沪深交易所：稳步推动商业不动产REITs试点落地

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the pilot program for Commercial Real Estate Investment Trusts (REITs), aiming to enhance the market's capacity and efficiency in managing commercial real estate assets [1][2]. Group 1: Regulatory Developments - The CSRC has released a draft announcement for the pilot of Commercial Real Estate REITs, with exchanges actively working on rule revisions and project cultivation [1]. - The Shanghai Stock Exchange (SSE) plans to advance the pilot program under CSRC's guidance, focusing on quality commercial real estate and risk prevention [1]. - The Shenzhen Stock Exchange (SZSE) will optimize REITs rules and collaborate with market participants to ensure the successful implementation of the pilot [1]. Group 2: Market Context - As of now, there are 77 REITs products listed in the market, with a total issuance scale of 207 billion yuan, indicating a growing market capacity and a mature investor base [1]. - Since 2024, nearly 100 billion yuan worth of CMBS, quasi-REITs, and holding-type real estate ABS products have been issued, reflecting a consensus on valuation logic and operational management in the commercial real estate sector [2]. - The pilot program for public REITs has been in place for five years, demonstrating significant achievements and the potential to further activate existing assets and stimulate economic growth [2].