重要新规！证监会公开征求意见

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted an announcement for the pilot program of Commercial Real Estate Investment Trusts (REITs), aiming to enhance the role of REITs in supporting a new model of real estate development and improving the quality and efficiency of multi-tiered capital markets in serving the real economy [1][9]. Summary by Sections Introduction - The CSRC is seeking public opinions on the draft announcement regarding the launch of Commercial Real Estate REITs [1][2]. Definition and Purpose - Commercial Real Estate REITs are defined as closed-end publicly raised securities investment funds that invest in commercial real estate assets to obtain ownership or operational rights, generating stable cash flows from rents and fees, and distributing the main profits to fund shareholders [3][5]. Market Demand - There is a significant internal demand in China to revitalize and expand equity financing channels through REITs, given the large existing stock of commercial real estate [4][9]. Regulatory Framework - The draft includes eight main provisions, detailing the definition of the product, registration and operational management requirements, and the responsibilities of fund managers and professional institutions [5][6]. - Fund managers must conduct comprehensive due diligence on the commercial real estate they intend to hold and submit registration materials to the CSRC [6][7]. Regulatory Responsibilities - The CSRC and its local agencies are tasked with the regulatory oversight and risk monitoring of Commercial Real Estate REITs, while self-regulatory organizations will manage compliance [7][9]. Market Development - The REITs market in China has seen steady development over five years, with 77 listed REITs raising a total of 207 billion yuan and a total market value of 220.1 billion yuan as of November 27, 2025 [9].