保障商业不动产REITs试点平稳起步！沪深交易所修订发布REITs配套自律监管规则

Core Viewpoint - The Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) have revised their regulations to promote the pilot program for commercial real estate investment trusts (REITs), aiming for high-quality market development and better service to the national strategy and economic growth [1][6]. Group 1: Regulatory Framework - SSE has released the revised "Business Measures for Publicly Raised Real Estate Investment Trusts (REITs)" to enhance the operational framework and ensure a smooth start for commercial real estate REITs [2][3]. - The new rules expand the applicability of the REITs framework to commercial real estate, covering listing reviews, sales, trading, and information disclosure [3][6]. - The review period for initial feedback on submitted materials has been shortened from 30 working days to 20 working days to improve efficiency [3]. Group 2: Optimization of Standards - The regulations have been optimized to enhance adaptability and inclusiveness, focusing on compliance, fund recovery purposes, and yield requirements for various commercial real estate sectors [4]. - The issuance guidelines have been revised to ensure fairness and order in the sales process, including detailed regulations on pricing and allocation [4][7]. - The interval for expanding fundraising has been reduced to six months, increasing the market's internal momentum [4]. Group 3: Information Disclosure and Investor Protection - Enhanced information disclosure requirements aim to protect investors' rights, focusing on the quality of regular and temporary disclosures [4][5]. - Specific disclosure requirements for the operational status of commercial real estate sectors have been established, ensuring transparency in fund usage [4][8]. Group 4: Implementation and Development - The SZSE has developed a "1+7+6" framework for REITs regulations, which includes one business measure, seven business guidelines, and six business instructions to solidify the institutional foundation for commercial real estate REITs [6]. - The framework includes differentiated verification requirements for commercial real estate REITs based on operational and financial conditions [6][8]. - The SZSE emphasizes the importance of a robust review mechanism and has streamlined the review process to enhance compliance and operational efficiency [6][8].