更加侧重“促消费、调结构” 公募REITs市场向商业不动产领域扩容

Core Viewpoint - The announcement by the China Securities Regulatory Commission (CSRC) regarding the pilot launch of commercial real estate investment trusts (REITs) will take effect from December 31, 2025, marking a significant expansion of China's public REITs market into the commercial real estate sector, indicating a new phase of parallel development between commercial real estate and infrastructure REITs [1][4]. Group 1: Regulatory Framework - The CSRC has established a "1+3+N" policy framework for the commercial real estate REITs system, which includes one announcement, one notice, two working regulations, and 17 supporting rules from various institutions [2]. - The new rules aim to adaptively optimize management while maintaining strict oversight, enhancing the inclusiveness and adaptability of the system, and reflecting targeted arrangements for different types of REITs [2]. - The announcement outlines eight key provisions that clarify the core institutional arrangements for commercial real estate REITs, including product definitions, fund registration, operational management requirements, and regulatory responsibilities [2]. Group 2: Market Development - The introduction of commercial real estate REITs signifies a shift towards a mature market that encompasses all categories and assets, moving towards a dual development model alongside infrastructure REITs [4]. - The regulatory approach will focus on enhancing the breadth and depth of REITs' service to the real economy, with a strategy to advance both commercial real estate and infrastructure REITs in parallel [4][5]. - The commercial real estate REITs are expected to promote consumption and structural adjustments, being more closely linked to macroeconomic cycles and consumer sentiment, while infrastructure REITs will continue to stabilize the economy and address shortfalls [5]. Group 3: Project Selection and Oversight - The regulatory authorities will prioritize the selection of high-quality projects, focusing on core urban areas and economically vibrant regions, and will support projects from listed companies, central enterprises, and reputable private and foreign firms [7]. - There will be a strong emphasis on the responsibilities of intermediary institutions, ensuring they adhere to strict standards in due diligence, material preparation, pricing, and information disclosure [8]. - The regulatory framework will include comprehensive monitoring and risk management to maintain market order and stability, with a commitment to transparency and public oversight in the REITs registration and regulatory processes [8].