证监会印发《关于推出商业不动产投资信托基金试点的公告》

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the implementation of a pilot program for commercial real estate investment trusts (REITs) to promote high-quality development in the REITs market and enhance the service efficiency of multi-level capital markets for the real economy, effective from December 31, 2025 [1][3]. Group 1: Announcement Details - The announcement defines commercial real estate REITs as closed-end publicly raised securities investment funds that acquire stable cash flow through holding commercial real estate and distribute profits to fund shareholders [1][3]. - The announcement outlines requirements for fund registration and operational management, including the responsibilities of fund managers and custodians, due diligence, application materials, and commercial real estate standards [1][4]. - It emphasizes the role of fund managers and professional institutions in ensuring compliance with professional standards and regulatory requirements [1][5]. Group 2: Regulatory Framework - The CSRC will enforce regulatory responsibilities, including risk monitoring and management for commercial real estate REITs, and other regulatory bodies will also have self-regulatory responsibilities [1][5]. - The announcement states that commercial real estate assets must align with national strategies, development plans, and industry policies, ensuring clear ownership and compliance with relevant regulations [1][5]. - The operational management of commercial real estate REITs must adhere to legal and regulatory requirements, with fund managers actively fulfilling their management responsibilities [1][5].