深交所修订发布REITs配套自律监管规则

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) has released new regulations and guidelines for the public offering of real estate investment trusts (REITs), specifically focusing on commercial real estate, to enhance the REITs market and promote high-quality development [1][2]. Group 1: Regulatory Framework - The SZSE has established a "1+7+6" regulatory framework for commercial real estate REITs, which includes one business method, seven business guidelines, and six business instructions to solidify the institutional foundation [2]. - New verification requirements have been introduced for commercial real estate REITs, focusing on operational and financial conditions, asset evaluation, and management arrangements, with differentiated requirements based on business types [2]. - The review mechanism has been improved to clarify procedures, shorten review timelines, and optimize entry requirements related to compliance, fund usage, and fund manager roles [2]. Group 2: Market Development - The SZSE aims to enhance the issuance pricing arrangements by allowing a high-price exclusion mechanism and prioritizing allocations to investors who recognize the long-term investment value of REITs [2]. - The expansion mechanism has been refined to detail the requirements for purchasing real estate projects and to shorten the application timelines for new acquisitions [2]. - Information disclosure during the ongoing period has been strengthened, with detailed requirements for trading-related announcements and temporary disclosures that trigger trading suspensions [2]. Group 3: Future Directions - The SZSE will continue to implement the spirit of the 20th Central Committee's Fourth Plenary Session and the Central Economic Work Conference, focusing on the high-quality development of the REITs market [3]. - There will be an emphasis on building a clear, efficient, standardized, and transparent REITs regulatory system while enhancing the reserve of quality projects [3]. - The goal is to ensure the smooth launch of commercial real estate REITs and to improve regulatory capabilities and service levels to better support the real economy [3].