摘要：Pre-REITs既能满足项目培育期融资需求，又能为REITs市场储备优质标的，是多层次REITs市场的重要组成部分。本文梳理并分析国内外三个Pre-REITs典型案例，总结出五方面启示：资产选择与甄别是实现退出的关键，匹配投融资需求以增强资金稳定性，注重资产管理而提升项目价值，打造协作平台可发挥资源优势，政策支持和市场监管应相辅相成，希望为我国的REITs发展提供参考。
关键词：Pre-REITs；多层次REITs市场；基础设施；融资模式；案例分析
Abstract：Pre-REITs，which is an essential part of the multi-level REITs market，can not only meet the financing needs during the cultivation period of projects，but also reserve high-quality assets for the REITs market. The paper introduces and analyzes three typical cases of Pre-REITs at home and abroad，and obtaines five experiences：Selection and due diligence of the asset is the key to achieving capital exit；Matching investment and financing needs can enhance capital stability；Focusing on asset management can lift the value of assets；Building a collaboration platform are the way to integrate resources；Policy support and market supervision should complement each other. Hopes to provide reference for the development of REITs in China.
Keywords：Pre-REITs；REITs market；infrastructure；financing mode；case analysis
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