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北京赛车pk10开奖app:Housing rental REITs usher in the window period Public offerings REITs painfully to be solved

时间:2018/5/22 19:10:34  作者:  来源:  浏览:0  评论:0
内容摘要: On April 27th, the largest asset securitization product in the rental housing sector -Country GardenThe first phase of rental housing REITs...

On April 27th, the largest asset securitization product in the rental housing sector - Country Garden The first phase of rental housing REITs was successfully launched, being the first single-billion-dollar rack-scale rental housing REITs. May 11, the whole country The first public rental housing REITs were approved by the Shenzhen Stock Exchange. After the China Securities Regulatory Commission and the Ministry of Housing and Urban-Rural Development jointly issued the "Notice on Promoting Securitization of Housing Leased Assets" ("Report No. 30") on April 25th, China's housing lease REITs ushered in the window period.

The "30th article" explicitly mentions the pilot issuance real estate investment trusts (REITs). The industry insiders interviewed by the reporter pointed out that there are still many specific details to be considered and arranged for the public auction of REITs. How far is the public REITs? How far has the relevant policy progressed? Aiming at the current hot issues of concern in REITs industry, a number of industry experts said that relevant departments are currently advancing the formulation of REITs-related policies to clear obstacles to the development of publicly-funded REITs, and in particular to promote clear tax-related policies. Only by establishing new land, monetary, taxation, and long-term mechanisms can China's REITs truly realize healthy development.

Although REITs have been proposed in 2005, they are subject to the combined effects of many factors such as economy, finance, real estate, taxation, and urbanization and have been slow to progress for more than a decade. Until 2016, the REITs pilot work was included in the “Thirteenth Five-Year Plan” outline. The housing leasing market cultivation and development policies were supported and endorsed by the State Council, and REITs were first seen as an important channel for encouraging the transition “light asset management” model. The development of REITs has entered the fast lane.

The latest data released by the China REITs Alliance shows that as of April 30, 2018, 69 single-item REITs and commercial property mortgage-backed securities (CMBS) products have been listed on the SSE, Shenzhen Stock Exchange and inter-agency private equity quote and service systems. The cumulative issuance scale was 174.297 billion yuan, of which 34 were REITs products with a total size of 70.992 billion yuan, and 35 were single-use CMBS products with a total scale of 103.305 billion yuan.

According to statistics from the Securities Times, there are currently 7 single-leasing housing asset securitization products that have been issued, with a total issuance size of 10.314 billion yuan.

In fact, in recent years, the acceleration of the development of China's REITs, in addition to the promotion of national policies, is also an internal need for the transformation and development of the real estate industry in the new era. Since the central government has clearly defined the position of “having no housing to fry”, the reform of the housing system of “hire and renting and purchasing” has been continuously promoted throughout the country. The traditional real estate sales model is facing changes. At the same time, with the strong financial supervision and deepening of deleveraging, traditional real estate Financing methods also encountered resistance, and windows for direct financing of asset securitization are opening up.

The Securities Times reporter learned that among the asset securitization products registered and registered by the China Securities Investment Fund Industry Association, real estate asset securitization products are among the largest and have a longer term, including REITs and CMBS. Asset securitization is becoming a direct financing method for Vanke, Country Garden and other leading housing companies.

However, according to Wang Gang, Secretary-General of the China REITs Alliance, China's REITs cannot be understood as a financing tool for developers. From the perspective of foreign experience, REITs are a very good investment tool.

Zhao Zhengting, secretary-general of the All-China Real Estate Chamber of Commerce, pointed out that the scale of financing in the real estate industry continued to expand, increasing the risk of the bank system. REITs itself as a long-term equity investment fund will solve the problem of misallocation of funds and reduce the risks of the banking system. For real estate companies, REITs provide new financing channels and realize light asset operations. On the other hand, from an investment point of view, investors will gradually change their direct investment methods to earn real estate price differences by investing in indirect ways to invest in REITs. Investing in good cash flow commercial properties will not only benefit the capital market and the real estate market. Integration will also greatly reduce real estate speculation. REITs will help stimulate the vitality of China's capital market and meet the needs of multi-level investment.

Low yield is the biggest pain point

So far, real estate REITs issued by the market are all called REITs. "The REITs are not officially defined, but they are widely recognized in the industry," Wang Gang told reporters.

Why is it so difficult to issue REITs? The more consistent views in the industry mainly focused on the low rental yields. Behind it, it is necessary to reverse the many roots, roots, and tax systems.

Nie Meisheng, founding president of the All-China Real Estate Chamber of Commerce, pointed out that in the context of financial leverage deleveraging, strong financial support is needed, the proportion of renting needs to be raised, and the ratio of rents and leases must be raised so that institutions can come in before they can channel funds to leasing. The market will be able to do REITs so that everyone can enjoy the rental yield. "Rate must be mentioned by 6%~8% of institutions will participate, 1% ~ 2% of the return rate is not as good as the money deposited in banks, why buy REITs." She said, therefore, to use the reform of thinking, comprehensive consideration Constraints and balances among various elements have led to new breakthroughs.

When interviewed by the Securities Times reporter, Wang Gang also believes that in the short term, asset formation is a difficult problem because assets injected into special purpose companies will trigger a land value-added tax of 30% to 60%, and US assets injected into REITs may enjoy tax deferral. In addition, the return on assets cannot be lower than the cost of borrowing for a long period of time. This is the fundamental principle. He believes that the core of the short-term housing lease REITs market or the assets that meet the securitization yield requirements come from?

"As for the pain point of asset securitization, in addition to paying high taxes such as value added tax and income tax, the tax rate during holding of the organization is very high. This is also the reason REITs has been implemented for many years without forming a large scale. The reason may also be why people choose a very central city and a city with a better rate of return to do this product." 7_89456_45_45_65473_9 Sunny City Wang Zhiqiang, chief financial officer of the Beijing regional company, said.

Chen Liang, general manager of Ford Group Beijing Regional Investment, also believes that the more difficult lies in the large gap between asset prices and rental returns. He believes that if China's REITs appear within a short period of time, its corresponding return on assets should be relatively high. After all, the market has to find buyers. However, in fact, the current return on assets is only 2% to 3%. In this case, either the market reassesses and revalues ??the asset price, or it returns to the theme of asset management.

Nie Meisheng is one of the earliest real estate industry practitioners in China. She will promote the focus of publicly funded REITs products to reverse the relationship between roots, money, and taxation systems. At the present stage, the proposal of rent-purchase and simultaneous housing and housing not frying mean that there has been a fundamental and institutional change in the housing system. She believes that it will surely lead to the implementation of many follow-up policies. The implementation of hire-and-acquisition measures and calls for new financial products and financial policies requires the establishment of new land-roots, monetary and taxation systems. Only by solving these three problems can a long-term mechanism be formed. The real Chinese public REITs are expected to be introduced. “The land system for bidding and filming has intensified the speculation in the real estate market. It does not change the way land is auctioned and landed. Land prices do not come. Housing prices will not come and there will still be investment in real estate. REITs cannot be done,” she pointed out.

Under development

Experts in the industry suggest that to solve the problem of low rental returns for REITs, it is first necessary to solve the root problems and use collective construction land to build rental housing is a useful exploration.

Last year, the two departments issued the Pilot Program for the Use of Collective Construction Land for the Construction of Leased Housing, and conducted trials in 13 cities including Beijing and Shanghai. In this year's “No. 30 Document,” it has also been clearly stated that the use of collective construction land for the construction of leased housing pilot cities for the development of asset leasing projects will receive priority support. At present, the collective construction land has received the attention of many housing enterprises. After all, the investment funds in the early stage are relatively less than the land for auction. However, there are still many specific details that need to be planned and taken into consideration when the pilots are actually landed.

Meng Xiaosu, head of the REITs Research Group at the Development Research Center of the State Council, said that the “No. 30 Document” further elaborates on the provisions of REITs for renting houses, including rented houses built on collective land, and now encourages asset securitization. This is a Major policy breakthroughs, but also encourage the promotion of equity and debt and other types of REITs.

Chen Chunyan, deputy secretary-general of China's fund industry association, said that REITs products have already been issued and traded in more than 30 foreign countries. The model is very mature. However, compared with the situation in China, there are still some problems in laws and regulations that are difficult to break through. Last year, the Association set up a committee of professional asset securitization business, has been promoting research and policy recommendations related to REITs, in particular, we hope to promote public fund + asset securitization (ABS) product structure. Many

industry told Securities Times reporter, authorities are currently promoting the development of related policies REITs, REITs clearing the way for the development of the public offering, especially to promote a clear tax policy.

"before the two sessions held this year, on behalf of the State Council Development Research Center, the research group reported REITs want to be able to solve the problem, including adjustments and amendments to the relevant laws and regulations, as well as trying to eliminate some duplicate tax provisions to the NPC Financial and Economic Committee. NPC Financial and Economic Committee thus made a briefing on the work, reporting to chairman and deputy members long other authorities. in two sessions this year, we have to promote the views of more than 40 NPC deputies jointly proposed modifications Fund Act, a brief summary is to increase public fund investment in asset-backed securities, this bill has been superseded by the relevant departments to deal with .REITs be approached step by step. "Meng Xiaosu said.

As for the taxation issue, the "Guanghua Thought Power" REITs project group of Guanghua School of Management of Peking University proposed to refer to international practice and follow the principle of heavy taxation to give preferential treatment to the taxation of various links such as establishment, operation and exit, so as to promote the development of REITs. .


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