Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on a draft announcement regarding the pilot launch of Commercial Real Estate Investment Trusts (REITs) to promote high-quality development in the REITs market and enhance the capital market's ability to support the real economy [1][3]. Group 1: Regulatory Framework - The announcement outlines requirements for fund managers, custodians, due diligence, application materials, and commercial real estate [1]. - Fund managers must have robust investment management, asset operation, internal control, and risk management systems in place [2]. - The commercial real estate assets held by the REITs must align with national strategies, development plans, and industry policies, ensuring clear ownership and stable cash flow [2]. Group 2: Operational Responsibilities - Fund managers are required to actively manage the operation of commercial real estate and ensure compliance with legal and regulatory standards [2]. - Professional institutions involved must adhere to relevant regulations and provide necessary services to support the healthy development of the commercial real estate REITs market [2]. Group 3: Implementation Process - The CSRC will refine the announcement based on public feedback and proceed with the necessary procedures for implementation [3].