【微头条】中国证监会印发《中国证监会关于推出商业不动产投资信托基金试点的公告》

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the implementation of a pilot program for commercial real estate investment trusts (REITs) to enhance the quality of the REITs market and support a new model of real estate development, effective from December 31, 2025 [1][3]. Group 1: Announcement Details - The announcement consists of eight articles outlining the definition of commercial real estate REITs as closed-end publicly raised securities investment funds that generate stable cash flow from holding commercial real estate and distribute profits to fund shareholders [1][3]. - It specifies requirements for fund registration and operational management, including the responsibilities of fund managers and custodians, due diligence, application materials, and active management responsibilities of fund managers [1][3]. - The announcement emphasizes the role of fund managers and professional institutions, mandating strict adherence to professional standards and regulatory requirements [1][3]. - It reinforces regulatory responsibilities, clarifying the duties of regulatory bodies in overseeing commercial real estate REITs and monitoring risks [1][3]. - Other matters related to commercial real estate REITs will follow the guidelines set forth in the "Guidelines for Publicly Raised Infrastructure Securities Investment Funds (Trial)" [1][3]. Group 2: Public Feedback and Implementation - Prior to the announcement, the CSRC solicited public opinions on the draft, receiving overall positive feedback on the basic ideas and main content of the announcement [2][4]. - The CSRC has carefully reviewed the feedback and incorporated reasonable suggestions into the final announcement [2][4]. - The CSRC will ensure effective implementation of the announcement in the future [2][4].