Source: China Real Estate News.
20 13 is destined to be the year of real estate fund. With the formal implementation of the new "Fund Law" in June, real estate private equity funds finally gained the legal status of participating in fair competition in asset management from "underground" to "above ground". The "20 13 White Paper on China Real Estate Fund" issued by Zero2IPO Research Center shows that from 2006 to 20 12, there were 298 cases of private equity investment in real estate enterprises or real estate projects in China, involving a total investment of 18667 billion US dollars.
However, worldwide, the real estate industry is strictly supervised by the regulatory authorities. In the era of "big capital management", various financial princes compete with each other, and the challenges faced by real estate private equity funds cannot be ignored. 13 In September, at the "20 13 China Real Estate Fund Summit Forum" held in Zero2IPO Group, Zhang Mingeng, president of the National Real Estate Investment Fund Alliance, said in an exclusive interview with this newspaper that under the background of "big asset management", all kinds of asset management institutions have entered the real estate finance field in the form of real estate funds, which is both a challenge and an opportunity for real estate funds. When all kinds of financial institutions are squeezing the market share of real estate funds, we might as well cooperate with banks and enterprises with the help of financial institutions' capital advantages, channel advantages and tax advantages, which is the so-called "borrowing a boat to go to sea".
China Real Estate News: Since 20 10, real estate private equity funds have entered a rapid development track in China. Please summarize the current situation of real estate private equity funds?
Zhang Mingeng: According to the statistics of Zero2IPO, by 2065.438+02, the stock size of China Real Estate Fund will exceed 654.38+02 billion US dollars. However, I think it is very difficult to collect data, because the real estate funds in China are still in the primary stage of development. There must be a lot of this $654.38+0.2 billion that has not been counted. In recent years, the development scale should be doubled, from $654.38+0.2 billion to $24 billion, equivalent to RMB 654.38+0.5 billion. This year, the real estate fund has a rapid improvement. Due to the era of sole proprietorship, the RMB measurement of real estate funds is estimated to exceed 300 billion yuan.
China Real Estate News: What challenges have private real estate funds encountered in their survival and development in the era of large capital management?
Zhang Mingeng: Since the third quarter of 20 12, the CSRC, the CIRC and the CBRC have intensively issued a series of new policies aimed at the asset management market, with the theme of deregulation, aiming at loosening the asset management business of other financial peers. Banks, trusts, insurance, securities, Public Offering of Fund and other licensed financial institutions have entered the "era of total assets management", and they have infiltrated into real estate investment funds to grab the cake of real estate funds.
The biggest challenge is to occupy the market share of real estate funds. The biggest advantage of financial institutions is the pool of funds, which is precisely the disadvantage of real estate private equity funds.
In addition, financial institutions will fully compete in the project selection, fund raising, talent recruitment and technical skills of real estate private equity funds. For example, after more than half a year, the asset scale of fund subsidiaries has developed greatly. The scale of the special subsidiary of the Fund was150 billion yuan at the end of June, and it had exceeded 300 billion yuan at the end of July. Of course, these funds will not completely enter the real estate field, but if they enter half, the amount of funds is extremely huge. So I am confident that the real estate fund may have a scale of 300 billion this year.
China Real Estate News: So how should real estate private equity funds deal with these challenges?
Zhang Mingeng: Rather than simply seeing these as challenges, it is better to say that they bring us opportunities. Entering the era of wholly-owned management has also brought the possibility of "cooperation between banks and enterprises and borrowing ships to go to sea" for real estate private equity funds. Real estate private equity funds can create a win-win situation with the help of financial institutions' capital advantages, channel advantages and tax advantages.
Real estate private equity funds should carry forward the core competitiveness of industrial funds, make full use of the technical skills of real estate professional investment management, and foster strengths and avoid weaknesses. Because many real estate private equity funds are paid by developers and master the whole chain of real estate, this is our advantage. For developers, real estate funds should be providers of financial solutions, and for cooperative financial institutions, they should be providers of financial implementation plans. Financial institutions generally exist in the form of credit, and the form of credit is often external supervision. Real estate funds can go deep into internal supervision and improve their profitability and security, so as to find their due market share in the market.
In addition, real estate private equity funds can exert their ability of institutional innovation and achieve breakthroughs in creating new investment products because they are less restricted by norms. Financial innovation and product innovation may be the lifeline of private real estate funds.
Moreover, real estate funds can transform the accumulated experience advantages in long-term development investment into brand advantages. We are also trying to open up domestic and foreign capital channels, using overseas capital and experience to occupy our due share in the increasingly international and domestic markets.
Real estate fund is a new category in real estate finance. Now all institutions in the financial industry are rushing in, which looks very lively. Perhaps we should remind everyone that investment is risky and we should be cautious when entering.
China Real Estate News: Have you ever considered transforming to Public Offering of Fund and getting a Public Offering of Fund license?
Zhang Mingeng: It's difficult to get the license plate of Public Offering of Fund, but you can work hard. What we can do now is to cooperate with them, especially with licensed fund subsidiaries. At the beginning of the year, we jointly launched the special asset management plan of Harvest Capital Shi Sheng Meilan Garden with Harvest Capital under harvest fund. Although it is the first order, it is only an attempt to prove that this road is feasible. In the future, we may do some more exemplary things and lead the member companies of the alliance to conduct transactions on the platforms of the North Stock Exchange, the Shenzhen Stock Exchange and the Shanghai Stock Exchange.
China Real Estate News: Since its birth, real estate private equity funds have been playing the role of financing tools for developers, and now most of them exist in the mode of "real debt and fake shares". When can we really realize the mode of pure equity investment?
Zhang Mingeng: Now this trend is quite obvious. On the one hand, the real estate fund itself is gradually maturing, and the developers themselves are also gradually maturing. Developers may be more willing to give you more benefits at a certain stage to help them tide over the difficulties, but with the intensification of risks in real estate development projects, he needs not only benefits, but also risks. In addition, investors have gradually matured. In the past, they would rather have a lower income than insurance. After several years of cultivation, they began to favor equity investment, and finally they were all pure stocks.
Domestic real estate funds are also learning American-style equity funds. One is in the process of development, through equity, benefit sharing and risk sharing. The other is to make the held property into REITs, which can be traded in the secondary market.
It takes three years to realize the transformation from creditor's rights to pure equity. Of course, it will take time to test whether this will become the mainstream form in the future.