中国证监会：借鉴国际经验结合我国实际，拟推出商业不动产REITs试点

Core Insights - The China Securities Regulatory Commission (CSRC) has released a draft announcement regarding the pilot program for commercial real estate investment trusts (REITs), seeking public feedback [1] - The REITs market in China has developed steadily over the past five years, with 77 REITs listed as of November 27, 2025, raising a total of 207 billion yuan and achieving a total market value of 220.1 billion yuan [1] - The CSRC emphasizes the importance of commercial real estate as a key underlying asset for REITs, given the substantial existing stock in China and the need for revitalization and expanded equity financing channels [1] Summary by Sections Product Definition - Commercial real estate REITs are defined as closed-end publicly raised securities investment funds that hold commercial real estate to generate stable cash flows and distribute profits to fund shareholders [1] Fund Registration and Management Requirements - The draft outlines requirements for fund managers and custodians, due diligence, application materials, and responsibilities for proactive operational management by fund managers [2] Role of Fund Managers and Professional Institutions - The draft stresses the importance of fund managers and professional institutions in adhering to regulatory standards and fulfilling their responsibilities [2] Strengthening Regulatory Responsibilities - It clarifies the roles of various regulatory bodies in overseeing commercial real estate REITs and monitoring risks [2] Other Relevant Matters - Other matters related to commercial real estate REITs will follow the guidelines set forth in the "Guidelines for Publicly Raised Infrastructure Securities Investment Funds (Trial)" [2]