走好中国特色REITs发展之路

Pave Development Path of REITs with Chinese Characteristics

本文系统总结我国不动产投资信托基金(REITs)的发展特征,并提出下一步推动市场发展的工作重点。我国REITs市场启动以来,正逐步走出一条符合中国国情的发展之路:一是坚持服务实体经济,试点从交通、能源、市政等基础设施起步;二是从试点到常态化发行逐步推进,充分发挥各方合力、推出配套支持政策;三是坚持高标准、稳起步,注重顶层设计、增强市场流动性和强化投资者保护;四是结合中国实际采用“公募基金+ABS”运作模式。下一步,为走好中国特色REITs市场发展之路,需要从五方面加以推进:一是保持常态化发行,扩大REITs试点范围;二是完善市场体系,推进多层次市场体系建设;三是强化事中事后监管;四是完善法规制度,夯实市场长远发展基础;五是发挥各方合力,统筹解决REITs发展中的共性问题。

This paper systematically summarizes the development characteristics of China’s Real Estate Investment Trusts(REITs),and puts forward the key tasks to promote market development in the next step.Since its launch,China’s REITs market is gradually developing in line with China’s situation.(1)It adheres to serving the real economy.Pilot projects are related to infrastructure such as transportation,energy,and municipal administration.(2)It gradually promotes from pilot to the normalization of offering,gives full play to the joint efforts of all parties,and launches supporting policies.(3)It adheres to high standards and steady launching,pays attention to top-level design,enhances market liquidity,and strengthens investor protection.(4)It considers the actual situation in China,and adopts the“public fund+ABS”operation mode.In the next step,in order to pave the development path of REITs with Chinese characteristics,it needs measures from 5 aspects.(1)It should maintain the normalization of offering,and expand the scope of REITs pilots.(2)It should improve the market system and promote the construction of a multi-level market system.(3)It should strengthen operational and post-operational oversight.(4)It should improve the laws and regulations,and consolidate the long-term development foundation of the market.(5)All parties should work together to solve common problems in the development of REITs.