Chinanews.com, December 8th. According to the news from the WeChat public account "Published by the China Securities Regulatory Commission" on the 8th, Li Chao, member of the Party Committee and Vice Chairman of the China Securities Regulatory Commission, said in a video speech at the first Yangtze River Delta REITs Forum and China REITs Forum 2022 Annual Meeting. In the next step, the China Securities Regulatory Commission will thoroughly implement the relevant decision-making arrangements of the 20th National Congress of the Communist Party of China, take the initiative to act, adhere to the fundamental purpose of serving the real economy, strengthen systematic thinking and market concepts, and promote normalized issuance as a starting point to accelerate the promotion of high market growth. Quality development, take the road of REITs market development with Chinese characteristics.

Focus on doing the following work well:

　　(1) Maintain regular issuance and give full play to the scale effect and demonstration effect.

Continue to promote the implementation of the ten measures for the regular issuance of infrastructure REITs, and promote the issuance and listing of more high-quality projects.

Further expand the scope of REITs pilot projects to cover infrastructure fields such as new energy, water conservancy, and new infrastructure as soon as possible.

Accelerate the creation of affordable rental housing in the REITs market, research and promote the expansion of the pilot program to market-oriented long-term rental housing and commercial real estate.

　　(2) Improve the market system and promote the construction of a multi-level market system.

Implement the relevant requirements of the State Council's "Opinions on Further Revitalizing Existing Assets and Expanding Effective Investment", and further promote the reform and innovation of various basic systems of REITs.

Promote the implementation of the first batch of expansion projects as soon as possible.

Promote the smooth channel mechanism from Pre-REITs cultivation and incubation, operation improvement to public offering REITs listing, and actively explore the establishment of a multi-level REITs market.

　　(3) Strengthen interim and ex-post supervision to promote the smooth operation of the market.

Adhere to the equal emphasis on development and regulation, and establish and improve regulatory arrangements that conform to the laws of market operation and have Chinese characteristics.

We have established a full-process and full-chain supervision mechanism, focusing on "asset management" as the core, and strengthening the penetrating supervision of underlying assets; researching and formulating guidelines for information disclosure of large categories of assets in line with the characteristics of REITs, strengthening information disclosure supervision; promoting various Responsibilities of quasi-market entities should be fulfilled, a comprehensive regulatory system should be improved, and a good market ecology should be gradually cultivated in which the market is regulated and orderly, entities comply with laws and regulations, and investors are effectively protected.

　　(4) Improve laws and regulations and lay a solid foundation for the long-term development of the market.

Summarize the pilot experience, learn from the practice of overseas mature markets, and under the framework of the "Company Law" and "Securities Law", research and promote special legislation, and systematically build legal and institutional arrangements that meet the characteristics of REITs and China's national conditions.

Strengthen communication with relevant departments, and further clarify the tax collection and management rules for REITs.

Promoting allocation-oriented long-term institutional investors such as social security funds, pension funds, and enterprise annuities to participate in investment, and actively cultivating professional REITs investor groups.

　　(5) Give full play to the joint efforts of all parties to promote the sustainable and healthy development of the market.

REITs market construction involves all aspects and is a systematic project.

At present, relevant departments, local governments, and participating institutions have gradually formed a broad consensus and joint efforts on the REITs market.

The China Securities Regulatory Commission will work with the National Development and Reform Commission to further improve the comprehensive promotion mechanism of REITs, coordinate and solve common problems such as project compliance, state-owned assets transfer, and equity confirmation involved in the development of REITs, guarantee normalized project supply, and promote standardized market development.

(China New Finance and Economics)