证监会最新发布！商业不动产REITs试点启动

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an announcement regarding the pilot program for commercial real estate investment trusts (REITs), effective from December 31, aimed at enhancing the quality of the REITs market and supporting a new model for real estate development [1][2]. Group 1 - The definition of commercial real estate REITs is established as closed-end publicly raised securities investment funds that hold commercial real estate to obtain stable cash flows and distribute profits to fund shareholders [1]. - Requirements for fund registration and operational management are specified, including the responsibilities of fund managers and custodians, due diligence, application materials, and active management responsibilities of fund managers [1]. - The role of fund managers and professional institutions is emphasized, with strict adherence to professional norms and regulatory requirements mandated [2]. Group 2 - Regulatory responsibilities are reinforced, with clear delineation of duties for regulatory bodies in monitoring and managing risks associated with commercial real estate REITs [2]. - The announcement has received general approval from various stakeholders, with the CSRC having considered feedback and incorporated reasonable suggestions into the final document [2].