Xinhua News Agency, Beijing, July 25th (Reporter Liu Hui) The official website of the China Securities Regulatory Commission recently announced that Li Chao, vice chairman of the China Securities Regulatory Commission, said that it is necessary to strengthen the institutional construction of the real estate investment trust fund (REITs) market. Improve and form a systematic basic system and supporting rules in terms of disclosure and governance mechanisms.

It is necessary to strengthen policy support, further promote the clarification of relevant policies for the transfer of state-owned assets, promote the participation of various long-term funds and other institutional investors in investment, and promote the introduction of special tax support policies.

　　He made the above statement at the 2021 China REITs Forum.

Li Chao pointed out that REITs have new business, long chain, multiple entities involved, and complex structure. From the perspective of overseas practice, the operation management and continuous supervision model are different from traditional public offering funds and bonds, and are more similar to listed companies.

It is necessary to improve the operation and management mechanism of REITs and increase the transparency of information disclosure.

According to business characteristics, explore continuous supervision arrangements that conform to the law of development, form a supervisory force, and strengthen supervision escort.

Seriously investigate and deal with all types of violations of laws and regulations, effectively protect the legitimate rights and interests of investors, and promote the long-term and healthy development of the market.

　　Li Chao said that it is necessary to actively explore the effective combination of REITs and major national strategies, give full play to the supporting role in the fields of innovation-driven, green development, protection and improvement of people’s livelihood, highlight key points, control quality, and vigorously support market-oriented operations Mature and stable high-quality projects, giving priority to supporting industry-leading enterprises with a certain reputation and influence, forming a good demonstration effect.

In the next step, it is necessary to summarize the pilot experience, learn from the practice of mature overseas markets, study and promote special legislation, systematically build institutional arrangements that meet the characteristics of REITs, and consolidate the legal foundation.

　　Li Chao emphasized that REITs are standardized financial products and must be operated by licensed institutions in accordance with the law.

Licensed institutions must earnestly perform their duties and fulfill their responsibilities, and play a good role as a "gatekeeper".

Third-party non-licensed institutions with professional advantages can provide consulting services and professional support, but are not allowed to substantively control related businesses.

Licensed institutions are strictly prohibited from transferring management responsibilities and being "channelized".