上交所：稳步推进商业不动产REITs试点各项工作

Core Viewpoint - The launch of the pilot program for Commercial Real Estate Investment Trusts (REITs) in China is a significant step towards revitalizing the commercial real estate sector and enhancing the development of the REITs market, aligning with national economic strategies [1][2]. Group 1: Market Development - The pilot program for Commercial Real Estate REITs is part of the China Securities Regulatory Commission's (CSRC) efforts to implement national policies, aimed at activating existing commercial real estate assets and supporting a new model of real estate development [1]. - The REITs market in China has evolved into a trillion-yuan emerging market over nearly five years, establishing a solid institutional, market, and ecological foundation for the introduction of Commercial Real Estate REITs [2]. - The introduction of Commercial Real Estate REITs is expected to broaden direct financing channels for enterprises and facilitate a strategic shift from "developers" to "asset managers" [2]. Group 2: Investor Benefits - The launch of Commercial Real Estate REITs will provide investors with a new investment tool that combines stable cash flow with asset appreciation potential, enhancing personal and institutional investment portfolios [2]. - The new REITs will enrich the types of underlying assets in the market, increasing its inclusivity and attractiveness, thereby accelerating the expansion of the public REITs market [2]. Group 3: Implementation and Regulation - Preparations for the pilot program include refining business rules, system adaptations, and market and investor education, with the Shanghai Stock Exchange (SSE) actively involved in these efforts [3]. - The SSE plans to implement the pilot program gradually, focusing on high-quality commercial real estate projects to ensure effective risk management and promote the healthy development of the REITs market [3].