This time, the financial migrant workers who are on their way home or packing their bags for the holidays are suddenly busy: this means that they have to hurry up and study and understand carefully so that they can have another move during the Spring Festival. Here is an interpretation to see what kind of Chinese New Year gifts are hidden in the gourd, which is an equity REITs scheme launched by Beijin Institute.
Readers who have a certain understanding of the development of REITs in China must know that as early as ten years ago, the regulatory authorities have organized experts to study the REITs scheme in China; The People's Bank of China also issued a draft of bond REITs for comments; Last year, the Shanghai Stock Exchange also launched a pilot program of adding ABS to Public Offering of Fund, but it died for various reasons.
This time, Beijin Institute launched the equity REITs program, which is very courageous.
(In addition, the background of Beijin Institute is as follows. )
So, what kind of real estate investment trust fund is this? ... If you count, the articles published by CFETS and Shangqing are all from the central bank. ...
Let's get to the point. Let's get a sneak peek. The main point of the Beijin plan-condensed into one word is equity REITs. Its basic transaction structure can be described as follows:
Eligible original shareholders of real estate leasing enterprises can complete the first information disclosure and initial information filing under the coordination of Beijin Institute and its coordinating agencies, undertake the obligation to supervise the regular information disclosure of housing leasing enterprises, assist in completing the information filing changes, and transfer their shares to qualified investors.
Beijin Institute has carefully designed a set of standards for housing leasing enterprises with REITs equity transfer:
1. Organizational form standard: legal person organization for house leasing.
Second, professional standards: engage in real estate leasing business in a professional and institutionalized form: real estate refers to leased land, leased houses, commercial buildings and infrastructure.
Third, at least 80% of the assets of asset-standard housing leasing enterprises are invested in real estate projects that can generate stable rental income.
Iv. Income standard: More than 80% of the income of housing leasing enterprises comes from the rental income from the continuous operation of leased real estate projects.
Fifth, all the investment income of standard housing leasing enterprises will be distributed, and more than 90% will be distributed to the shareholders of housing leasing enterprises on a regular basis.
6. Debt ratio standard: The asset-liability ratio shall not exceed 80%.
Generally speaking, the above standards are quite satisfactory, basically referring to the internationally accepted standards, and some of them have been slightly improved. For example, the asset standard is 5% higher than the internationally accepted 75%. The asset-liability ratio is lower than the leverage ratio of the United States and higher than the standards of Singapore and Hong Kong. In the case of basically meeting the internationally accepted REITs standards, I sincerely hope to get the internationally accepted treatment of avoiding double taxation.