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About comprehensively promoting the infrastructure fieldReal Estate Investment Trusts (REITs) ProjectNotice of regular issuance

NDRC Investment [2024] No. 1014

Provinces、Autonomous Region、Municipality and cities under separate state planning、Xinjiang Production and Construction Corps Development and Reform Commission，Related central enterprises:

In order to implement the Party Central Committee、Decision-making and deployment of the State Council，In accordance with the "Several Opinions of the State Council on Strengthening Supervision, Preventing Risks and Promoting High-Quality Development of the Capital Market" (Guofa [2024] No. 10)、"Opinions of the General Office of the State Council on Further Revitalizing Existing Assets and Expanding Effective Investment" (Guobanfa [2022] No. 19)、《China Securities Regulatory Commission、Notice of the National Development and Reform Commission on Promoting the Pilot Work of Real Estate Investment Trust Funds (REITs) in the Infrastructure Sector" (Zhengjianfa [2020] No. 40) Requirements，Promote the high-quality development of the real estate investment trust funds (REITs) (hereinafter referred to as "infrastructure REITs") market in the infrastructure field，The relevant matters are hereby notified as follows。

　　一、Comprehensively promote the normal issuance of infrastructure REITs。Since the pilot phase of infrastructure REITs，Continuous improvement of system rules，Issuance scale is growing steadily，Asset types continue to be enriched，The market performance is generally stable，The enthusiasm of all parties to participate has increased significantly，Infrastructure REITs promote innovation in investment and financing mechanisms、Deepening capital market reform、The important role of serving the development of the real economy is becoming increasingly apparent，Good conditions are in place to promote the normal issuance of infrastructure REITs。All participants must strictly implement marketization、Principles of the rule of law，Everyone performs his own duties、Everyone is responsible，Promote the normalized issuance of infrastructure REITs in accordance with laws and regulations。

　　2. Actively adapt to normal issuance requirements.All participants must adhere to the principle of “equal rights, responsibilities, and benefits”，Proactively improve project preparation capabilities、Material preparation ability、Investment judgment ability，Actively adapt to normal issuance requirements。Initiator (Original Equity Owner)、Fund managers must learn and understand regulatory requirements in depth，Comprehensive review of eligible projects，Check the compliance with basic conditions item by item against the requirements of this notice，Carefully prepare application materials，Comprehensive and objective、True and accurate presentation of the project situation，Earnestly assume responsibility for project declaration。Law firm providing services for the project、Accounting firm、Asset appraisal agency、Tax consulting agencies and intermediaries such as securities companies serving as financial advisors，Strictly abide by professional ethics and professional standards，Comprehensive and true reflection of the objective situation of the project，Full disclosure of potential project risks。REITs investors must accurately grasp the equity attributes of infrastructure REITs products，Correctly judge investment value，Autonomous decision-making、At your own risk。

　　3. Accurately grasp the key points of recommendations.Our committee will adhere to marketization、The spirit of rule of law，Highlight according to key points、Clear standards、The principle of normative transparency，Further focus on macro policy compliance、Investment Management Compliance、Recommended key points such as the use of recycled funds，Improving the "Declaration Requirements for Real Estate Investment Trusts (REITs) Projects in the Infrastructure Sector" (referred to as "Declaration Requirements")，Ensure that application recommendations are well-founded、There are rules to follow。Regulations and policies、Regulatory Rules、Articles of Association and other matters that are clearly stipulated，Such as internal corporate decision-making、Transfer of state-owned assets、Spin-off listing、Financing restrictions、Tax payment, etc.，The initiator (original equity holder) should handle it on his own in accordance with laws and regulations。Initiator (Original Equity Owner)、Fund managers must fully and prudently disclose project future income forecast assumptions，Investors should fully consider factors affecting future income fluctuations，Achieve reasonable valuation、Rational investment。

　　4. Effectively improve recommendation efficiency.The development and reform commissions of various regions must actively coordinate with relevant parties，Help enterprises solve key and difficult problems in accordance with laws and regulations，Shorten the project preparation cycle as much as possible;We need to intensify our efforts，Optimize workflow，Effectively improve the quality and efficiency of project declaration work。Consulting and evaluation institutions should focus on improving professional capabilities，Comprehensively and accurately grasp the assessment requirements，Discover and report problems in a timely manner，Strictly implement the time limit requirements for entrusted evaluation。Our committee will strictly follow the requirements of this notice，Carry out audit and evaluation in a standardized and efficient manner，And timely recommend or return the project based on the evaluation results，Effectively improve recommendation efficiency。Our committee is only responsible for the relevant matters specified in the "Declaration Requirements"，And will be based on the Party Central Committee、Relevant decisions and arrangements of the State Council, fixed asset investment management and capital market development requirements, etc.，Adjust and update the "Declaration Requirements" as appropriate。

　　5. Tighten and consolidate the responsibilities of all parties.Our committee will improve the working mechanism，Refining and implementing corresponding responsibilities for different entities，And make good use of the project return mechanism。Initiator (Original Equity Owner)、The fund manager is project preparation、The first person responsible for declaration and other work，We must effectively assume the main responsibility，Confirm the authenticity of the application materials、Validity、Compliance、Responsible for completeness。Relevant intermediaries must provide relevant opinions objectively，True reflection of the project situation，Concealing the facts、Fake，Our committee will severely punish the relevant parties。Consulting and evaluation institutions must effectively improve the quality of evaluation，Strictly observe integrity、Confidentiality and other work disciplines，Control the number of evaluation feedback times and evaluation time limit;Response to poor evaluation quality or violation of work discipline，Our committee will deal with it seriously。

This notice will be implemented from August 1, 2024。Relevant documents previously issued by our committee are inconsistent with this notice，Subject dafabet online betting websiteto this notice。Infrastructure REITs project that our committee has officially accepted and recommended to the China Securities Regulatory Commission，Continue to implement the original declaration requirements，The use of recycled funds can be adjusted according to the actual application of the project and in accordance with the requirements of this notice。

Attachment:Declaration requirements for real estate investment trusts (REITs) projects in the infrastructure sector

National Development and Reform Commission

July 6, 2024

Source: National Development and Reform Commission