证监会启动商业不动产REITs试点

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft announcement regarding the pilot program for commercial real estate investment trusts (REITs), aiming to enrich capital market financing tools and support a new model for real estate development [1][2]. Group 1: Regulatory Framework - The announcement outlines the registration and operational management requirements for commercial real estate REITs, including responsibilities of fund managers and professional institutions [1]. - Fund managers are required to conduct comprehensive due diligence on the commercial properties they intend to hold and must submit registration application materials to the CSRC [2]. - The commercial properties must align with national strategies, development plans, and industry policies, ensuring clear ownership and stable cash flow [2]. Group 2: Market Development - After five years of exploration, the REITs market has developed steadily, 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 [3]. - The CSI REITs total return index has increased by 22.46% since the beginning of 2024, indicating that REITs are becoming an important asset class for investment [3]. - The CSRC emphasizes the need to leverage international experience while adapting to domestic conditions to enhance the functionality of REITs and support the real estate sector [3].