It is of great significance to clarify the key factors and influence mechanism of the value growth of infrastructure pub-lic offering REITs to expand the market scale of REITs,revitalize the stock assets and promote the high-quality development of infrastructure construction.Firstly,the influencing factors of the value growth of public offering REITs are identified and classi-fied.Then,the explanatory structure model is used to mine the relationship between the elements,and a seven-level multi-level hi-erarchical explanatory structure model is established.Finally,the fuzzy analytic hierarchy process is used to calculate the weight of the influencing factors and the importance level of different levels.Based on the research results,this paper puts forward coun-termeasures and suggestions to promote the value growth of public offering REITs from the perspectives of investors,managers and policy makers,so as to provide reference for the development of public offering REITs in China and enrich the theory and method of value growth of public offering REITs.