中国证监会：完善REITs发行与交易机制，优化以市场化为导向的REITs估值与发行定价机制

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice aimed at promoting the high-quality development of the Real Estate Investment Trusts (REITs) market, focusing on improving market ecology and regulatory frameworks [1] Group 1: Market Mechanisms - The notice emphasizes the need to enhance the issuance and trading mechanisms of REITs, optimizing market-oriented valuation and pricing mechanisms [1] - It calls for the standardization of promotional, inquiry, pricing, and allocation behaviors during the issuance process [1] Group 2: Information Disclosure and Coordination - There is a focus on strengthening information disclosure and market constraints in line with the operational characteristics and risk-return profiles of real estate [1] - The CSRC aims to enhance communication and coordination with relevant departments to ensure the implementation of supportive policies for REITs [1] Group 3: Legislative and Regulatory Framework - The notice highlights the urgency of advancing special legislation and departmental regulations for REITs, aiming to improve the inclusiveness and adaptability of the system [1] - It stresses the importance of establishing a solid legal foundation for the high-quality development of the REITs market [1] Group 4: Market Structure - The CSRC aims to develop a multi-tiered REITs market system to support diverse investment opportunities [1]