1. Determining the commercial attributes and urban infrastructure attributes of shopping centres

Shopping centres are the agglomeration of commercial brands and offline channels, a bridgehead for delivering the good life of the people, and an important carrier for the prosperity of the city's commercial economy, improving the infrastructure and service environment, and enhancing the efficiency of the circulation cycle and the consumption carrying capacity.

2. Regulatory policies that distinguish the shopping centre sector from ready-to-sell properties (residential properties)

(1) Segmentation of the industry

The real estate sector in the industry classification does not correspond to the richness of the economic activity of the sector and needs to be managed in a refined classification.

(2) Corrective classification

The classification of the shopping centre sector is based on the principles of the National Economic Classification (NEC), which is "based on the main economic activities".

(3) Correcting the subject

The shopping centre is no longer an ancillary to the residential sector, but an independent operator.

(4) Precise Governance

The formulation of a specific policy for commercial shopping centres to ensure the long-term healthy operation and development of commercial and commercial properties.

(5) Return to the original

The shopping centre, as a long-term holding operation and service consumption carrier, determines its commercial nature.

(6) Innovation to get out of trouble

Incorporate commercial infrastructure such as commercial complexes (shopping centres) into REITs, a national real estate investment trust in the infrastructure sector, to help the long-term sustainable development of commerce.

3. Establishing sound policies, regulations and institutional mechanisms for commercial real estate REITs

Combine the experience of China's first pilot infrastructure REITs with the introduction of supporting policies, regulations and institutional mechanisms for commercial real estate REITs, and use underlying assets with high stability of returns, such as high-quality shopping centres, as pilots to gradually promote the landing of commercial real estate REITs in the pool.