Zheng Quan Ri Bao·2026-01-28 16:20Core Viewpoint - The announcement by the China Securities Regulatory Commission regarding the pilot launch of commercial real estate investment trusts (REITs) provides new avenues for revitalizing commercial real estate assets such as office buildings and hotels [1] Group 1: Company Initiatives - Poly Developments announced its board's approval to initiate the application and issuance of commercial real estate REITs, utilizing its commercial real estate projects as underlying assets to enhance its real estate operational capabilities and optimize its capital structure [1] - Poly Developments plans to select the Guangzhou Poly Center and Foshan Poly Water City projects as the underlying assets for the REITs [1] - Maoye Commercial announced its intention to issue public REITs using certain buildings from its Chengdu Maoye Center as underlying assets, aiming to activate existing assets and broaden financing channels [2] Group 2: Industry Trends - More companies are showing interest in commercial real estate REITs, with Vanke A actively monitoring market innovations and establishing asset exit channels, including three Pre-REITs funds [3] - Wushang Group has initiated research on public REITs for commercial real estate, assessing its eligible assets for issuance [3] - The expansion of public REITs to include hotels and office buildings is expected to facilitate a shift in the real estate industry from a development-focused approach to an operational one, attracting more social capital into real estate investments [4]