 billion across its core services of Valuation, Consulting, Project & Development Services, Capital Markets, Project & Occupier Services, Industrial & Logistics, Retail, and others. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.
