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Notice by the Shanghai Stock Exchange of Matters Concerning the Commercial Real Estate Investment Trust Pilot Program
[Effective]
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上海证券交易所关于商业不动产投资信托基金试点有关工作的通知
[现行有效]
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【法宝引证码】
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| Notice by the Shanghai Stock Exchange of Matters Concerning the Commercial Real Estate Investment Trust Pilot Program | | 上海证券交易所关于商业不动产投资信托基金试点有关工作的通知 |
| Letter No. 4386 [2025] of the Shanghai Stock Exchange | | 上证函〔2025〕4386号 |
| Market participants: | | 各市场参与人： |
| For the purposes of thoroughly implementing the spirit of the Fourth Plenary Session of the 20th CPC Central Committee and the Central Economic Work Conference, as well as the work plan set forth in the Several Opinions of the State Council on Strengthening Regulation, Preventing Risks and Promoting the High-Quality Development of the Capital Market (No. 10 [2024], State Council), and boosting the high-quality development of commercial real estate investment trusts (“commercial REITs”) as required by the Announcement of the China Securities Regulatory Commission on Launching the Pilot Program for Commercial Real Estate Investment Trusts (CSRC Announcement No. 21 [2025]) and the Notice by the China Securities Regulatory Commission of the Work Concerning Propelling the High-Quality Development of the Real Estate Investment Trusts (REITs) Market (No. 63 [2025], CSRC), the Shanghai Stock Exchange (“Exchange”) has actively implemented the relevant work and hereby gives notice of the relevant matters as follows. | | 为深入贯彻落实党的二十届四中全会、中央经济工作会议精神以及《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》（国办发〔2024〕10号）工作部署，按照《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》（证监会公告〔2025〕21号）、《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》（证监发〔2025〕63号）要求，推动商业不动产投资信托基金（以下简称商业不动产REITs）高质量发展，上海证券交易所（以下简称本所）积极落实有关工作，现就有关事项通知如下。 |
| I. Optimizing market services and expanding and improving the market | | 一、优化市场服务，推动市场扩容提质 |
| 1. Establishing a full-chain market service mechanism. The Exchange shall establish a through train mechanism for commercial REITs market services and form dedicated service teams to suit the needs in the innovative pilot program in a timely manner, rapidly respond to requests for policy-related advice, assist in addressing challenges and difficulties in advancing the pilot program, optimize issuance and trading arrangements, and provide professional, efficient, and targeted services to market participants. The Exchange shall, in coordination with relevant industry departments, local governments, and CSRC local offices, continue to interpret policies and develop the market, and accelerate the implementation of high-quality programs. All market participants shall actively participate in the innovative pilot program and move faster to effectively reserve commercial REITs and foster the market. | | （一）建立全链条市场服务机制。本所建立商业不动产REITs市场服务直通车机制，组建专项服务团队，及时对接创新试点需求，快速回复政策咨询，协助解决试点推进中的重难点问题，优化发行和交易安排，为市场主体提供专业性、便利性、针对性的服务。本所协同各行业主管部门、地方政府、地方证监局持续开展政策解读和市场建设工作，加速推动优质项目落地。各市场参与人应当积极参与创新试点，加快做好商业不动产REITs储备和市场培育。 |
| 2. Focusing on support priorities. The Exchange shall, in accordance with market-oriented and rule-of-law principles, focus on supporting the applications for issuance of commercial REITs backed by commercial complexes, commercial retail properties, office buildings, hotels, and other commercial assets that feature clear ownership, mature operating models, and sustained and stable cash flows. Market participants shall be encouraged to apply for issuance related to high-quality commercial real estate assets that comply with policies, and support shall be provided for creating a new model for real estate development. | | （二）聚焦重点支持方向。本所将遵循市场化、法治化原则，重点支持权属清晰、运营模式成熟、现金流持续稳定的商业综合体、商业零售、办公、酒店以及其他具有商业属性的资产业态申报发行商业不动产REITs。鼓励市场主体以符合政策导向的优质商业不动产申报发行上市，支持构建房地产发展新模式。 |
| ．．．．．． | | ．．．．．． |
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