【建筑建材】公募REITs扩容至商业不动产，盘活万亿资产加速市场扩容——公募REITs动态跟踪报告（孙伟风/吴钰洁）

Core Viewpoint - The introduction of commercial real estate investment trusts (REITs) in China aims to revitalize the commercial property market and provide new financing avenues for enterprises, particularly in a challenging real estate environment [4][5]. Group 1: Expansion of Public REITs - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding the pilot launch of commercial real estate REITs, expanding the scope of public REITs to include commercial office facilities and urban renewal projects [4]. - The National Development and Reform Commission (NDRC) has also updated the industry scope for infrastructure REITs, adding categories such as sports venues and commercial complexes [4]. Group 2: Market Opportunities Amidst Challenges - The launch of commercial real estate REITs is seen as a response to the ongoing downward pressure in the real estate market, providing a mechanism to improve asset structures and facilitate a shift from "heavy development" to "heavy operation" for enterprises [5]. - The expansion of public REITs to include commercial real estate assets enriches the asset types available in the market, offering investors more choices [5]. Group 3: Regulatory Framework and Implementation - The overall regulatory framework for commercial real estate REITs will follow that of infrastructure public REITs, with simplified requirements for fund managers and custodians [6]. - The specifics regarding categories and review mechanisms are still pending further details from the CSRC, and a dual-track review system could enhance efficiency and flexibility in the market [6]. Group 4: Market Dynamics and Valuation - The secondary market for infrastructure public REITs is currently under pressure due to year-end product unlocks and increased supply expectations [8]. - Historical dividend yields for office and hotel REITs in Japan average around 4.0% and 3.7%, respectively, which are comparable to current yields of infrastructure public REITs, indicating that product valuation and operational quality will be critical for future investments [8].