证监会：持续加大优质REITs供给 完善REITs扩募制度安排与市场化定价机制

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice to promote the high-quality development of the Real Estate Investment Trusts (REITs) market, focusing on expanding the market, enhancing the supply of quality REITs, and improving the regulatory framework to support the growth of the sector [1][3]. Group 1: Development of Commercial Real Estate REITs - The development of commercial real estate REITs is crucial for implementing the central government's policies aimed at revitalizing existing assets and increasing direct financing [4]. - The market entry arrangements for commercial real estate REITs will be clarified to stabilize expectations and enhance efficiency, thereby stimulating market participants [4]. - Financial institutions with robust governance and asset management experience are encouraged to participate in commercial real estate REITs [5]. Group 2: Market System Construction - The notice emphasizes the need to continuously increase the supply of quality REITs and to enrich market operations while ensuring orderly growth [6]. - There is a focus on enhancing the secondary market by developing indices related to REITs and encouraging various funds to include REITs in their investment portfolios [7]. - The establishment of a multi-layered REITs market system is highlighted, along with the need for supportive policies and legislative measures [7]. Group 3: Registration and Approval Mechanism - The notice calls for optimizing the REITs registration and approval process to ensure transparency and efficiency [8]. - A market-oriented standard system for REITs will be developed, focusing on different asset types and their specific disclosure requirements [8]. Group 4: Regulation and Risk Prevention - A comprehensive regulatory mechanism covering all aspects of REITs, including due diligence, pricing, and asset management, is to be established [9]. - The importance of maintaining market stability and enhancing the transparency of information disclosure is emphasized to protect investor interests [10]. - Continuous efforts will be made to ensure that market participants fulfill their responsibilities and adhere to legal and regulatory requirements [10].