上交所发布《公开募集基础设施证券投资基金(REITs)业务办法(试行)》

Core Viewpoint - The Shanghai Stock Exchange (SSE) has released a trial implementation of the "Publicly Raised Real Estate Investment Trusts (REITs) Business Measures," aimed at regulating and promoting the development of publicly raised real estate funds and asset-backed securities in the market [1][2]. Group 1: Regulatory Framework - The SSE's new measures are designed to align with the China Securities Regulatory Commission's announcement on launching commercial real estate investment trust fund pilots [2]. - The SSE has abolished the previous measures from January 29, 2021, to implement the new guidelines [2]. Group 2: Listing and Application Process - Fund managers must submit a listing application for real estate funds to the SSE, which will review whether the funds meet the listing criteria [11]. - The SSE will confirm whether asset-backed securities meet relevant conditions simultaneously with the fund listing application [11]. - The application documents must include a range of materials, such as the fund contract draft, legal opinions, and due diligence reports [12][13]. Group 3: Fee Structure - To promote the development of real estate funds, the SSE will temporarily waive initial listing fees, annual listing fees, and transaction handling fees [3]. Group 4: Investor Protection and Risk Disclosure - Fund managers and related institutions are required to enhance investor protection and conduct investor education to adequately disclose risks associated with real estate funds [8][9]. - The SSE has updated the risk disclosure guidelines for real estate funds, which must be adhered to by market participants [3]. Group 5: Trading and Market Operations - Real estate fund shares will be subject to trading regulations similar to those for publicly raised infrastructure funds, including price fluctuation limits [27][28]. - The SSE will provide electronic platforms for offline issuance and trading of real estate fund shares [21]. Group 6: Ongoing Management and Reporting - Fund managers are obligated to disclose periodic and temporary reports regarding the performance and management of real estate funds [33]. - The SSE emphasizes the importance of maintaining transparency and accuracy in the information disclosed by fund managers and related parties [45].