重要新规！证监会公开征求意见

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted a consultation document for the pilot launch of commercial real estate investment trusts (REITs), aiming to enhance the role of REITs in supporting a new model for real estate development and improving the quality and efficiency of multi-level capital market services for the real economy [1][3][10] Summary by Sections Introduction of Commercial Real Estate REITs - The pilot program for commercial real estate REITs is officially initiated, with the CSRC seeking public opinions on the draft announcement [1] - Commercial real estate REITs are defined as closed-end publicly raised securities investment funds that invest in commercial real estate assets to obtain ownership or operational rights, generating stable cash flows through rent and fees [4] Regulatory Framework and Requirements - The draft outlines eight key points, including the definition of commercial real estate REITs and the requirements for fund registration and operational management [5] - Fund managers and custodians must meet specific qualifications and adhere to regulations set forth in the Securities Investment Fund Law and related management measures [5][6] Responsibilities and Compliance - Fund managers are required to conduct thorough due diligence on the commercial real estate they intend to hold and must engage qualified professional institutions for evaluation, legal, and audit services [6] - The operational management responsibilities of fund managers must comply with legal and regulatory requirements, ensuring the health of the commercial real estate REITs market [6][7] Regulatory Oversight - The CSRC and its local agencies will be responsible for the regulation and risk monitoring of commercial real estate REITs, while self-regulatory organizations will manage compliance [7] - The China Securities Investment Fund Association will revise relevant supporting rules and launch necessary technical systems [8] Market Context and Future Outlook - The REITs market in China has seen steady development over the past five years, with 77 listed REITs raising a total of 207 billion yuan and a total market value of 220.1 billion yuan as of November 27, 2025 [10] - The CSI REITs total return index has increased by 22.46% since 2024, indicating that REITs are becoming an important asset class for investment [10]