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SZSE Advances the Pilot Project for Publicly Offered REITs With All-out Efforts
China Securities Regulatory Commission (CSRC) and National Development and Reform Commission (NDRC) jointly issued the Notice on Work in Relation to Advancing the Pilot Project for Infrastructure Real Estate Investment Trusts (the "Notice"), expressly requiring the advancement of trials for the real estate investment trusts ("REITs") in the field of infrastructure.
On April 30, China Securities Regulatory Commission (CSRC) and National Development and Reform Commission (NDRC) jointly issued the Notice on Work in Relation to Advancing the Pilot Project for Infrastructure Real Estate Investment Trusts (the "Notice"), expressly requiring the advancement of trials for the real estate investment trusts ("REITs") in the field of infrastructure. According to the unified arrangements of CSRC and NDRC, Shenzhen Stock Exchange (SZSE) will conscientiously implement the tasks and requirements set forth in the Notice, set up a special task force and refine relevant rules and arrangements. Meanwhile, it will establish and refine the working mechanisms of acceptance, review, information disclosure and continuous regulation, do well in investor education and market cultivation and steadily put forward the trials of publicly offered infrastructure REITs in a down-to-earth manner.

Carrying out the pilot project for infrastructure REITs is of great significance to giving full play the role of capital market as a hub, making good use of existing assets in the field of infrastructure, channeling and gathering social capital and innovating investment and financing models. SZSE is the first exchange to introduce REIT products in China. It started relevant researches as early as 2003. Since 2006, it has taken an active part in REITs rule design and project demonstration organized by CSRC, and explored innovative products together with other related market participants, making full preparations for launching REITs.

Since 2014, SZSE has successively released China's first privately offered REITs "CITIC Qihang" based on asset securitization business, "Penghua Qianhai Vanke REITs" with publicly offered fund as a carrier, privately offered REITs of logistics warehousing "CITIC Huaxia Suning Cloud Sharing" and other innovative projects. It has completed the issuance of 39 privately offered REIT products, amounting to CNY 77.58 billion. SZSE has gained a wealth of experience in product innovation, review and continuous regulation in the field of privately offered REITs and formed China's largest REIT market with the most types of real estate, strong market leading effect and diverse investors, laying a sound foundation for conducting publicly offered REIT trials and promoting its steady development.

Next, seizing the major development opportunities arising from the development of "Guangdong-Hong Kong-Macau Greater Bay Area and pilot demonstration zone of socialism with Chinese characteristics", SZSE will give full play to the functions of the capital market in optimizing resource allocation, deepen the market-oriented reform of capital elements, step up efforts in basic rule development, and increase effective financial service supply. It will also give more financial support to traditional and new infrastructure areas, accelerate the building of its featured REIT sector and further improve the ability of capital market to service the real economy.
   
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