China's plan to launch real estate investment trusts (REITs) has been submitted to the State Council for final approval after eleven ministers all gave it a green light, sources familiar with the matter told China Daily on Wednesday.
"If everything moves on smoothly, the first batch of REITs will be kicked off in the second half of the year. But only institutional buyers can purchase REITS for the time being," said the source who declined to be named.
Last August, a special team, led by the central bank and involving eleven ministers, was set up to speed up the research and development of REITs in China.
