2026年1月27日，保利发展控股集团股份有限公司（以下简称"公司"）2026年第2次临时董事会会议审议通过了《关于开展商业不 动产REITs申报发行工作及相关授权事项的议案》。为响应《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》《关于 推动不动产投资信托基金（REITs）市场高质量发展有关工作的通知》等政策号召，进一步构筑公司不动产经营专业能力，优化 资本结构，增强公司核心竞争力和可持续发展能力，公司拟以持有的商业不动产项目作为底层资产，开展商业不动产投资信托基 金申报发行工作。 本次发行商业不动产REITs未构成关联交易，未构成《上市公司重大资产重组管理办法》规定的重大资产重组。 拟选取广州保利中心项目、佛山保利水城项目为标的资产发行商业不动产REITs。广州保利中心项目是广州市天河区珠江新城写 字楼项目，由保利发展公司全资子公司广州市瑞咨企业管理有限公司持有；佛山保利水城项目是佛山市金融CBD购物中心项目， 由保利发展公司全资子公司佛山保城企业管理有限公司持有。 REITs速达，第一时间、第一视角，中国公募REITs实践与政策学习者。首个提倡以"战略思维"聚焦公募REITs的专业REITs信息传 ...

Core Viewpoint - The initiation of commercial real estate REITs pilot programs marks a significant shift in China's REITs market from exploration to systematic development, providing strong financial impetus for revitalizing existing assets and constructing a new model for real estate development [1][2]. Group 1: Policy and Market Development - The new policies expand the coverage of REITs from traditional infrastructure to commercial real estate, enabling ordinary investors to participate in real estate investments [2]. - The estimated scale of commercial real estate in China is approximately 40 trillion yuan, indicating a substantial opportunity for revitalizing dormant assets through the pilot program [2]. - The new regulations aim to create a comprehensive system for REITs, enhancing market construction and regulatory optimization [1][3]. Group 2: Financial Mechanisms and Investment Opportunities - The introduction of commercial real estate REITs is expected to alleviate financial pressures on real estate companies by providing effective exit channels and improving cash flow [2][4]. - The policies encourage the entry of long-term funds, such as insurance and social security funds, into the REITs market, aiming to enhance market liquidity and investor structure [3][4]. - The REITs market is projected to grow significantly, with the potential to unlock substantial value in existing assets and provide stable capital support for the real economy [5][6]. Group 3: Market Resilience and Future Outlook - The new policies establish a three-dimensional framework for market resilience, focusing on asset supply, funding introduction, and product innovation [3]. - The REITs market is expected to evolve into a mainstream asset class, enhancing market depth and resilience through increased participation from institutional investors [3][5]. - The strategic focus for future investments in commercial real estate REITs should prioritize stable cash flow, asset appreciation, and expansion capabilities, particularly in core urban areas [6].

Core Viewpoint - The announcement by the China Securities Regulatory Commission (CSRC) regarding the pilot launch of commercial real estate investment trusts (REITs) will take effect from December 31, 2025, marking a significant expansion of China's public REITs market into the commercial real estate sector, indicating a new phase of parallel development between commercial real estate and infrastructure REITs [1][4]. Group 1: Regulatory Framework - The CSRC has established a "1+3+N" policy framework for the commercial real estate REITs system, which includes one announcement, one notice, two working regulations, and 17 supporting rules from various institutions [2]. - The new rules aim to adaptively optimize management while maintaining strict oversight, enhancing the inclusiveness and adaptability of the system, and reflecting targeted arrangements for different types of REITs [2]. - The announcement outlines eight key provisions that clarify the core institutional arrangements for commercial real estate REITs, including product definitions, fund registration, operational management requirements, and regulatory responsibilities [2]. Group 2: Market Development - The introduction of commercial real estate REITs signifies a shift towards a mature market that encompasses all categories and assets, moving towards a dual development model alongside infrastructure REITs [4]. - The regulatory approach will focus on enhancing the breadth and depth of REITs' service to the real economy, with a strategy to advance both commercial real estate and infrastructure REITs in parallel [4][5]. - The commercial real estate REITs are expected to promote consumption and structural adjustments, being more closely linked to macroeconomic cycles and consumer sentiment, while infrastructure REITs will continue to stabilize the economy and address shortfalls [5]. Group 3: Project Selection and Oversight - The regulatory authorities will prioritize the selection of high-quality projects, focusing on core urban areas and economically vibrant regions, and will support projects from listed companies, central enterprises, and reputable private and foreign firms [7]. - There will be a strong emphasis on the responsibilities of intermediary institutions, ensuring they adhere to strict standards in due diligence, material preparation, pricing, and information disclosure [8]. - The regulatory framework will include comprehensive monitoring and risk management to maintain market order and stability, with a commitment to transparency and public oversight in the REITs registration and regulatory processes [8].

Group 1: Stock Market Performance - The Chinese stock market achieved a "good start" for 2026, with all three major indices rising. The Shanghai Composite Index returned to the 4000-point mark, closing at 4023.42, up 1.38%. The Shenzhen Component rose by 2.24%, and the ChiNext Index increased by 2.85%, with over 4000 stocks rising and a trading volume of approximately 2.57 trillion yuan [7]. - Key factors driving the A-share market's performance include strengthened policy expectations, with a positive macro policy tone and the implementation of industry policies, particularly in commercial aerospace and semiconductor support, boosting market confidence [8]. - The influx of capital played a significant role, with foreign capital returning and the RMB appreciating, attracting over 10 billion yuan in northbound capital. Domestic long-term funds, including insurance and public funds, accelerated their entry, with margin trading balances exceeding 1.8 trillion yuan [8]. Group 2: Tourism Market - The New Year's tourism market also experienced a "good start," with 142 million domestic trips taken during the three-day holiday, generating a total expenditure of 84.789 billion yuan, averaging 597.11 yuan per person. Ticket bookings for domestic scenic spots increased by over four times year-on-year [8]. - The tourism sector is seen as a vital component of service consumption and a reflection of national consumer sentiment, with a strong start in tourism igniting confidence for economic development in 2026 [9]. Group 3: Foreign Debt Situation - The overall foreign debt situation in China is stable, with the total foreign debt balance as of September 30, 2025, being 16.8287 trillion yuan (approximately 2.3684 trillion USD), a decrease of 2.8% from June 2025 [9][10]. - The structure of foreign debt remains stable, with domestic currency debt accounting for 51.9% and medium to long-term foreign debt making up 42.5% of the total, indicating that key indicators are within internationally recognized safety lines [10]. Group 4: Regulatory Developments - The China Securities Regulatory Commission (CSRC) released the "Implementation Measures for Supervision and Management of Securities and Futures Markets" to further standardize the implementation procedures of market supervision, effective from June 30, 2026 [11]. - The China Banking and Insurance Asset Management Association published the "Data Classification and Grading Guidelines for the Insurance Asset Management Industry," effective January 1, 2026, aimed at enhancing data management standards in the industry [12][13]. - The CSRC announced the pilot program for Real Estate Investment Trusts (REITs) in commercial real estate, which is expected to provide new financing channels for real estate companies and enhance the stability of the REITs market [14]. Group 5: Low-altitude Economy in Shanghai - Shanghai aims to achieve a core industry scale of approximately 80 billion yuan in the low-altitude economy by 2028, establishing a complete industrial chain for new low-altitude aircraft and creating a national advanced manufacturing cluster [15][16].

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 a new model of real estate development, effective from December 31, 2025 [1][3]. Group 1: Announcement Details - The announcement consists of eight articles outlining the definition of commercial real estate REITs as closed-end publicly raised securities investment funds that generate stable cash flow from holding commercial real estate and distribute profits to fund shareholders [1][3]. - It specifies requirements for fund registration and operational management, including the responsibilities of fund managers and custodians, due diligence, application materials, and active management responsibilities of fund managers [1][3]. - The announcement emphasizes the role of fund managers and professional institutions, mandating strict adherence to professional standards and regulatory requirements [1][3]. - It reinforces regulatory responsibilities, clarifying the duties of regulatory bodies in overseeing commercial real estate REITs and monitoring risks [1][3]. - 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][3]. Group 2: Public Feedback and Implementation - Prior to the announcement, the CSRC solicited public opinions on the draft, receiving overall positive feedback on the basic ideas and main content of the announcement [2][4]. - The CSRC has carefully reviewed the feedback and incorporated reasonable suggestions into the final announcement [2][4]. - The CSRC will ensure effective implementation of the announcement in the future [2][4].

Group 1 - The core viewpoint is that the official release of the REITs pilot rules by the China Securities Regulatory Commission (CSRC) on December 31 allows commercial real estate such as shopping centers, office buildings, and hotels to be financed through public REITs, thus unlocking significant capital from the existing commercial real estate market [2][3] - The introduction of REITs transforms the approach for real estate companies from "development-sales" to "development-operation," enabling them to create long-term value through professional management [3] - REITs offer investors stable cash flow, providing new investment options for long-term funds such as insurance and pension funds [4] Group 2 - The regulatory authorities emphasize a cautious approach, focusing on quality rather than quantity, with the first batch of projects targeting mature commercial properties in first-tier cities to ensure a high-quality start [5] - The activation of trillions of yuan in commercial assets is anticipated, indicating a significant shift in the market landscape [6]

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]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the implementation of a pilot program for commercial real estate investment trusts (REITs) to promote high-quality development in the REITs market and enhance the service efficiency of multi-level capital markets for the real economy, effective from December 31, 2025 [1][3]. Group 1: Announcement Details - The announcement defines commercial real estate REITs as closed-end publicly raised securities investment funds that acquire stable cash flow through holding commercial real estate and distribute profits to fund shareholders [1][3]. - The announcement outlines requirements for fund registration and operational management, including the responsibilities of fund managers and custodians, due diligence, application materials, and commercial real estate standards [1][4]. - It emphasizes the role of fund managers and professional institutions in ensuring compliance with professional standards and regulatory requirements [1][5]. Group 2: Regulatory Framework - The CSRC will enforce regulatory responsibilities, including risk monitoring and management for commercial real estate REITs, and other regulatory bodies will also have self-regulatory responsibilities [1][5]. - The announcement states that commercial real estate assets must align with national strategies, development plans, and industry policies, ensuring clear ownership and compliance with relevant regulations [1][5]. - The operational management of commercial real estate REITs must adhere to legal and regulatory requirements, with fund managers actively fulfilling their management responsibilities [1][5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an announcement regarding the pilot program for Commercial Real Estate Investment Trusts (REITs), aimed at promoting high-quality development in the REITs market and enhancing the capital market's service to the real economy [2][3]. Group 1: Product Definition and Requirements - Commercial real estate REITs are defined as closed-end publicly raised securities investment funds that acquire stable cash flow through holding commercial real estate and distribute profits to fund shareholders [2][3]. - The announcement outlines registration and operational management requirements for the funds, including the responsibilities of fund managers and custodians, due diligence, application materials, and the active management responsibilities of fund managers [2][3]. Group 2: Regulatory and Compliance Measures - The announcement emphasizes the role of fund managers and professional institutions, mandating strict adherence to professional norms and regulatory requirements [2][3]. - It reinforces regulatory responsibilities, clarifying that regulatory bodies must fulfill their duties in overseeing commercial real estate REITs and monitoring risks [2][3]. Group 3: Implementation and Feedback - Prior to the announcement, the CSRC sought public opinions on the draft, receiving overall recognition for its basic ideas and main content [3]. - The CSRC has committed to carefully considering feedback and will ensure the effective implementation of the announcement [3].

Core Viewpoint - The real estate industry's bond financing scale continued to recover in November 2025, with a total of 62.04 billion yuan, representing a year-on-year increase of 28.5% and a month-on-month growth compared to October, indicating an improving financing environment for the industry [1] Financing Scale and Structure - From January to November 2025, the total bond financing for real estate companies reached 550.28 billion yuan, a year-on-year increase of 10.5%, with the growth rate further expanding compared to the first ten months of the year [1] - In November, the financing structure showed a "multi-channel approach," with credit bonds, ABS (Asset-Backed Securities), and overseas bonds all contributing to the growth [2] - The credit bond financing in November was 26.22 billion yuan, accounting for 42.3% of the total; ABS financing grew significantly by 36% year-on-year to 29.4 billion yuan, increasing its share to 47.4%; overseas bond financing was 6.42 billion yuan, making up 10.3% [2] ABS Growth and Market Trends - The notable growth in ABS financing was highlighted, with class REITs products accounting for 51.7% of the ABS issuance scale, and CMBS/CMBN making up 24.5% [2] - The expansion of holding-type real estate ABS provides effective pathways for real estate companies to activate existing assets and supports a shift from "development financing" to "operational financing" [3] Regulatory Developments - The recent announcement by the China Securities Regulatory Commission regarding the pilot launch of commercial real estate REITs marks the official start of the REITs market expansion, with potential activation space estimated between 800 billion to 1.5 trillion yuan [3] Financing Costs - The average interest rate for real estate industry bond financing in November was 2.66%, a year-on-year decrease of 0.07 percentage points, with credit bonds averaging 2.23% and overseas bonds at 2.97% [4] - The financing scale recovery did not lead to a significant increase in costs, indicating a supportive funding environment for quality projects and entities [5] Corporate Financing Activity - Major real estate companies maintained significant financing scales, with China Merchants Shekou Industrial Zone Holdings issuing bonds worth 5.04 billion yuan at an interest rate of only 1.77% [5] - The overseas bond issuance has gradually "broken the ice," with China Resources Land issuing dual-currency green bonds totaling 4.3 billion yuan and 300 million USD [5] Overall Industry Outlook - The recovery in bond financing within the real estate sector signals a marginal improvement in the financing environment, with year-on-year growth in financing scale, low financing costs, and increasingly diversified financing channels [5][6]