CSRC: Supports listed real estate developers in refinancing and M&A

The China Securities Regulatory Commission (CSRC), in its "Guidelines on Supporting the Capital Market to Foster a New Model for Real Estate Development," stated that it supports listed real estate developers in refinancing and in using tools such as share issuances, targeted convertible bonds, and cash to acquire real estate-related assets. It will strengthen support for bond financing, allowing real estate developers to issue corporate bonds for projects that meet policy requirements, and encouraging the issuance of commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS) backed by real estate. It also supports the issuance of real estate investment trusts (REITs) based on eligible rental housing and urban renewal projects, or their use as additional assets for REITs expansion, while steadily advancing the development of commercial real estate REITs. Additionally, it supports qualified private fund managers in establishing private real estate investment funds.