Revitalizing existing assets and empowering the real economy. The Tangshan Multi-level REITs Development Seminar was successfully held.

To implement the deployment of a comprehensive reform in capital market investment and financing, and to precisely address the real bottlenecks encountered in the application of REITs projects, on March 25, the Hebei CSRC Bureau, together with the Tangshan municipal government, organized a special event to promote the development of multi-tier REITs in Tangshan. This event is the third session of the “Capital Markets Serving a Strong Economic Province in Hebei—Yanyue in Action” campaign in Tangshan. Using a “seminar and discussion + on-site inspection” format, it brought together the Hebei CSRC Bureau, the SSE, the municipal government of Tangshan, the enterprises planning to issue projects, and relevant intermediary institutions to jointly discuss project advancement, address development challenges together, and promote implementation with tangible results—injecting strong momentum into the cultivation of the multi-tier REITs market and high-quality development in Tangshan.

In the morning, relevant officials of the Hebei CSRC Bureau, REITs business experts from the SSE, staff from the municipal government of Tangshan, representatives of the enterprises planning to issue REITs projects, and relevant intermediary institutions jointly held a special seminar. The meeting first featured a thematic introduction by the SSE experts on “building a multi-tier REITs market,” which systematically broke down the entry standards from basic infrastructure to commercial real estate. They focused on analyzing key points in asset compliance review, cash flow calculation models, and the expansion mechanism, and clarified the key risk points across the full life cycle. Subsequently, each representative of the enterprises planning to issue reported, one by one, on project progress, asset conditions, and difficulty bottlenecks. In-depth exchanges were conducted around key issues such as clarifying and confirming property rights, improving compliance, asset valuation, application procedures, and intermediary coordination. On-site, experts from the Hebei CSRC Bureau and the SSE “diagnosed line by line.” Not only did they clarify the boundaries of policy applicability, they also provided specific rectification plans and recommendations. The meeting ultimately established a five-party coordinated working mechanism: “regulatory guidance clarifying policy boundaries, the exchange controlling and reviewing standards, local governments coordinating to ensure factor support, intermediary institutions providing professional solutions, and enterprise entities implementing rectifications.” This turned abstract policy provisions into an actionable checklist for enterprises, effectively aligned all parties’ understanding of application standards, and eliminated the hesitation and anxiety caused by information asymmetry.

In the afternoon, the research team made on-site visits to two reserved projects: a pension services project and an urban core business district project. At the pension project site, they conducted an on-site review of facility supporting arrangements, operating models, service capabilities, and the stability of cash flows. In line with the issuance standards for public REITs, they provided on-site guidance on key links such as asset property rights, the operating term, and yield and cash-flow calculations. At the business district project site, they carried out in-depth research on commercial operations, business and tenant mix, and the potential for asset appreciation. They provided one-on-one guidance on institutional REITs policy, asset optimization, and compliance improvement, promoting faster connection of these two types of people-benefiting and commercial platforms with the multi-tier REITs market process.

This event is an important practical initiative for precisely serving the transformation and upgrading of resource-based cities through the capital market, and for helping advance the coordinated development of Beijing-Tianjin-Hebei. It is also a pragmatic measure to activate existing stock assets with innovative financial instruments, to keep the investment-and-financing circulation flowing, and to empower industrial upgrading. Through face-to-face communication, hands-on guidance, and targeted problem-solving, it effectively removed bottlenecks across the full chain of REITs project cultivation, application, and issuance, and further enhanced the awareness and capability of localities and enterprises to use innovative capital market tools.

In the next step, the Hebei CSRC Bureau will work together with the SSE, the SZSE, the BSE, local governments, and all relevant parties, using the “Capital Markets Serving a Strong Economic Province in Hebei—Yanyue in Action” initiative as a starting point, to continuously deepen REITs policy promotion, project guidance, investment-and-financing docking, and full life-cycle services. This will help more high-quality assets such as infrastructure and commercial real estate connect with the multi-tier REITs market, and support more qualifying high-quality assets such as pension facilities and commercial real estate to list on the REITs market. It will concretely convert existing stock assets into incremental capital that drives regional economic development, providing solid financial support for the construction of a strong economic province in Hebei. (Yanyun)