中国全面推动REITs市场高质量发展 商业不动产“1+3+N”政策框架敲定
Chang Jiang Shang Bao·2026-01-05 00:04

Core Viewpoint - The launch of commercial real estate public REITs in China marks a significant innovation in the capital market, with the regulatory framework established to support the development of this sector [1][2]. Group 1: Regulatory Framework and Announcements - On December 31, 2025, the China Securities Regulatory Commission (CSRC) released the announcement for the pilot of commercial real estate investment trust funds (REITs), indicating the completion of the long-awaited rules [1]. - The CSRC also issued a notification to promote the high-quality development of the REITs market, aiming to enhance the service quality of the multi-level capital market for the real economy [1][2]. - The regulatory framework for commercial real estate REITs is structured as "1+3+N," which includes one announcement, three supporting arrangements from the CSRC, and numerous self-regulatory organization rules [6]. Group 2: Market Development and Performance - As of December 27, 2025, there were 78 listed REITs in China, raising a total of 209.9 billion yuan, with a total market capitalization of 219.9 billion yuan [2]. - The CSI REITs total return index increased by 19% since 2024, indicating that REITs have become an important asset class for investment [2]. Group 3: Importance and Goals of Commercial Real Estate REITs - The development of commercial real estate REITs is seen as a crucial measure to implement national policies aimed at revitalizing existing assets and increasing direct financing [3]. - The notification emphasizes the need to stimulate market vitality and improve efficiency by establishing market-oriented access arrangements for commercial real estate REITs [3][4]. Group 4: Implementation and Market Support - The CSRC aims to enhance the supply of quality REITs and promote a diverse and orderly growth of market segments [7]. - There is a focus on improving the secondary market for REITs, including the development of related index products and encouraging long-term funds to enter the market [7][8]. - The notification calls for optimizing the review and registration processes to ensure a stable market operation [8].