on August 18th, 221, the first REITs product of public rental housing in China-"Special Plan for Asset Support of Public Rental Housing in China-Beijing Affordable Housing Center" (hereinafter referred to as the Special Plan) was successfully issued, which opened a new chapter in public rental housing REITs.
The National Development Bank and Beijing Financial Holdings Group are the unified coordinators of the "National Development Bank-Beijing Affordable Housing Center Public Rental Housing Asset Support Special Plan", while CDB Securities is the manager and lead underwriter of the special plan, Beijing Affordable Housing Center is the asset service agency of the special plan, the Capital Construction Investment Guidance Fund is the fund manager, and the underlying assets are public rental housing held by Beijing Affordable Housing Center. The priority securities of this special plan are rated AAA, with a term of 18 years and an issuance scale of 4 million yuan.
as the first REITs product for public rental housing in China, this special plan has been carefully guided by the CSRC, the Shanghai Stock Exchange and other competent departments, as well as highly valued and strongly supported by the Beijing Municipal Government and units at all levels, which has explored the various links involved in REITs financing for public rental housing assets, including asset valuation, asset transfer, tax treatment, etc., and has made a beneficial exploration for the legal and legal development of REITs financing for public rental housing assets, and played an important guiding role in the launch of REITs for public rental housing.
public rental housing refers to the affordable housing provided by the state with policy support, limited construction standards and rent levels, and is rented to families with housing difficulties with lower-middle income in cities and towns, newly employed workers without housing and migrant workers with stable employment in cities and towns that meet the prescribed conditions. The rent level of public rental housing is generally lower than that of other types of rental housing around.
This special plan has many innovative features: innovative use of REITs as a financing tool through market-oriented methods has effectively revitalized the stock of public rental housing assets and improved the ability of public rental housing to rely on its own cash flow for financing; The financing scale of public rental housing is determined by the asset appraisal value, which improves the space for public rental housing assets to rely on their own value for financing; The product structure that only pays interest and does not repay the principal reduces the debt repayment pressure of public rental housing enterprises; REITs-like financing has improved the financing capacity of public rental housing enterprises, increased the support for low-income families' housing, and has important guiding and demonstration significance for expanding the financing channels of affordable housing projects, promoting the healthy and sustainable development of the housing rental market, and establishing a housing system of "multi-agent supply, multi-channel guarantee and simultaneous rent and purchase".
Beijing Affordable Housing Center, the asset service organization of this special plan, is the implementation platform and landing platform for Beijing to further deepen the housing system reform and explore innovative market-oriented and professional affordable housing supply and management mechanism, and mainly undertakes three major functions of municipal affordable housing investment and financing, construction acquisition and operation management. At the beginning of its establishment, Beijing Affordable Housing Center established the strategic goal of "government support, market-oriented operation and sustainable development", firmly grasped the root of safeguarding and improving people's livelihood, and made it from scratch to strength. While fulfilling the functional mission entrusted by the municipal party Committee and municipal government with high standards, it created outstanding social benefits and established a good corporate image. After ten years' development, Beijing Affordable Housing Center has grown into a key enterprise in the capital, which has played an active role in solving the housing security problem in mega-cities and promoting Beijing to accelerate the construction of a world-class harmonious and livable capital. As the most important owner of public rental housing in Beijing, the total assets of Beijing Affordable Housing Center currently exceed 12 billion yuan, and the owners' rights and interests exceed 52 billion yuan. It holds more than 12 public rental housing projects and more than 13, houses, and more than 1 projects are put into operation. It holds nearly 5, sets of government property rights of * * * owned housing, which has helped more than 2, residents improve their living conditions.
the coordinators of this special project are China development bank and Beijing financial control group. China Development Bank is the main bank in China's medium and long-term investment and financing field, with the mission of "strengthening national strength and improving people's livelihood", closely focusing on the major national economic development strategy, and giving full play to the advantages of medium and long-term investment and financing and comprehensive financial services. The construction of affordable housing is a major livelihood project, and the development bank strongly supports the construction of affordable housing. By the end of 22, a total of 4.98 trillion yuan of affordable housing loans had been issued, giving full play to the role of the main financing channel for affordable housing. In recent years, the Development Bank has implemented the national strategic deployment of both rent and purchase, stepped up efforts to promote the construction of rental housing, designed financing models and financial products according to local conditions, and actively promoted the innovation of housing rental financing models.
Beijing financial control group was incorporated on October 19, 218. It is a financial enterprise in Beijing and has been designated by the People's Bank of China as one of the five pilot institutions for simulated supervision of financial control companies in China. Since its establishment, it has adhered to the financial values of "serving people's lives, serving the development of the capital and serving the country", devoted itself to building a leading domestic and world-class financial investment holding platform, and strived to build a comprehensive service system of smart finance driven by science and technology and facing the future. According to the strategic layout of "the licensed financial institutions are the skeleton, the investment and financing business is the muscle, and the financial technology sector is the brain", the Group takes financial technology as the core development power, and strives to achieve national innovation leadership in inclusive finance and technology and finance, serving the construction of the "four centers" and "two districts" in the capital.
CDB Securities, the manager of the special plan, is a securities company controlled by China Development Bank, which is an important part of the comprehensive financial service of "investment, loan, debt and lease certificate" of the Development Bank. Relying on the development bank's "flagship" position and comprehensive operating advantages in the China bond market, CDB Securities gives full play to the synergistic effects of customers, sales channels and human resources, effectively condenses all kinds of advantageous business resources, and provides customers with rich financial services covering the capital market. Up to now, CDB Securities has issued more than 3 billion asset securitization products, covering national key support industries and fields such as railway projects, affordable housing projects, poverty alleviation projects and green projects. Among them, the odd market of public rental asset securitization products accounts for 7%, and the market of issuance scale accounts for more than 8%.
the fund manager shoujian investment fund adheres to the mission of "gathering capital energy, innovating financial mechanism and serving the national strategy", focusing on the construction of major national infrastructure, guiding social funds to participate in the investment of major municipal infrastructure projects, promoting the construction of national infrastructure through professional fund operation and management, releasing market demand, stimulating market vitality, helping economic development, and finally achieving the long-term goal of enhancing the comprehensive capacity of cities and improving people's living standards.
（CIS）