1. The closed period of reits funds shall not exceed three months. As we all know, closed-end funds can't be redeemed during the closed period, but reits funds can be sold during the closed period. Otherwise, if you hold a reits fund and wait until 9 years later to sell it, the holders don't know where it is. After the reits fund is subscribed, the holder can wait until it is listed on the market, which will be listed in about two or three weeks. After listing, it can be sold like a stock. Funds can be sold in the secondary market through securities brokers during the closed period. Holders can find buyers who are willing to buy the fund in the secondary market. After the two parties negotiate the price, they can transfer their closed-end funds to others.

2. If you want to buy reits fund shares after the subscription period, you can only buy them through the secondary market. The fund shares subscribed by using the OTC fund account shall be transferred to the on-site securities institutions before they can participate in the on-site trading. It should be noted that reits funds cannot be redeemed according to their net value, because the net value of funds is based on the evaluation results of financial models, so there may be a discount on the transaction price in the secondary market compared with the net value.

1. Investment period

From raising funds to investing in open-end funds, there are four periods: raising period, capital verification period, closing period and normal subscription and redemption period. During these four periods, investors buy and sell fund shares in different ways.

2. Fund raising period

During this period, the fund management company sells funds to investors through the company's direct selling agencies or banks and other consignment agencies to raise funds. At this stage, investors can only buy fund shares, but not sell them. The price of buying fund shares is the net value of shares (1 yuan), and the cost of buying fund shares is called subscription fee. Due to the continuous popularity of open-end fund sales, in order to avoid the inconvenience of investment caused by the excessive amount of funds raised, funds generally stipulate a certain share limit (such as 1 billion), and the excess will not be confirmed. Due to the recent boom in fund sales, the regulatory authorities recently issued a notice requesting that the subscription application of new funds exceed the established limit and be placed in proportion.

3. End of the raising period

After the raising period, the fund enters a capital verification period of no more than 7 days. After the capital verification, the fund contract is formally established, and then the fund enters a closed period. At this time, the fund contract has come into effect. However, during the closed period, the fund does not accept investors' requests to purchase or redeem fund shares, and investors can neither buy nor sell fund shares during this period. Judging from the reality, many funds are open for subscription at the later stage of the closed period, that is to say, at this stage, investors can subscribe for funds according to the net asset value of funds, but they cannot redeem their fund shares. According to the Securities Investment Fund Law, the closed period of the fund shall not exceed 3 months.