Shanghai: Encourage relevant local enterprises in the city to actively apply for infrastructure REITs reserve projects.

The Shanghai Municipal Development and Reform Commission issued a notice on further strengthening project reserves, planning, and promoting the improvement and expansion of the city's infrastructure Real Estate Investment Trusts (REITs). It encourages relevant enterprises in Shanghai to actively apply for infrastructure REITs reserve projects, and proposed reserve projects should generally meet the following conditions: In terms of asset size, for projects issuing infrastructure REITs for the first time, the valuation should ideally be no less than 10 billion yuan; there is no specific requirement on the size for expansion projects of already issued and listed REITs projects. Multiple projects of the same asset class held and controlled by the same sponsor can be combined and calculated together after being packaged.