In addition, the reporter also learned from the Shenzhen Stock Exchange that Shenzhen Talent Anzhu Group and Shenzhen Venture Capital Group successfully issued the first ABS product for public rental housing in China in 20 18, with a scale of 3 1 100 million yuan, which laid a useful foundation for the pilot work of issuing REITs products for public rental housing.
The relevant person in charge of a Public Offering of Fund real estate investment department in Beijing told the Securities Daily reporter that "the first affordable rental housing REITs project has been reported to the National Development and Reform Commission, which shows that the affordable rental housing REITs products have made breakthrough progress and phased results, further enriching the market format of public offering REITs and bringing more choices to investors."
According to the CSRC, promoting the REITs pilot of affordable rental housing is an effective policy tool to implement the decision-making arrangements of the CPC Central Committee and the State Council on accelerating the establishment of a multi-agent supply, multi-channel security and rent-and-purchase housing system, which is conducive to broadening the sources of funds for the construction of affordable rental housing, better attracting social capital to participate, promoting the transformation of the industry to a new development model and achieving stable and healthy development.
In June last year, the China Securities Regulatory Commission and the National Development and Reform Commission promoted the smooth landing of the first batch of public offering REITs. In July of the same year, the National Development and Reform Commission issued the "Notice on Further Improving the Pilot Work of Real Estate Investment Trust Funds (REITs) in Infrastructure", which officially included affordable rental housing in the pilot scope of REITs in infrastructure.
On March 16 this year, the the State Council Financial Stability and Development Committee held a special meeting, which pointed out that "financial institutions should proceed from the overall situation and firmly support the development of the real economy" and "for real estate enterprises, we should pay close attention to research and put forward powerful and effective risk prevention and resolution programs and put forward supporting measures for the transformation to a new development model". On March 18, the CSRC disclosed that it was working with relevant ministries and commissions to promote the REITs pilot project of affordable rental housing and push the project to land as soon as possible. Subsequently, the Shanghai and Shenzhen Stock Exchanges stated that they attached great importance to the pilot work of public offering REITs for affordable rental housing, actively supported specialized and large-scale housing rental enterprises to carry out pilot projects, and conducted in-depth research on a number of affordable rental housing enterprises in many places.
Press the "Acceleration Key" to lease the land for the affordable housing of the real estate investment trust pilot project. Yao Hui, an analyst at the Shanghai Stock Exchange Fund Evaluation and Research Center, believes that "issuing REITs products for affordable rental housing can, to a certain extent, change the current situation that traditional debt financing meets the financing needs of affordable rental housing, increase the direct financing ratio of affordable rental housing industry, reduce the leverage ratio and financial risks of affordable rental housing industry, and reduce the debt burden of the government or enterprises. At the same time, the exit channel provided by public offering REITs for enterprises can drive incremental investment and form a closed-loop capital chain of "investing in housing construction–REITs revitalizing assets–reinvesting recovered funds", which will greatly revitalize the liquidity of the affordable rental housing industry. "
Guotai Junan Asset Management REITs team said that the public offering of REITs for affordable rental housing will help rental housing enterprises to broaden financing channels, drive investment in new projects, and promote the formation of a virtuous circle of investment. It is of great significance to alleviate the structural supply shortage in the housing rental market, promote the establishment of a housing system with both rent and purchase, and promote the stable and healthy development of the real estate market.
Yao Hui predicted that "the first REITs project of affordable rental housing will be declared on April 13. According to the approval and issuance speed of the first batch of REITs products, it is expected that REITs products of affordable housing will be issued and listed with high probability during the year. "
The relevant person in charge said, "As far as I know, REITs for affordable rental housing are being piloted in Beijing, Shanghai and Chongqing. It is expected that there will be more affordable rental housing REITs projects in the future. The regulatory authorities will also speed up the review and standardization process and improve relevant supporting policies during the pilot process, promote the construction of affordable rental housing REITs market, and set a new example for the development of affordable rental housing system. "
Some institutions participating in the pilot program of public offering REITs indicated that they will continue to explore high-quality projects and realize the pilot program as soon as possible.
CICC Fund said that CICC Fund will actively explore and design the governance mechanism and model structure of REITs that adapt to the characteristics of the affordable rental housing industry, provide partners with full-chain business services for publicly offering REITs, actively participate in the preparation and declaration of the pilot project of affordable rental housing, and strive to realize the landing of the pilot project as soon as possible, thus escorting the operation and management of REITs of affordable rental housing.
CITIC Securities said that it will continue to respond to the spirit of supervision and guidance in the future, continue to explore high-quality pilots, and effectively serve the real economy with innovative financial instruments.