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 enhance the capital market's investment and financing tools and support a new model for real estate development [1][2]. Group 1: Regulatory Framework - The announcement specifies 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 real estate they intend to hold, and must engage qualified professional institutions for evaluation, legal, and auditing services [2]. Group 2: Operational Requirements - The commercial real estate intended for REITs must align with national strategies, development plans, and industrial policies, and must have clear ownership and a history of generating stable cash flows [2]. - Fund managers are mandated to actively fulfill their operational management responsibilities in accordance with legal regulations and the terms of the fund contract [2].
证监会启动 商业不动产REITs试点
Sou Hu Cai Jing·2025-11-28 22:15