中国证监会印发《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》

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the implementation of a pilot program for commercial real estate investment trusts (REITs) to enhance the quality of the REITs market and support the development of a new model for real estate investment, effective from December 31, 2025 [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 registration and operational management, including the roles of 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]. Reference to Existing Guidelines - 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].