On December 31, the China Securities Association revised and issued the "Rules for the Management of Offline Investors in Publicly Offered Real Estate Investment Trusts," which took effect on the date of issuance. The main revisions to the rules include: making appropriate adjustments to the title of the rules and expanding the scope of application from real estate investment trusts in the infrastructure sector to commercial real estate investment trusts. The rules standardize the professional conduct of fund managers and financial advisors, clarifying that fund managers and financial advisors must each fulfill their respective duties with due diligence, and properly conduct verification and monitoring of the offline bookbuilding and subscription processes for real estate investment trusts. (China Securities Association)