Both PPP and REITs are innovative models for infrastructure investment and financing. Revitalizing existing PPP projects can early withdraw the input from private sectors and simultaneously invest the new infrastructure，so as to realize a virtuous circle of fund. PPP and REITs are united but unique，on the whole the infrastructure REITs is more stringent than PPP model. In order to release the public offering REITs，PPP projects must go through the “three gates” of history，current situation and future，that is，asset formation is legally compliant and tradable，project cash flow is stable，and public funds can be raised and fulfill social responsibilities.