Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an announcement to promote the high-quality development of the commercial real estate investment trust (REITs) market, aiming to enhance the capital market's service to the real economy and support a new model of real estate development [1] Group 1: Announcement Details - The announcement consists of eight articles focusing on four main areas: product definition, fund registration and operational management requirements, the role of fund managers and professional institutions, and strengthening regulatory responsibilities [1] - Commercial real estate REITs are defined as closed-end publicly raised securities investment funds that hold commercial real estate to obtain stable cash flows and distribute profits to fund shareholders [1] - The announcement specifies requirements for fund managers, custodians, due diligence, application materials, and commercial real estate, along with the active operational management responsibilities of fund managers [1] Group 2: Regulatory Framework - The announcement emphasizes the importance of fund managers and professional institutions adhering to professional norms and regulatory requirements, thereby ensuring accountability [1] - It clarifies the responsibilities of various regulatory bodies in monitoring and managing risks associated with commercial real estate REITs [1] - 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)" [1]