证监会：推出商业不动产投资信托基金试点

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an announcement regarding the pilot program for Commercial Real Estate Investment Trusts (REITs), aimed at promoting high-quality development in the REITs market and enhancing the capital market's service to the real economy [2][3]. Group 1: Product Definition and Requirements - Commercial real estate REITs are defined as closed-end publicly raised securities investment funds that acquire stable cash flow through holding commercial real estate and distribute profits to fund shareholders [2][3]. - The announcement outlines registration and operational management requirements for the funds, including the responsibilities of fund managers and custodians, due diligence, application materials, and the active management responsibilities of fund managers [2][3]. Group 2: Regulatory and Compliance Measures - The announcement emphasizes the role of fund managers and professional institutions, mandating strict adherence to professional norms and regulatory requirements [2][3]. - It reinforces regulatory responsibilities, clarifying that regulatory bodies must fulfill their duties in overseeing commercial real estate REITs and monitoring risks [2][3]. Group 3: Implementation and Feedback - Prior to the announcement, the CSRC sought public opinions on the draft, receiving overall recognition for its basic ideas and main content [3]. - The CSRC has committed to carefully considering feedback and will ensure the effective implementation of the announcement [3].