证监会：加快推进REITs市场体系建设 推进市场扩容扩围

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice to promote the high-quality development of the Real Estate Investment Trusts (REITs) market, emphasizing the need for market expansion, improved institutional frameworks, and enhanced regulatory measures to support the growth of REITs [1] Group 1: Promotion of Commercial Real Estate REITs - The development of commercial real estate REITs is crucial for revitalizing existing assets and increasing direct financing, aligning with national economic strategies [2] - The market entry arrangements for commercial real estate REITs will be clarified to enhance efficiency and stimulate market participant activity [2] - Support will be provided for financial institutions with strong governance and asset management experience to engage in commercial real estate REITs [2] Group 2: Market System Construction - Continuous efforts will be made to increase the supply of quality REITs and expand market diversity and scale [4] - The regulatory framework for REITs will be improved, including the establishment of a market-oriented pricing mechanism and diverse fundraising paths [4] - Equal treatment will be given to all types of enterprises, with support for private companies to utilize REITs for asset revitalization [4] Group 3: Registration and Review Mechanism - The REITs registration process will be optimized to ensure transparency and efficiency, with a focus on collective decision-making [7] - A market-oriented standard system will be established to enhance the review process for different asset types [7] Group 4: Regulatory and Risk Prevention - A comprehensive regulatory mechanism will be developed to cover all aspects of REITs, including due diligence, issuance, trading, and asset management [8] - The responsibilities of market participants, including fund managers and financial advisors, will be reinforced to ensure compliance and protect investor rights [10] - Enhanced information disclosure standards will be implemented to improve transparency and maintain market stability [9]