证监会发布REITs市场高质量发展新政 多项举措拓宽发展空间

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notification to promote the high-quality development of the Real Estate Investment Trusts (REITs) market, emphasizing the importance of commercial real estate REITs in revitalizing existing assets and enhancing direct financing in the capital market [1][3]. Group 1: Market Development - The notification highlights that the development of commercial real estate REITs is a crucial measure to implement the central government's policies aimed at revitalizing existing assets and optimizing new growth [3]. - It encourages the issuance of commercial real estate REITs that align with policy directions and possess commercial attributes, promoting asset combinations that are complementary in function [3][4]. - The notification mandates that regulatory bodies enhance policy promotion and asset cultivation, while securities exchanges improve listing review efficiency and market service quality [3][4]. Group 2: Market Expansion - The notification calls for an increase in the supply of quality REITs and the improvement of fundraising systems and market pricing mechanisms [4]. - It supports the inclusion of REITs in investment scopes for public funds and encourages the development of innovative products like REITs ETFs [4]. - The notification aims to attract long-term funds from insurance, social security, and pension funds into the market, promoting REITs as part of the Shanghai-Hong Kong Stock Connect [4]. Group 3: Market Ecosystem Improvement - The notification emphasizes the need to optimize market-oriented valuation and pricing mechanisms for REITs, ensuring compliance in promotional and pricing activities [5]. - It outlines the establishment of a multi-tiered REITs market system and the improvement of registration processes to enhance efficiency and transparency [5][6]. - The notification stresses the importance of a comprehensive regulatory framework covering all aspects of REITs, including due diligence, pricing, trading, and information disclosure [6]. Group 4: Regulatory and Risk Management - The notification requires the establishment of a full-chain regulatory system to monitor asset quality, operational management, and governance levels [6]. - It mandates that regulatory bodies conduct daily supervision and risk management, while industry associations enhance self-regulation [6]. - The notification also highlights the need for investor education and market environment improvement to ensure stable market operations [6].