我国公募REITs实践情况总结与思考

Summary and Reflection on Practice of Public Offering REITs in China

我国不动产投资信托基金(REITs)试点政策具有鲜明的中国特色,相关制度既借鉴了海外REITs经验,又基于我国国情市情进行了本土化创新。在REITs试点扩大推进的过程中,已经积累了一定的实践经验,宜及时加以总结提炼,进一步优化相关制度安排,以促进REITs市场发展壮大。本文立足业务实践经验,对REITs试点实践的相关情况进行梳理分析,并就相关制度安排的进一步优化完善进行了思考,包括:探索提升REITs市场准入规则体系的包容性,推动市场扩容发展;进一步研究优化REITs发行审核工作流程,提高项目推进效率;逐步完善REITs产品及治理结构,加强投资者保护;推动出台便利REITs项目转让、税收豁免等配套制度;探索研究优化扩募并购制度,进一步促进REITs市场化发展。

China’s pilot policy of Real Estate Investment Trusts(REITs)has distinct Chinese characteristics.Relevant systems not only learn from the experience of overseas REITs,but also carry out localization innovation based on China’s national conditions.In the process of expanding and promoting the REITs pilot,certain practical experience has been accumulated.It should be summarized and refined in time to further optimize the relevant institutional arrangements to promote the development and expansion of the REITs market.Based on the business practice experience,this paper sorts and analyzes the relevant situations of the pilot practice of REITs,and explores and reflects on the further optimization and improvement of relevant institutional arrangements.This paper’s suggestions include exploring and improving the inclusiveness of the system of REITs market access rules,promoting the expansion and development of the market;further studying and optimizing the review workflow of REITs issuance,improving the efficiency of project promotion;gradually improving the REITs products and governance structure,strengthening investor protection;promoting the introduction of supporting systems to facilitate REITs project transfer and tax exemption;exploring and optimizing the system of the increase of fundraising and acquisition,further promoting the marketization development of REITs.