Real Estate Investment Trust is the abbreviation of English "real estate investment trust" (plural is REITs). Internationally, REITs (Real Estate Investment Trust Fund) is a kind of trust fund that collects the funds of a specific majority of investors by issuing income certificates, is managed by specialized investment institutions, and distributes the comprehensive investment income to investors in proportion. Different from the purely private nature of trust in China, REITs in the international sense are equivalent to funds in nature, with a few private placements, but most of them are public offerings. REITs can operate in a closed mode or be listed and traded, similar to open-end funds and closed-end funds in China.