BEIJING - China's first batch of infrastructure real estate investment trusts (REITs) began trading Monday, with five on the Shanghai Stock Exchange and four on the Shenzhen Stock Exchange.

The price change limit is 30 percent on the first day of listing and 10 percent after that.

The nine infrastructure REITs are expected to channel investment into projects such as highways, industrial parks, storage and logistics, and sewage treatment.

In April 2020, China initiated a pilot scheme for infrastructure REITs. In mid-May this year, the securities authority approved the registration of the country's first batch of nine REITs and, on May 31, China kicked off sales of the REITs.

Infrastructure REITs can generate new capital to help fund the sector's expansion and provide companies with additional liquidity and deleveraging opportunities, according to a recent report from Moody's Investors Service.

Infrastructure REITs allow companies to monetize their infrastructure assets and apply sale proceeds to future finance projects or debt reduction. The assets' operating records and ability to generate positive cash flows will also reduce risks for investors, the report noted.