翘首以盼规则落地 企业积极备战商业不动产REITs

Core Insights - The commercial real estate REITs (Real Estate Investment Trusts) market in China is set to open, attracting significant attention from various market participants, including state-owned enterprises and private companies, who are preparing to submit applications once regulations are finalized [1][2][6] Group 1: Market Overview - Since 2021, the REITs market has seen rapid growth, with 78 products established and a total issuance scale exceeding 200 billion yuan [3] - The demand for commercial real estate REITs is substantial, with many companies eager to participate as soon as the regulatory framework is in place [2][6] Group 2: Investment Logic - Investors are advised to view REITs as equity assets with dividend attributes rather than fixed-income assets, focusing on long-term returns [4] - The introduction of commercial real estate REITs marks a shift towards a more comprehensive and mature C-REITs market, complementing existing infrastructure REITs [4][5] Group 3: Regulatory and Structural Changes - The approval process for commercial real estate REITs is expected to accelerate under the guidance of the China Securities Regulatory Commission, contrasting with previous oversight by the National Development and Reform Commission [6] - The core demand from original equity holders has evolved from merely recovering funds to a more strategic capital restructuring approach, learning from models like Singapore's dual-fund system [7] Group 4: Fund Management Challenges - Fund managers will face increased scrutiny and need to enhance their active management capabilities, moving away from passive management models [10] - The institutionalization of REITs is evident, with over 95% of holders being institutional investors, indicating a strong demand for stable dividend-yielding assets [10]