China: REITs - Stock exchanges and CSRC commence review of first batch of PRC infrastructure REITs

In brief

The Shenzhen Stock Exchange (SZSE) and Shanghai Stock Exchange (SSE) recently announced that, together with the China Securities Regulatory Commission (CSRC), they have commenced review of the first batch of China REIT applications.

To date, over 10 applications have been submitted for review, with the underlying assets including expressways, public utilities, logistics assets and, notably, business park office buildings. Based on public filings, the proposed offering sizes of these China REITs range from RMB 1.248 billion to RMB 10 billion.

The acknowledgement of these applications by the SZSE and SSE is an important milestone in the development of the China REIT regime, and suggests that we may see the listing of the first China REIT relatively soon.  

Further details on the applications, including in respect of the underlying assets and proposed structure, will be disclosed to the public once they are approved by the respective stock exchanges.


We are available to discuss

We are actively monitoring further developments in the China REIT regime. If you have any questions on the regime, or on developments to date, please do not hesitate to liaise with your usual contact at Baker McKenzie or the lawyers listed in this client alert.

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