关于《中国证监会关于推出商业不动产投资信托基金试点的公告（征求意见稿）》公开征求意见

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinions on the draft announcement regarding the pilot program for commercial real estate investment trusts (REITs), aiming to enhance the quality of the REITs market and support a new model for real estate development [2][3]. Summary by Sections Product Definition - Commercial real estate REITs are defined as closed-end publicly raised securities investment funds that acquire commercial real estate to generate stable cash flows and distribute profits to fund shareholders [2]. Fund Registration and Management Requirements - The announcement outlines requirements for fund managers and custodians, due diligence, application materials, and responsibilities for proactive management by fund managers [2]. Role of Fund Managers and Professional Institutions - Emphasis is placed on the responsibilities of fund managers and professional institutions, requiring strict adherence to professional standards and regulatory requirements [2]. Strengthening Regulatory Responsibilities - The announcement clarifies the responsibilities of regulatory bodies in overseeing commercial real estate REITs, including risk monitoring and management [2]. Other Relevant Matters - Other matters related to commercial real estate REITs will follow the guidelines set forth in the "Guidelines for Publicly Raised Infrastructure Securities Investment Funds (Trial)" [2].