"The subject matter of REITs products in foreign mature markets is generally the real estate project itself, and the final income comes not only from the property rent, but also from the asset appreciation of the property project." Zhang Ping, general manager of Shi Ying Group Research Center and chairman of the China Commercial Real Estate Committee of the Royal Institute of Chartered Surveyors (RICS), said in an interview with China Real Estate News that investors of Qianhai Vanke REITs Fund can only share the rental income of the project, but not the appreciation income of the assets.
"The Qianhai Enterprise Mansion project is currently in the incubation period, and the rental income will not be ideal. The issuance of such REITs has become a disguised financing behavior to help Vanke invest in cash. " Bai Wenxi, assistant chairman of the Greater China Shopping Center Alliance, told the reporter of China Real Estate News.
If the public offering of REITs is approved, Vanke will undoubtedly win the lottery, but whether the future investment value will fall into the "chicken rib" state of REITs in the past will become another successful gimmick of housing enterprises, which is worth pondering.
The initial public offering of REITs only has the right to lease.
Judging from the product name of the first public offering of REITs, Shenzhen Qianhai is an important part of this REITs, and it is also the "political soil" for the fund to survive. The docking project of the fund is Vanke Qianhai Enterprise Mansion; The role of real estate investment manager is assumed by Vanke.
Vanke said that the object of asset securitization is the rental income of Vanke Qianhai Enterprise Mansion. The rental income of 20 15 in Qianhai Enterprise Mansion is about 240 ~ 250 yuan /m2 per month, which will increase year by year according to the market level.
It is reported that the enterprise residence project is expected to have a total investment of 800 million yuan and a construction area of about 40,000 square meters. It consists of more than 40 low-density enterprise office buildings with an area of about 28,000 square meters, some commercial facilities, and Qianhai Exhibition and Trading Center with an area of about 12000 square meters. Officially opened on February 7, 1965, 438+04.
As a BOT project, Vanke Qianhai Enterprise Mansion will expire in September, 20021according to the original agreement, but Qianhai Administration signed a supplementary agreement with Vanke, which was postponed until September, 2023. After the expiration, the project will be handed over to Qianhai Administration for free.
"Qianhai Mansion is located in Shenzhen Qianhai Free Trade Zone and is in good operating condition. At the moment when the country is vigorously promoting financial innovation, it has received strong support from Qianhai Administration. It can be said that it is the right time, the right place and the right people, and it is logical to become the first investment object for the public sale of REITs products. For projects with a long operating cycle, the innovation of financial products such as REITs will help reduce the occupation of resources and revitalize the efficiency of capital utilization, which is in line with the company's development direction. " Vanke said.