REITs研究笔记系列：C-REITs发行说明书

Group 1 - The development of C-REITs has progressed through three phases: exploration and cultivation (2004-2019), pilot phase (2020-2024 H1), and normalization phase (2024 H2 onwards) [1][9] - The C-REITs market has seen a total of 65 listed REITs with a total market value of 190.9 billion as of April 21, 2025, with the top three asset types being transportation infrastructure (32%), park infrastructure (16%), and consumer infrastructure (16%) [9][14] - The regulatory framework for C-REITs has evolved to include a multi-department collaboration model, with the National Development and Reform Commission (NDRC) overseeing project compliance, the China Securities Regulatory Commission (CSRC) managing product registration, and exchanges ensuring listing and information disclosure [2][20] Group 2 - The issuance process for C-REITs consists of four main stages: preparation, application and review, registration and issuance, and listing management, with a focus on improving efficiency and ensuring investor protection [3][19] - The normalization phase aims to shift from "scale expansion" to "quality improvement," optimizing the market ecosystem and promoting a multi-tiered REITs market system [4][22] - The NDRC has expanded the asset scope for C-REITs to include 12 categories, enhancing the flexibility of fund usage while prohibiting the use of recovered funds for residential development projects [4][24]