Hotel REITs are here: Shanghai Stock Exchange has accepted "Hua'an Jinjiang" (21 hotels), and Shenzhen Stock Exchange has accepted "Huatai Zijin Huazhu Anzhu" (3 hotels).

Distribution rate just over 5%.
Many people's first reaction: Is this little return really good news? 
Let's clarify first: REITs are not for you to get "rich quick," they are for large funds to "collect rent + steady cash flow."
A 5% yield is about product positioning, not a story that’s not sexy enough. (The China Securities Regulatory Commission defines commercial real estate REITs as "closed-end public funds that hold commercial real estate, generate stable cash flow, and distribute income.") 
So, who benefits?
The beneficiaries are those who can "securitize heavy assets → cash out → turn into light assets."
Low REIT yields ≠ no opportunity in stocks; stocks are about: asset off-balance sheet, leverage reduction, cash recovery, ROE recovery.
【Most direct benefit for A-shares: leading hotel operators】
【Second layer of benefit: those holding a bunch of commercial real estate】
Once the commercial real estate REIT pilot starts, the happiest are the asset owners who "couldn't sell or had to tough it out with rent" before — finally have a compliant exit/asset revitalization tool. 
In A-shares, focus on two types:
Development/operating real estate companies (with quality properties)
Local state-owned commercial real estate platforms
【Third layer of benefit: brokerage asset management/investment banking chain】
The manager of the Shenzhen Stock Exchange’s "Huazhu Anzhu" is Huatai Securities (Shanghai) Asset Management, indicating that the brokerage system can benefit from: management fees, underwriting, ABS/REITs full chain. 
In A-shares, those with strong "investment banking + asset management" capabilities will benefit more.
Don’t be fooled by “5%”:
Whether the REIT market is hot depends on the decline of risk-free rates and the lack of assets for large funds, not retail investors’ perceptions of attractiveness. Regulatory authorities are promoting expansion and inclusion, mainly to find outlets for existing assets. 
How to approach trading:
Stage 1: First batch acceptance/issuance expectations (sentiment + scarcity) → speculate on “first batch/leading”
Stage 2: Replication and spreading (more commercial assets included) → speculate on “holding commercial real estate/platforms”
Stage 3: Return to operations (occupancy rate, RevPAR, cash flow stability) → leading players take the meat, smaller ones share the broth
Summary:
REITs give you a 5% share; stocks are about "asset securitization pulling cash out from the wall."
Priority for A-shares benefits: leading hotel operators > platforms holding quality commercial assets > brokerage asset management/investment banking chain.