商业不动产REITs试点正式启幕

Core Viewpoint - The introduction of commercial real estate REITs marks a new phase in China's REITs market, transitioning towards a parallel development of commercial real estate and infrastructure REITs [1][7]. Group 1: Market Development - China's REITs market has steadily developed over five years, with 78 listed REITs raising a total of 209.9 billion yuan and a total market capitalization of 219.9 billion yuan as of December 27, 2025 [2]. - The China Securities REITs total return index increased by 19% since 2024, indicating that REITs are becoming an important asset class [2]. - The market's expansion into commercial real estate is driven by the substantial existing stock of commercial properties and the need for financing channels [2][3]. Group 2: Policy Framework - The announcement by the China Securities Regulatory Commission (CSRC) outlines the core institutional arrangements for commercial real estate REITs, including product definitions, fund registration, and operational management requirements [4]. - The accompanying notification emphasizes enhancing market norms and resilience while serving the real economy, focusing on expanding supply and optimizing mechanisms [4][5]. - The policy encourages the integration of assets with similar functions and supports financial institutions with strong governance and asset management experience to participate in the REITs market [5]. Group 3: Future Outlook - The launch of commercial real estate REITs is seen as a significant step towards a dual-track review system, which is expected to improve review efficiency and accelerate market expansion [7]. - Analysts believe that the new regulations will lead to a scalable development phase for the REITs market, particularly in commercial real estate, which has considerable growth potential [7].