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Publicly raised REITs, making steady progress!
January 29，Shanghai and Shenzhen Stock Exchanges release supporting business rules related to public REITs，Including business measures for public offering REITs (hereinafter referred to as the "Business Measures")、Guidelines for Offerings (hereinafter referred to as "Offering Business Guidelines") and Guidelines for Audit Concerns (hereinafter referred to as "Audit Concerns")。
In fact，The draft for comments on supporting rules for public REITs has been released to the public for comments from September 4 to September 15, 2020，The three rules released this time mainly clarify the business process of public infrastructure REITs、Review Standards and Offering Process。
where，The "Business Measures" mainly review listings、On sale、Transaction、Standardize the entire business process such as acquisitions and information disclosure，Based on the draft for comments，Further simplifying application document requirements、Optimize trading mechanism、Improve relevant requirements for project acquisition and equity changes。
"Audit Concerns" mainly explains the audit concerns and key points，Clear application conditions and standards，Based on the draft for seabet mobilecomments，seabet sports bettingFurther improving infrastructure project compliance、Cash flow、Operating years and other related requirements。
The "Issuance Business Guidelines" mainly deal with issuance inquiry、Pricing、Standardize placement and other matters，Based on the draft for comments，Further optimized the fundraising method、Qualification conditions and other relevant regulations for offline investors。
In the global market，REITs have become the third largest category of basic financial products after stocks and bonds。Currently, more than 40 countries and regions around the world have established REITs markets。REITs not only open up the investment and financing paths between real assets and financial markets，The characteristics of both stocks and bonds also make it an important allocation variety in the investment portfolio。
Securities Times reporter learned，Public REITs already have a large number of reserve projects ready to go。Shenzhen Stock Exchange launched the first domestic private placement REITs since 2014、The first REITs with public funds as the carrier、First logistics and warehousing private equity REITs、The first bridge infrastructure private placement REITs and other benchmark products。Currently，A total of 50 private equity REITs products have been issued in the Shenzhen Stock Exchange market、Issue amount 105.5 billion yuan，Initially forming a scale。
Also，The Shanghai Stock Exchange currently has 27 high-quality projects recommended by the local Development and Reform Commission to the National Development and Reform Commission，17 of them were shortlisted for the first round of seabet casino reviewfeedback seabet app downloadfrom the National Development and Reform Commission。At the same time，The Shanghai Stock Exchange still has more than 30 reserve projects in the process of preparation，Reserve projects cover major infrastructure types，Basically covering all key areas and provinces。
Analysts believe，Building China’s public REITs is to deepen the financial supply-side reform、Important measures to promote dual-cycle economic development。Jike Innovation Board、After the GEM pilot registration system，Publicly raised REITs have become a useful exploration of financial supply-side reform。
Currently，Many RITEs-like products have been released in China。As of the end of July 2020，33 single types of REITs products have been issued on the Shanghai Stock Exchange，Scale reaches 56.2 billion yuan，Covering warehousing and logistics、Industrial Park、Rental housing、Commercial property、Various real estate types such as highways。
my country’s first infrastructure REITs pilot，In fact, the reason is very simple - our country has a huge infrastructure stock，And many projects have good profitability and cash flow，Can provide an ideal source of assets for REITs。For example，my country’s infrastructure stock exceeds 100 trillion yuan，There is ample room for development of REITs。According to statistics，2003~2017 only，China’s cumulative infrastructure investment alone is as high as 108 trillion yuan。After considering a certain depreciation rate，Even if calculated based on 1% securitization ratio，The scale converted into REITs is also expected to reach trillions。
How seabet app downloadto seabet mydo a good job in the REITs market in the future，Zhang Yu, analyst at CICC, from the short term、mid term、Propose systematic suggestions in three long-term dimensions。The key point in the short term is to establish a reasonable pricing model and build a trading market；The mid-term dimension focuses on the optimization of product architecture，And market transparency。Reasonable tax arrangements will still be the foundation of REITs，He suggested，Formally establishing tax arrangements for REITs during the 14th Five-Year Plan period；Long-term focus on capacity building of managers and in-depth asset expansion，It is recommended to pay attention to the potential expansion in the commercial real estate field，Especially asset classes that are highly correlated with domestic demand growth，And whether the process of "asset creation" of infrastructure involves conflicts with public interests。
Source: Securities Times
