商业不动产REITs开闸，万亿资产“活”了！投资新选择到来

Group 1 - The core viewpoint is that the official release of the REITs pilot rules by the China Securities Regulatory Commission (CSRC) on December 31 allows commercial real estate such as shopping centers, office buildings, and hotels to be financed through public REITs, thus unlocking significant capital from the existing commercial real estate market [2][3] - The introduction of REITs transforms the approach for real estate companies from "development-sales" to "development-operation," enabling them to create long-term value through professional management [3] - REITs offer investors stable cash flow, providing new investment options for long-term funds such as insurance and pension funds [4] Group 2 - The regulatory authorities emphasize a cautious approach, focusing on quality rather than quantity, with the first batch of projects targeting mature commercial properties in first-tier cities to ensure a high-quality start [5] - The activation of trillions of yuan in commercial assets is anticipated, indicating a significant shift in the market landscape [6]