上交所修订发布公募REITs业务规则

Core Viewpoint - The Shanghai Stock Exchange has revised the "Business Measures for Publicly Raised Real Estate Investment Trusts (REITs)" to enhance the operational framework and promote the high-quality development of the REITs market, particularly focusing on commercial real estate [1][2][3] Group 1: Basic Rule Enhancements - The scope of the REITs business measures has been expanded to include commercial real estate REITs, applying uniformly to listing reviews, issuance, trading, and information disclosure [1] - The review period for initial feedback on submitted materials has been shortened from 30 working days to 20 working days, improving review efficiency [1] - New regulatory measures such as preliminary inquiries and on-site supervision have been introduced, emphasizing accountability for intermediaries [1] Group 2: Standard and Norm Optimization - The review, issuance, and expansion rules for key areas of real estate have been optimized, focusing on materiality and compliance of assets, as well as the use of recovered funds and yield requirements [2] - Specific disclosure and verification requirements for various commercial property types, including retail and hotels, have been refined to enhance adaptability and inclusiveness of the rules [2] - The interval for expansion has been reduced to 6 months, increasing the internal momentum of the REITs market [2] Group 3: Strengthening Information Disclosure - The Shanghai Stock Exchange has focused on improving the quality of information disclosure, refining rules for regular and temporary disclosures [2] - The requirements for operational disclosures related to commercial real estate have been clarified, ensuring accurate and complete ongoing information disclosure [2] - The guidelines for temporary reports and annual reports have been revised to enhance the transparency and effectiveness of disclosures, thereby protecting investors' rights [2][3] Group 4: Implementation of Pilot Programs - The Shanghai Stock Exchange has issued a notice regarding the pilot program for commercial real estate REITs, emphasizing risk prevention, strong regulation, and promoting high-quality development [3] - The exchange is committed to optimizing market services and improving review mechanisms to stimulate market vitality and ensure the effective implementation of the REITs pilot [3] - Future efforts will focus on balancing regulation and development, continuously improving the REITs rule system to foster a healthy market ecosystem [3]