Wang Gang, Secretary General of China Real Estate Investment Trust Fund Alliance, opened the meeting.
Wang Gang, Secretary-General of China REITs Alliance, said in his opening speech that on April 30th, 2020, relevant laws and regulations on infrastructure REITs were issued, which will become the "first year of REITs policy in China" and 202 1 is expected to become the "first year of public offering of REITs in China".
Video Speech by Steve Wechsler, CEO of NAREIT National Real Estate Investment Trust Association
Video Speech by Dominique Morenhout, CEO of European Real Estate Investment Trust Association (EPRA)
Steve Wechsler, CEO of National Real Estate Investment Trust Association (NAREIT) and Dominic Morenhout, CEO of European Real Estate Investment Trust Association (EPRA) respectively delivered speeches at the meeting via video link, expressing their expectations for the development of real estate investment trusts in China.
Speech by Lin Deqiong, Executive Vice President of China Minsheng Trust Co., Ltd.
Lin Deqiong, executive vice president of China Minsheng Trust Co., Ltd., said in his speech that REITs must have a large scale of development in China. We should actively regulate the market order, implement innovative business models and seize opportunities. This requires communication and cooperation among REITs' relevant regulatory authorities, tax authorities, equity holders, investors and industry practitioners, and in-depth discussion on the possibility and existing problems of REITs' development under the dual-cycle pattern, so as to make REITs exert the maximum effect and help China to build a dual-cycle development pattern.
Director Wang Xian of Real Estate Finance Research Center of Wudaokou Finance College delivered a speech on behalf of Wu Xiaoling, former vice president of China People's Bank and chairman of Tsinghua University Wudaokou Finance College.
On behalf of Director Wang Xian, Wu Xiaoling, former deputy governor of the central bank and chairman of the college, suggested at the meeting that in order to make REITs easy to understand, it is still necessary to improve legislation and minimize the internal structure and hierarchy of publicly offered REITs through legal aspects. She suggested that the State Council should formulate the Regulations on the Management of Asset-backed Securities (ABS) and the Regulations on the Management of Real Estate Investment Trusts (REITs), establish a professional license for real estate fund management, clarify the tax policy for real estate asset securitization business and gradually expand it.
Speech by Nie Meisheng, Founding President of All-China Real Estate Chamber of Commerce and Founding President of China Real Estate Investment Trust Fund Alliance.
Nie Meisheng said that REITs are imperative in the pension industry. On the one hand, REITs provide enterprises with lower financing costs and enable the formation of the pension industry chain; On the other hand, the pension industry can feed back the further development of REITs; At the same time, REITs can also promote the specialized division of labor among pension institutions, make development, investment and operation specialized, and make the whole industrial chain more standardized, refined and specialized. In addition, broad-spectrum participation is its characteristic, it can share the pension bonus, and small and medium-sized enterprises, even the public and investors can participate. At the same time, REITs have many laws and regulations aimed at income distribution and limiting excessive concentration of ownership to ensure the interests of investors.
Wei, former vice chairman of China Insurance Regulatory Commission, delivered a keynote speech.
Wei, former vice chairman of China Insurance Regulatory Commission, delivered a keynote speech on the innovation, leapfrogging and prospect of REITs industry. He said that the public offering of REITs in infrastructure has the characteristics of high liquidity, relatively stable income and strong security, which conforms to the concept of insurance fund utilization and broadens new channels for insurance fund utilization, and will inevitably become an important investor in public offering of REITs in infrastructure.
Chen, director of the Pension Department of the National Social Security Fund Council, delivered a keynote speech.
Chen, director of the Pension Department of the National Social Security Fund Council, expressed her concern about real estate investment trusts from the perspective of institutional investors. She said that from the international experience, REITs assets reflect the characteristics of cross-cycle, and there are underlying assets with stable cash flow and excellent returns in China's huge stock assets, so issuing REITs has great potential and can meet the investment needs of investors. As an institutional investor, we will focus on three factors: first, the active asset management ability of public offering REITs; Second, coordinate the requirements of various participants; The third is the tax issue.
AARON Li, member of the Party Committee and Deputy General Manager of Shenzhen Stock Exchange, delivered a keynote speech.
AARON Li, member of the Party Committee and Deputy General Manager of Shenzhen Stock Exchange, delivered a speech on strengthening the construction of the support system of real estate investment trust funds. AARON Li introduced that at present, the legal system of infrastructure public offering REITs has been initially established, and a "1+2" system has been formed at the level of CSRC and NDRC, namely the Notice on Promoting the Pilot Work of Real Estate Investment Trusts (REITs) in Infrastructure jointly issued by CSRC and NDRC, plus the Guidelines for Public Offering of Infrastructure Securities Investment Funds (Trial) issued by CSRC and the "issued by NDRC". At the level of supporting rules, stock exchanges, China Clearing, fund industry associations, securities industry associations and other units are also promoting the formulation and release in an orderly manner.
Chen Chunyan, Secretary General of China Asset Management Association, delivered a keynote speech.
Speaking at the scene, Chen Chunyan, Secretary General of China Asset Management Association, said that standardization and innovation should go hand in hand, and infrastructure REITs should be solidly promoted. Chen Chunyan introduced that compared with similar REITs, infrastructure REITs have achieved breakthroughs in the following aspects: the supporting rules of laws and regulations are gradually improved, the product attributes and listing links are clearer, the product transaction structure and management mode are more mature, the accounting treatment and valuation pricing methods are more practical, and the future development of public offering REITs can be expected.
Wang Yi, General Manager of Housing Finance and Personal Credit Department of China Construction Bank, delivered a keynote speech.
Wang Yi, General Manager of Housing Finance and Personal Credit Department of China Construction Bank, introduced the pilot process of REITs for the first single housing lease of CCB, and looked forward to the industry. He said that the support policies for domestic housing rental REITs are accelerating, and he hoped that relevant policies could accelerate development.
Fan, General Manager of Ying Da Fund Management Co., Ltd. delivered a keynote speech.
Fan, the general manager of Ying Da Fund Management Co., Ltd., focused on the important responsibilities of Public Offering of Fund managers in infrastructure REITs, including building a professional team and truly assuming the responsibility of asset management; Take entrusted assets as the field of in-depth research and study, and become experts in specific industries and fields; Dig deep into the growth value of products and protect the interests of investors.
Pan Dong, General Manager of Everbright Financial Management, delivered a keynote speech.
Pan Dong, general manager of Everbright Financial Management, shared her thoughts on bank financial management participating in public offering of REITs. She said that the investment value of public offering REITs in bank financing is reflected in the fact that public offering REITs are both offensive and defensive investment products, which can provide stable project cash flow and have room for asset valuation to rise. At the same time, public offering REITs, as one of the main asset allocation categories, have low correlation with bonds, stocks and other markets, which can spread the risk of portfolio investment.
After the keynote speech, China 2020 International REITs Development Forum also organized two round-table discussions with high content density.
Roundtable discussion 1: gather * * knowledge and build REITs ecology.
With the theme of "Building REITs Ecology by Combining Knowledge", Vice President of National Finance Research Institute and Director of Real Estate Finance Research Center of Tsinghua University Wudaokou Finance College met with Liu Hongyu, Director and Professor of Tsinghua University Real Estate Research Institute, Zhao Xiaoying, Vice President of Jianxin Housing Service Co., Ltd., Ji, General Manager of Infrastructure Investment Division of China Life Investment Holding Co., Ltd., Zhang Liao, Chairman of Shanghai Jibang Investment Consulting Co., Ltd., and Chief of SGX Beijing Representative Office.
Roundtable discussion 2: focus on operation and enhance the value of REITs
On the operational level of public offering of REITs, Wang Gang, Secretary General of China REITs Alliance, discussed with Yu Yanyan, General Manager of Asset Securitization Business Department of Energy REITs of Ying Da Fund, Lin Deliang, Chairman, Executive Director and Chief Executive Officer of Yuexiu REITs, Ceng Jing, Managing Director of Everbright Anshi Capital Market Department, Li Wei, General Manager of Enterprise Development and Investment Department of Beijing Guanghuan New Network, and General Manager of Shanghai Jinshundong Investment Management Company, Ltd. (a subsidiary of JD.COM Digital Technology Co., Ltd.), and discussed how to select high-quality assets and focus on them.
For the investment and financing management of infrastructure REITs, this REITs Development Forum also organized special closed-door discussions from the perspectives of REITs managers, investors, asset managers and service organizations.