事关商业不动产投资信托基金 证监会发布公告

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the implementation of a pilot program for commercial real estate investment trusts (REITs) starting December 31, 2025, aimed at enhancing the quality of the REITs market and supporting a new model for real estate development [1][2] Group 1: Announcement Details - The announcement defines commercial real estate REITs as closed-end publicly offered securities investment funds that generate stable cash flows through holding commercial real estate and distribute profits to fund shareholders [1] - It outlines requirements for fund registration and operational management, including responsibilities for fund managers and custodians, due diligence, application materials, and the management of commercial real estate [1] - The announcement emphasizes the role of fund managers and professional institutions, mandating strict adherence to professional standards and regulatory requirements [1] Group 2: Regulatory Framework - The CSRC will strengthen regulatory responsibilities, clarifying the duties of various regulatory bodies in overseeing commercial real estate REITs and monitoring risks [1] - Other matters related to commercial real estate REITs will follow the guidelines set forth in the "Guidelines for Publicly Offered Infrastructure Securities Investment Funds (Trial)" [1]