Renowned private equity firm Lin Yuan Investment has officially entered the public REITs sector. On August 15, CITIC Vipshop Outlet REIT released its fund share offering announcement, with multiple private funds under Lin Yuan Investment appearing in the investor quotation statistics. This marks Lin Yuan Investment's first participation in an initial REITs offering through offline subscription.

**Lin Yuan Investment Makes Major REITs Market Play**

The China Securities Regulatory Commission has approved a total fund share amount of 1 billion shares for CITIC Vipshop Outlet REIT. Strategic allocation initial offering shares reached 700 million shares, with offline offering initial shares set at 210 million shares. Public offering initial shares were set at 90 million shares. The fund's inquiry process was successfully completed on August 13.

According to the statistics disclosed in the offering announcement, a total of 11 private funds under Lin Yuan Investment participated in the offline subscription. These funds include Lin Yuan Investment No. 96, Lin Yuan Investment No. 180, Lin Yuan Investment No. 238, Lin Yuan Investment No. 212, and other products. Each fund applied at the proposed subscription price of 3.481 yuan per share, with a combined proposed subscription quantity reaching 22.9 million shares.

Based on the unified subscription price, Lin Yuan Investment's total subscription amount approaches 80 million yuan. Among these, Lin Yuan Investment No. 97 private fund had the largest subscription scale with a proposed subscription of 5.7 million shares. Lin Yuan Investment No. 311 private fund followed closely with a proposed subscription of 2.5 million shares. Lin Yuan Investment No. 91 private fund's proposed subscription quantity was 2.4 million shares.

The sponsor of CITIC Vipshop Outlet REIT is Vipshop Holdings Limited. The original equity holder and operational management institution is Shanshan Commercial Group Co., Ltd. The fund's initial public offering plans to invest in infrastructure assets located in the Shanshan Outlets project in Ningbo, Zhejiang Province. This project has achieved stable operations for over 13 years since its Phase I opening in 2011.

**Public REITs Investor Structure Becomes Increasingly Diversified**

The public REITs market is experiencing rapid development and continuous expansion. These assets are gradually being recognized by more investors, with their position in asset allocation systems continuously rising. Currently, institutional investors dominate the public REITs market, accounting for as much as 96%.

Bank proprietary funds and insurance funds constitute the first and second largest investment camps respectively. A noteworthy phenomenon is that since Q4 2024, trust institutions, private funds, and small and medium-sized investment institutions have accelerated their market entry. These new entrants are becoming important variables in market development. Bank wealth management funds are also re-entering this sector through channels such as trusts and insurance asset management plans.

Observing the strategic allocation situation of public REITs since 2025, state-owned capital operation platforms represented by China Reform have shown active participation. The deep involvement of such institutions helps facilitate cross-regional and cross-industry integration of central and state-owned enterprise assets, while providing important leverage for regional asset coordination and management.

Different types of institutions exhibit differentiated preference characteristics in strategic allocation. State-owned capital platforms focus more on realizing asset integration value. Small and medium-sized insurance institutions and professional real estate institutions place greater emphasis on asset quality and operational potential. Securities firm proprietary funds tend toward industrial park and energy asset allocation. Insurance funds show higher interest in warehousing logistics and public rental housing projects. Private funds demonstrate strong interest in consumer infrastructure targets.

As public REITs enter a new phase of normalized issuance, underlying asset types are showing increasingly diverse trends. The medium to long-term allocation value of public REITs is gradually emerging. The market's continued development and expansion will further leverage the important role of public REITs in serving national strategies and supporting the real economy, providing investors with richer investment choices and long-term investment value.