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金沙电子游艺:Class REITs breeze from the public offering rules brewing introduced

时间:2018/2/25 16:55:49  作者:  来源:  浏览:0  评论:0
内容摘要: People close to regulators said recently that regulators are actively studying the introduction of the business rules governing the public ...

People close to regulators said recently that regulators are actively studying the introduction of the business rules governing the public offering of REITs, supporting eligible housing leases and the implementation of asset securitization for PPP projects.

class rental housing REITs accelerated approval

to insiders, the domestic REITs regulations and tax policy has not been perfect, most real estate enterprises to build a platform for financing REITs REITs is actually a standardized minor adjustments made by brokers or fund Subsidiary's "asset-backed special plan" and other ways of grafting private qualified investors, generally known as REITs products.

As a branch of asset securitization, the market for REITs has been developing rapidly in recent years with a significant increase in the scale of issuance. In 2017, a total of 16 single-category REITs products were issued in the domestic market with a total amount of 37.967 billion yuan, an increase of 156.1% over the previous year. From the stock point of view, the data show that as of the 23rd, the Exchange has been listed in the issuance of REITs securitization products number 30, the total issue size of 66.448 billion yuan.

"REITs comply with many policy requirements, such as serving the real economy, preventing financial risks, promoting high-quality development and implementing supply-side structural reforms." According to Liu Yang, editor-in-chief of a REITs industry research platform, REITs can provide " Make up "the macro policy helps, activate all kinds of stock of real estate business, reduce government and enterprise financial leverage, to resolve the mismatch of credit market deadline and high leverage risk. REITs have ample room to grow in the rental housing market, PPPs, infrastructure, retirement properties and urban renewal.

Since October 2017, securitization of long-term apartment securitization has drawn market attention and the REITs products for rental of housing have been accelerated.

Liu Yang said that housing lease REITs is an important development trend of China's real estate industry in the next ten years. The development of China's real estate industry has entered the stock era, the recent development of housing loans to face shrinking, housing financing environment will not be as relaxed as in the past, the total amount of funds into the real estate industry will be reduced, the situation will be reduced to high prices, replaced by housing prices Turn its attention to real estate finance where the safety factor is relatively high. As the field of intensive and long-term support of national policies in the housing rental market, the development of housing lease REITs can be described as timely.

Multiple brokers layout REITs business

The development of REITs projects has become the focus of attention by agencies such as brokerage firms. Data show that in the exchange listed 30 REITs products, a total of 15 agencies involved in the issue of securities, including securities companies or securities companies, a total of 9 involved in the issue of 18 products, accounting for more than half of the total number of issuance. From the scale of view, the top three Huaxia Capital, Hengtai Securities, CITIC Securities Total size of 35.591 billion yuan.

According to insiders, REITs is considered a "Blue Ocean" yet to be developed by investment banks and asset management agencies. In the operation of REITs, the securities firms or investment banks play the role of issuers and underwriters. Everbright Securities Head of Fixed Income Executive General Manager Gao Jian believes that REITs for housing leasing is a good direction for the innovation and development of securities companies. It is estimated that China's public offering REITs market size up to 12 trillion yuan, REITs rental housing market up to nearly 2 trillion yuan.

In the view of the high health, such a large market capacity, the vast majority of conditional brokerage will be the layout of this business. However, REITs market is a threshold, the initial project is relatively small, and most of them have innovative demonstration needs, in which case the financing side will tend to large brokerage firms experienced team of practical operation, the general small and medium-sized brokerage at this stage more difficult to open the situation.

Commenting on how brokerage firms and other organizations are deploying REITs businesses, Gao Jian said that the top-performing brokerages are experienced in REITs business and have sufficient staffing levels. There have been few legal and tax difficulties in real estate operations. More It is custom designed to keep improving and tailored to specific projects. For leading brokerages, the difficulty of doing business may be project stockpile issues.

Public Offerings REITs Actively Brewing

The intensive listing of REITs has pushed the market for the release of public REITs. The Shenzhen Stock Exchange recently issued "Strategic Outline for the Development of Shenzhen Stock Exchange (2018-2020)" pointed out that the public offering of REITs was explored and diversified investors were introduced. With the study and formulation of REITs related supporting rules, promote the relevant departments in charge of tax incentives and other policies to create a good market environment. Years of quiet public offering REITs is expected to usher in a new breakthrough.

Experts believe that currently, REITs products listed on the domestic exchanges are basically the same as the products in mature markets in the world such as legal relations, underlying transaction structure and regulatory requirements, with the exception of trading platforms and distribution methods. Most of the REITs are traded on the exchange-traded platform or fixed-income platform and belong to the private equity market. Compared with the centralized bidding trading system, the trading of such REITs is less active. If public offerings REITs are launched, they should be traded in a centralized auction trading system to increase the liquidity of financial products.

"The current development environment for REITs is the best." Liu Yang believes regulators, practitioners and academics are all actively promoting REITs. The field of PPP is the most promising breakthrough point and end point of REITs landing. Based on the high-level government, regulatory considerations, public offering REITs this year will be more likely to launch.

According to Gao Jian, REITs is an important tool to promote the system of purchasing and renting houses simultaneously. The increase in the proportion of social capital investment is the inevitable direction for the development of the housing rental market and helps to promote the establishment of a long-term mechanism system for real estate. Liu Yang said that for the existing problems, firstly, the legal framework and business rules of public offering of REITs are crucial because REITs must be fully circulated in the capital market and must be standardized and of high quality. Second, the entire market so far has operated fewer innovative REITs with a smaller pool of personnel and investor education. Finally, REITs set up, hold, exit taxes are very high, should be clear tax neutral principle.





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