Abstract：

Urban Rail Transit Real Estate Investment Trusts (REITs) have become a key financing tool for China’s sustainable urban infrastructure development, yet the structural determinants of their pricing remain understudied. This study explores China ’ s Urban Rail Transit REIT pricing mechanism via structural analysis. Using multi-dimensional data (transaction prices, operational metrics, financials, policies) and employing regression analysis, structural equation modelling, plus three city-level case studies, it identifies key pricing determinants. Findings show pricing is driven by the dynamic interaction of operational performance (e.g., ridership, service quality), market factors (e.g., investor sentiment, liquidity, volatility), and regulatory frameworks. These factors interact interconnectedly—changes in one amplify or mitigate impacts on others, highlighting the need for integrated rather than isolated analysis. The study also underscores pricing implications for bond market capital allocation, risk assessment, and green finance advancement. It contributes to literature by developing a context-specific structural pricing model for China’s Urban Rail Transit REITs, and offers actionable insights for policymakers and investors. Limitations include restricted proprietary data access and limited generalisability across urban contexts, pointing to future research on evolving regulatory and socio-environmental influences.

Key Words：

Urban Rail Transit REITs; pricing mechanism; structural analysis; China