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Core Viewpoint - The China Securities Regulatory Commission (CSRC) is set to promote the development of Real Estate Investment Trusts (REITs) in the commercial real estate sector through a phased pilot program, enhancing market functions and regulatory frameworks to better serve the real economy [1][3]. Group 1: Regulatory Framework and Guidelines - The CSRC has established a "1+3+N" policy framework, which includes one announcement, one notification, two working regulations, and 17 supporting rules from various financial institutions [3]. - The notification outlines four key areas for advancing REITs: improving work mechanisms, accelerating market system construction, optimizing review processes, and enhancing comprehensive regulatory mechanisms [3][4]. Group 2: REITs Characteristics and Market Strategy - The introduction of commercial real estate REITs aligns with current macroeconomic conditions and market demands, aiming to revitalize existing commercial properties and stimulate consumption and investment [6][7]. - The strategy involves parallel development of commercial real estate REITs and infrastructure REITs, with each serving distinct economic functions: infrastructure REITs focus on stabilizing the economy, while commercial REITs aim to promote consumption and structural adjustments [7]. Group 3: Pilot Program and Risk Management - The pilot program will prioritize high-quality projects, focusing on core urban areas and established commercial properties, while ensuring strict compliance and risk management [9][10]. - The CSRC emphasizes the importance of intermediary institutions in maintaining quality control and compliance throughout the REITs process, reinforcing their responsibilities in due diligence and information disclosure [10].