【金融发展】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 (SSE) has revised the "Business Measures for Publicly Raised Real Estate Investment Trusts (REITs)" to enhance the operational framework for commercial real estate REITs, aiming for high-quality market development and improved service to the real economy [1][3][6] Group 1: Optimization of Basic Rules - The SSE has expanded the applicability of the REITs business measures to include commercial real estate REITs, covering listing reviews, issuance, trading, and information disclosure [1][4] - The review period for initial feedback on submitted materials has been shortened from 30 working days to 20 working days to improve efficiency [1][4] - New regulatory measures such as inquiries and on-site supervision have been introduced, emphasizing accountability for intermediaries [1][4] Group 2: Standardization and Adaptability - The SSE has optimized rules for review, issuance, and expansion of REITs, focusing on compliance, fund usage, and yield requirements [2][4] - Specific disclosure and verification requirements for various commercial sectors, including retail and hospitality, have been refined to enhance adaptability [2][4] - The interval for expanding REITs has been reduced to 6 months, boosting market dynamism [2][4] Group 3: Strengthening Information Disclosure - The SSE has improved rules for periodic and temporary information disclosures to enhance quality and protect investor rights [5] - Revised guidelines for temporary reports, annual reports, and quarterly reports have clarified operational disclosure requirements for commercial real estate [5] - The SSE has developed a "Recruitment Prospectus Preparation Guide" to enhance the quality of application documents and information disclosure [5][6]