香港联交所最新资料显示，11月25日，贝莱德减持领展房产基金(00823)238.95万股，每股均价36.3007 港元，总金额约为8674.05万港元。减持后最新持股数目约为2.34亿股，最新持股比例为8.98%。 ...

智通财经APP获悉，香港联交所最新资料显示，11月25日，贝莱德减持领展房产基金(00823)238.95万 股，每股均价36.3007港元，总金额约为8674.05万港元。减持后最新持股数目约为2.34亿股，最新持股 比例为8.98%。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the pilot program for Commercial Real Estate Investment Trusts (REITs), expanding the scope from infrastructure to commercial real estate, which aims to support the transformation of the real estate industry towards a new development model [1][11]. Regulatory Framework - The announcement outlines eight key points defining commercial real estate REITs, including fund registration, operational management requirements, and responsibilities of fund managers and regulatory bodies [3]. - A comprehensive regulatory framework has been established, based on securities laws and administrative rules, focusing on asset admission, profit distribution, operational management, governance, funding closure, and information disclosure [4][5]. Market Development - The commercial real estate REITs pilot is expected to enhance market efficiency and attract long-term capital, with institutional investors making up 95% of the investment structure [4][8]. - As of now, the public REITs market in China has grown to a scale of 207 billion yuan, with 77 products listed across 10 industries and 18 asset types, demonstrating its effectiveness in revitalizing existing assets and supporting the real economy [7]. Strategic Direction - The development strategy for commercial real estate REITs will run parallel to infrastructure REITs, addressing the specific needs of commercial properties such as retail, office buildings, and hotels, while optimizing regulatory requirements for real estate companies [8][9]. - The pilot program is seen as a critical turning point for commercial real estate in China, aligning with global practices to address asset revitalization through securitization [11][12]. Investor Engagement - The new REITs are designed to provide investors with stable cash flows and asset appreciation potential, encouraging a shift from developers to asset managers within the real estate sector [12]. - The regulatory adjustments aim to maintain policy stability and clarity, reducing unnecessary interventions in the micro-market, thereby enhancing the market's resource allocation efficiency [11].

Core Viewpoint - The launch of commercial real estate REITs in China marks a significant development in the REITs market, aimed at injecting liquidity into the trillion-level stock assets and aligning with macroeconomic conditions and market demands [2][4]. Group 1: Introduction of Commercial Real Estate REITs - The China Securities Regulatory Commission (CSRC) has issued a draft announcement to officially start the pilot program for commercial real estate REITs, defining product specifications and operational management requirements [2]. - The introduction of commercial real estate REITs is expected to revitalize a large volume of existing commercial real estate assets, enhancing liquidity and capital allocation efficiency [4][5]. Group 2: Market Context and Timing - The current economic environment and market needs make the launch of commercial real estate REITs timely, as it aligns with the demand for wealth management among residents and the need for a new model in real estate development [4]. - The commercial real estate sector in China has a vast stock of assets, many of which can be revitalized through REITs, thus stimulating consumption and investment [4][5]. Group 3: Benefits of Commercial Real Estate REITs - The issuance of commercial real estate REITs will primarily be used to repay interest-bearing debts and reinvest within the main business scope, improving the asset-liability structure of real estate companies [5]. - Public REITs provide high liquidity and transparency, which can stabilize market expectations and alleviate price declines due to liquidity shortages and information asymmetry [5][9]. Group 4: Regulatory Framework and Structure - The regulatory framework for commercial real estate REITs is designed to clarify responsibilities and rights among stakeholders, ensuring a balance between innovation and stability [9]. - The CSRC plans to implement a parallel development strategy for commercial real estate REITs and infrastructure REITs, catering to diverse market needs and enhancing the overall capital market structure [10][11]. Group 5: Future Developments - The CSRC and stock exchanges are expediting the preparation of rules and regulations for commercial real estate REITs, with expectations for rapid implementation and material submissions [11][12]. - Future reforms will focus on enhancing the policy framework and market efficiency, promoting a healthy investment and financing ecosystem [12].

Core Viewpoint - The launch of commercial real estate REITs in China marks a significant step towards revitalizing the trillion-level stock assets, enhancing liquidity and capital allocation efficiency in the market [1][3][8] Group 1: Introduction of Commercial Real Estate REITs - The China Securities Regulatory Commission (CSRC) has issued a draft announcement to initiate a pilot program for commercial real estate REITs, defining product specifications and operational management requirements [1][2] - The introduction aligns with current macroeconomic conditions and market demands, catering to residents' wealth management needs and adhering to international practices [2][8] Group 2: Market Potential and Benefits - The commercial real estate sector in China has a vast stock scale, with many quality assets that can be revitalized through REITs, transforming them into tradable financial products [3][7] - REITs can stimulate consumption and investment, supporting a new model for real estate development by creating a closed-loop system for capital recovery and reinvestment [3][6] Group 3: Regulatory Framework and Structure - The regulatory framework for commercial real estate REITs is designed to enhance institutional adaptability, focusing on long-term stable operations and investment value [5][6] - The CSRC will implement a dual-track strategy for commercial and infrastructure REITs, ensuring that both sectors can effectively meet diverse market needs [6][7] Group 4: Future Developments and Reforms - The launch of commercial real estate REITs is part of a broader capital market reform aimed at enhancing the multi-level capital market system and supporting high-quality development [8][9] - Future reforms will focus on optimizing the issuance and expansion mechanisms for REITs, promoting mergers and acquisitions, and increasing market participation [9]

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - On November 28, 2025, after the market closed, the China Securities Regulatory Commission (CSRC) released the "Announcement on the Pilot Program of Commercial Real Estate Investment Trust Funds (Draft for Comment)", planning to introduce a new product, "Commercial Real Estate REITs," in addition to infrastructure REITs. The scope of public - offering REITs will include commercial properties such as commercial complexes, commercial retail, office buildings, and hotels. This is a significant milestone after five years of development [3]. - The CSRC emphasizes the fund manager's active role in the operation and management of commercial real estate, which is expected to shift the domestic commercial real estate from a development - oriented to an operation - oriented model and make the institutional arrangement closer to that of mature international REITs markets [3]. - The review process of REITs may change marginally, potentially simplifying the review chain of commercial real estate REITs and accelerating product expansion [3]. - The launch of commercial real estate REITs provides a market - based financing and exit channel for real - estate enterprises and local state - owned enterprises holding high - quality commercial properties, alleviating their liquidity pressure and supporting the construction of a new real - estate development model [3]. 3. Summary According to the Catalog 3.1 Primary Market: Three Newly Issued Public - Offering REITs Made Progress - As of November 28, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 38.79 billion yuan, a year - on - year decrease of 24.1%. This week, three newly issued public - offering REITs made progress: the Orient Hong Kong Tunnel Expressway REIT (the first tunnel REIT in China) was accepted, the Ping An Xi'an High - tech Industrial Park REIT was declared, and the AVIC CNNC Energy REIT was accepted [3]. - Currently, there are 11 REITs in the declaration stage, 2 have responded to inquiries, 1 has passed the review, and 1 has been registered and is awaiting listing. In terms of expansion, 5 have been declared, 3 have responded to inquiries, and 3 have passed the review [3]. 3.2 Secondary Market: Liquidity Rebounded This Week 3.2.1 Market Review: The CSI REITs Total Return Index Fell 0.08% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1040.34 points, down 0.08%, underperforming the CSI 300 by 1.72 percentage points and outperforming the CSI Dividend Index by 0.08 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 7.49%, underperforming the CSI 300 by 7.55 percentage points and outperforming the CSI Dividend Index by 8.13 percentage points [4]. - By project attribute, equity - type REITs fell 0.02% this week, and concession - type REITs fell 0.43%. By asset type, data centers (+1.84%), affordable housing (+0.77%), consumption (-0.13%), and warehousing and logistics (-0.30%) sectors performed well [4]. - Among individual bonds, 34 rose and 42 fell this week. CICC Xiamen Anju REIT (+3.65%), Huaxia Capital First - Initiative Outlets REIT (+2.67%), and Huaxia Beijing Affordable Housing REIT (+2.52%) led the gainers, while Huatai Nanjing Jianye REIT (-5.92%), CICC Chongqing Liangjiang REIT (-4.55%), and China Merchants Expressway REIT (-4.41%) were the biggest losers [4]. 3.2.2 Liquidity: The Liquidity of the Affordable Housing Sector Increased Significantly - The average daily turnover rates of equity - type and concession - type REITs this week were 0.51% and 0.47% respectively, up 7.22BP and 2.49BP from last week. The trading volumes this week were 490 million and 157 million shares respectively, up 16.59% and 15.38% week - on - week. The affordable housing sector was the most active [4]. 3.2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - The ChinaBond valuation yields of equity - type and concession - type REITs were 3.95% and 4.17% respectively [29]. 3.3 This Week's Important News and Announcements - On November 25, 2025, the bidding announcement for the fund manager of the infrastructure REITs of the Southern Xinjiang Energy Group was released. The service location is Alar City, the service period is 3 years, and the opening time is December 16 [34]. - On November 26, 2025, the winning candidate for the public - offering REITs project of the Lanzhou Thermal Group was announced. The first winning candidate is Dongxing Securities, with a consulting service fee of 2.8 million yuan, a fund management fee of 0.193% per year, and an ABN underwriting fee of 0.13% per year [34]. - On November 27, 2025, the National Development and Reform Commission (NDRC) stated that it is actively promoting the expansion of infrastructure REITs to more industries and asset types such as urban renewal facilities, hotels, sports stadiums, and commercial office facilities, and will continue to cooperate with the CSRC to optimize the application and recommendation process [34]. - On November 28, 2025, the CSRC drafted and solicited public opinions on the "Announcement on the Pilot Program of Commercial Real Estate Investment Trust Funds", which contains eight articles, emphasizing the manager's operation responsibility and other aspects [34].

Core Viewpoint - The launch of the commercial real estate REITs pilot program marks a significant development in the public REITs market, aimed at enhancing asset liquidity and expanding financing channels for real estate in China [3][5]. Group 1: Market Overview - As of November 27, 77 REITs have been listed, raising a total of 207 billion yuan, with a total market capitalization of 220.1 billion yuan [4]. - The China Securities REITs Total Return Index has increased by 22.46% since the beginning of 2024, indicating that REITs are becoming an important asset class for investment [4]. Group 2: Regulatory Framework - The draft proposal outlines eight key points, including product definitions, fund registration, operational management requirements, and enhanced regulatory responsibilities [3][5]. - Commercial real estate REITs are defined as closed-end publicly raised securities investment funds that hold commercial real estate to generate stable cash flows and distribute profits to fund shareholders [5]. Group 3: Institutional Responsibilities - The draft emphasizes the roles of fund managers and professional institutions, mandating strict adherence to professional standards and regulatory requirements [5]. - Regulatory bodies are tasked with monitoring and managing risks associated with commercial real estate REITs, ensuring compliance with laws and regulations [5].

Core Viewpoint - The launch of the pilot program for commercial real estate investment trusts (REITs) in China marks a significant expansion of the domestic REITs market, aimed at stabilizing the economy and transforming the real estate industry [1][2][3]. Group 1: Regulatory Framework - The announcement outlines requirements for fund registration and operation management, including responsibilities for fund managers and custodians, due diligence, and application materials [2]. - It emphasizes the importance of strict compliance with professional standards and regulatory requirements by fund managers and professional institutions [2]. - Regulatory responsibilities are clarified, with various regulatory bodies tasked with overseeing commercial real estate REITs and risk monitoring [2]. Group 2: Economic Impact - Commercial real estate REITs are expected to stabilize the real estate market and the economy, with the current stock of commercial real estate in China valued at 40 trillion yuan [3]. - The issuance of commercial real estate REITs can effectively activate existing assets and promote consumption and investment [3]. - The introduction of commercial real estate REITs is seen as a step towards the transformation and upgrading of the commercial real estate industry, moving from high-intensity development to refined asset management [3]. Group 3: Market Development - As of November 28, 2025, there are 77 REITs listed in the market, raising over 200 billion yuan, with a total market capitalization of approximately 220 billion yuan, covering various asset types [4]. - The Shenzhen Stock Exchange has launched multiple REITs projects in sectors such as natural gas power generation and data centers, contributing to the diversification of asset types [5]. - The Shenzhen Stock Exchange is actively promoting the pilot program for commercial real estate REITs, with ongoing efforts to optimize supporting regulations and enhance the quality of capital market services for the real economy [5].

香港联交所最新资料显示，11月24日，贝莱德增持领展房产基金(00823)675.4718万股，每股作价 36.6466港元，总金额约为2.48亿港元。增持后最新持股数目约为2.37亿股，最新持股比例为9.01%。 ...

智通财经APP获悉，香港联交所最新资料显示，11月24日，贝莱德增持领展房产基金(00823)675.4718万 股，每股作价36.6466港元，总金额约为2.48亿港元。增持后最新持股数目约为2.37亿股，最新持股比例 为9.01%。 ...