上交所修订发布公募REITs业务规则 护航REITs市场高质量发展

Core Viewpoint - The Shanghai Stock Exchange has revised the "Business Measures for Publicly Raised Real Estate Investment Trusts (REITs)" to enhance the regulatory framework, improve market functions, and support the stable launch of commercial real estate REITs, aiming for high-quality market development and better service to the real economy [1][2]. Group 1: Basic Rule Enhancements - The revised measures expand the applicability to commercial real estate REITs, covering listing reviews, issuance, trading, and information disclosure [1]. - The review period for initial feedback on submitted materials has been shortened from 30 working days to 20 working days to improve review efficiency [1]. - New regulatory measures such as inquiries and on-site supervision have been added, emphasizing accountability for intermediaries [1]. Group 2: Standard and Norm Optimization - The revision optimizes business rules in key areas such as review, issuance, and acquisition of new real estate, focusing on materiality and compliance [2]. - Specific guidelines for pricing, strategic placements, and offline placements have been detailed to ensure fair and orderly issuance [2]. - The interval for expansion fundraising has been reduced to 6 months, enhancing the internal dynamics of the REITs market [2]. Group 3: Information Disclosure Requirements - The temporary report, annual report, and interim report guidelines have been revised to clarify operational disclosure requirements for commercial real estate [3]. - Regulations on the use of recovered funds and triggers for temporary report disclosures have been standardized to improve the accuracy and completeness of ongoing disclosures [3]. - The Shanghai Stock Exchange aims to continuously enhance the REITs regulatory framework to foster a healthy market ecosystem and support national strategies and economic development [3].