证监会就推出商业不动产REITs试点公开征求意见

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft announcement for the pilot program of Commercial Real Estate Investment Trusts (REITs), seeking public feedback on the initiative [1]. Group 1: Definition and Structure - Commercial Real Estate Investment Trusts (REITs) are defined as closed-end publicly raised securities investment funds that acquire ownership or operational rights of commercial real estate through investment in asset-backed securities, aiming to generate stable cash flows from rents and fees, with primary earnings distributed to fund shareholders [2]. - The draft outlines eight articles detailing product definitions, registration and operational management, responsibility allocation, and regulatory arrangements [2]. Group 2: Regulatory Requirements - The draft emphasizes the responsibilities of fund managers and professional institutions, mandating comprehensive due diligence on commercial real estate before fundraising, and requiring compliance with the Securities Investment Fund Law and related regulations [3]. - Proposed commercial real estate must align with national strategies, development plans, and industry policies, ensuring clear ownership and stable cash flow, while adhering to additional CSRC requirements [3]. Group 3: Market Development and Performance - Over five years, China's REITs market has steadily developed, achieving significant results in revitalizing existing assets, increasing direct financing ratios, and meeting residents' wealth management needs [4]. - As of November 27, 2025, there are 77 listed REITs with a total financing amount of 207 billion yuan and a total market value of 220.1 billion yuan, indicating a stable market operation [4]. - The CSI REITs total return index has increased by 22.46% since 2024, highlighting the growing importance of REITs as a major asset allocation category [4].