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Reuters

China’s first publicly traded rental property REITs snapped up by investors

China’s first batch of publicly traded rental property real estate investment trusts (REITs) was snapped up in Shanghai and Shenzhen by yield-hungry investors this week, opening up a new financing channel for the struggling real estate sector. The three newly launched REITs, based on affordable rental properties, were each more than 100 times oversubscribed among institutional investors, managers said in filings. The rental property REIT launches come as Beijing steps up efforts to aid the real estate business, a sector that was a pillar of growth in the world’s second-biggest economy over the last two decades but is now reeling amid debt piles, mortgage boycotts and sluggish sales.