Four Commercial Real Estate REITs Granted Registration Approval by the CSRC

According to official information released by the China Securities Regulatory Commission (CSRC) on April 24, 2026, four commercial real estate REITs have passed the review by the Shanghai Stock Exchange (SSE) and completed regulatory registration procedures, receiving official registration approval from the CSRC. This milestone marks a solid breakthrough for China's publicly offered REITs market in the commercial real estate sector, and serves as another important demonstration of the capital market's efforts to support the high-quality development of the real economy.

The newly approved projects are as follows: CSC Financial Shounong Food Group Closed-end Commercial Real Estate Securities Investment Fund, CUAM Shanghai Real Estate Closed-end Commercial Real Estate Securities Investment Fund, CICC Vipshop Closed-end Commercial Real Estate Securities Investment Fund, and Guotai Haitong Sasseur Closed-end Commercial Real Estate Securities Investment Fund. The participating institutions include leading local state-owned enterprises and top private enterprises across the industry. The underlying assets cover mature commercial formats such as retail and office properties, located in core urban areas of Beijing, Shanghai, Zhengzhou, Xi'an, Harbin and other major cities, boasting strong market representativeness and exemplary value. In addition to the newly approved projects, a total of 17 commercial real estate REITs have been accepted across the market to date. Among them, the SSE has accepted 14 products, with participants including central sate-owned enterprises, local state-owned enterprises, private enterprises, and foreign-invested enterprises. Nine of these products have responded to feedback comments, and follow-up work is progressing steadily.

The pilot program for commercial real estate REITs is a key initiative for the capital market to implement national policies set by the central authorities and the State Council on "revitalizing stock assets, improving incremental asset quality" and "increasing the proportion of direct financing". As a critical component of stock assets, the activation and efficient utilization of commercial real estate assets are of great significance for diversifying the asset scope of REITs, giving full play to market functions, advancing the high-quality development of the REITs market, and supporting national strategies and the real economy. These new products will provide market-based exit channels for enterprises holding high-quality commercial real estate assets, and guide the industry toward a development model that emphasizes operations and returns. Meanwhile, they offer retail investors access to standardized financial products backed by high-quality real estate assets, further improving the asset allocation capacity of the multi-tiered capital market.

Under the unified arrangement of the CSRC, the SSE has steadily advanced all preparatory work for the commercial real estate REITs pilot, including in-depth business research, rule formulation, technical system development and testing, as well as market outreach and cultivation. Since opening acceptance for such products, the SSE has adhered to the principle of high-quality development, strictly examined asset compliance, risk control and overall quality, conducted rigorous project reviews, urged intermediaries to fulfill their professional responsibilities, strengthened information disclosure requirements, and ensured solid project quality.

Moving forward, under the guidance of the CSRC, the SSE will continue the review of commercial real estate REITs and support market participants in completing the issuance and listing of approved REIT projects to maintain stable market operation. Adhering to market-oriented and law-based development, the SSE will further optimize supporting rules, coordinate with all parties to foster a healthy market ecosystem, and encourage high-quality commercial real estate projects from entities of all ownership types to join the pilot. These efforts will support the steady rollout of commercial real estate REITs and enhance the quality and efficiency of the multi-tiered capital market in serving the real economy.