China's first batch of commercial real estate investment trusts (REITs) debuted on the Shanghai Stock Exchange on Thursday, which was expected to help better use commercial real estate resources to serve the real economy.
The four commercial REITs' underlying assets cover mature commercial formats such as commercial retail and office buildings, which are located in core areas of cities including Beijing, Shanghai, Zhengzhou, Xi'an and Harbin.
The listings could help the asset owners raise funds and promote asset-light operation, while the investors could indirectly hold commercial properties and obtain dividend incomes from operating revenues such as rents.
China debuts commercial real estate investment trusts
Iran's Persian Gulf Strait Authority (PGSA), the body responsible for maritime traffic in the Strait of Hormuz, announced on Friday new procedures for vessels seeking passage through the waterway, including a requirement that transit requests be submitted at least 48 hours in advance.
In a post on social media platform X, the PGSA stressed that only vessels that comply with the requirements will be "cleared for passage promptly."
The PGSA said passage requests must be submitted exclusively through its website and email address, and must include vessels' "valid and accessible" contact information. To avoid delays, vessels are required to submit passage requests and necessary information "at least 48 hours prior to arrival at the strait area," it said.
The PGSA also announced that, during the 60-day period specified in the newly signed peace memorandum of understanding (MoU) between Iran and the United States, ships will be exempt from charges related to passage through the strait. Costs associated with security, safety and environmental services, as well as related Iranian insurance requirements, will be covered by the Iranian government.
Vessels must coordinate with Iranian authorities in advance regarding the designated route and time of crossing the Strait of Hormuz, it said, adding that vessel owners will bear responsibility for any failure to comply with the regulation.
The announcement came a day after Iran's Supreme National Security Council (SNSC) issued an order for the swift handling of requests by vessels for passage through the Strait of Hormuz in line with the Iran-U.S. MoU.
According to the SNSC, under the MoU, no fee will be charged for 60 days for passage by ships requesting to cross the Strait of Hormuz, and all the expenses will be covered by the Iranian government.
On Feb. 28, Israel and the United States launched joint attacks on Tehran and other Iranian cities. Iran responded with waves of missile and drone attacks targeting Israel and U.S. bases and assets in the region, and tightened its grip on the Strait of Hormuz, barring safe passage of vessels belonging to or affiliated with Israel and the United States.
Iran issues new procedures for vessels requesting passage through Strait of Hormuz
