On 30 April 2020 the People's Republic of China (China or the PRC) announced a pilot scheme for establishing real estate investment trusts (REITs) dedicated to the infrastructure sector, dubbed as the "real" China REITs (C-REITs) to differentiate them from the "quasi-REITs" structure currently used in China (akin to a securitization structure). The C-REITs scheme allows the issuance and listing of securities offered by infrastructure-based investment funds (pilot scheme). After years of discussion and multiple false starts, the pilot scheme officially inaugurates the use of REITs (with Chinese characteristics) in China and potentially creates an enormous market for investors, developers, and fund managers.