In mature markets, the exit from commercial real estate does not rely on selling properties for a profit, but on operational cash flow and securitization exits. The practice of public infrastructure REITs in China over the past few years has already trained the entire chain from assets, cash flow, disclosure, custodianship to distribution at the institutional level. [4] The introduction of commercial real estate REITs makes more typical urban operational assets such as office buildings, commercial complexes, and hotels enter the horizon of institutionalized exits: the pilot document defines commercial real estate REITs as closed-end public funds that generate stable cash flow through holding commercial real estate and distribute earnings to holders, emphasizing the proactive operational management responsibility of fund managers. Whether REITs can be developed in the future depends not on whether the assets are luxurious, but on whether the assets can generate stable cash flow like infrastructure and are continuously disclosed and governed.