Read this article from Asia Legal Business for some background on REIT legislation in China.
Realize when REITs come to the mainland the bidding frenzy for these shares will be amazing. Lots of long and short opportunities galore.
In the meantime, study the Chinese real estate market in general. Developers are chomping at the bit for liquidity and capital. Here is an excellent overview of investing in China. I'll admit that the information here looks dated (2005) but for the most part little has really changed except the numbers. The trends mentioned in the article really have just continued as described. It's the synopsis you really want here. The raw data numbers can come later.
I'll have much, much more on this subject in the months to come.
Robert J. Abalos, Esq.