Infrastructure REITs normalized issued ten measures: launched the "green light" investment case as soon as possible to promote the first batch of expansion projects

On August 31, the first batch of three -guaranteed rental housing REITs listing transactions in Beijing's affordable housing, Shenzhen Talent Anju, and Xiamen Anju Group marked another important step in the construction of the Chinese REITS market.

The above three affordable rental housing REITs was sought after by the market once it was listed. Soon after the opening, the daily limit was fully closed until the closing.

Li Chao, vice chairman of the CSRC, said at the listing ceremony that recently, the CSRC, together with relevant aspects of the National Development and Reform Commission, has formulated ten measures to accelerate the normalization of infrastructure REITs. In the next step, the CSRC will promote the implementation of ten measures with relevant departments and units to further promote the amount of survival assets of the market and help stabilize the macroeconomic operation.

19 public offer REITS products are approved

Reist market initially formed demonstration effect

On May 19, the Opinions on Further Effective Investment in the General Office of the State Council clearly stated that the healthy development of infrastructure REITs was clearly stated that the healthy leased housing was included in the pilot scope. On May 27, the CSRC and the National Development and Reform Commission jointly issued the "Notice on Regulating the Reist Trust Fund (REITs) Pilot Related Work" in the field of infrastructure in the distribution of affordable rental housing ", supporting areas with mature regions to launch affordable rental housing REITs Projects, officially launch relevant pilot work.

Li Chao said that the successful landing of the first batch of pilot projects will be of great significance for implementing the central economic work conference, promoting affordable housing construction, and promoting the virtuous cycle of the real estate industry and the healthy development of the real estate industry. Increase the activity of the stock assets, improve the investment and financing mechanism, deepen the marketization process of affordable rental housing, and promote the formation of new industry development models. At the same time, it is also conducive to deepening the structural reform of the financial supply side, further enriching infrastructure REITs product types, providing investors with more financial products, and better sharing economic development dividends.

REITS is an important measure for the capital market to serve the real economy and serve high -quality development. According to Li Chao, since the first batch of pilot projects in June 2021, a total of 19 public offering REITS products are currently approved, and the asset scope covers toll roads, industrial parks, sewage treatment, warehousing, logistics, clean energy and affordable rental housing, etc. A variety of types. The listing projects have raised more than 58 billion yuan, with a total market value of 65 billion yuan. The recycling funds drive the total investment of the new project nearly 300 billion yuan. The market recognition is high and the operation is stable. The road of REITs development that follows the laws of mature markets and meets China's national conditions.

Li Chao pointed out that in the near future, the Securities Regulatory Commission, together with relevant parts of the National Development and Reform Commission, and other related parts of the State Development and Reform Commission, proposed ten measures to accelerate the normalization of infrastructure REITs, including: comprehensive promotion mechanisms for promoting the establishment of provincial and municipalities in key areas, provinces, municipalities, and multiple departments, and strengthening work coordination and coordination ; Strengthen policy counseling and market training, promote the formation of project supply echelons; optimize the recommendation procedures for pilot projects, study clear work time limit, and improve work efficiency. On the basis of strictly control the quality of the project, uniformly review the concepts, simplify the audit procedures, optimize the registration process process ; Clarify the relevant industry access standards, improve transparency and expected, strengthen continuous supervision; broaden the type of pilot project, solve the new problems faced by the "new type" project, and guide the development of market specifications; strengthen professional equipment, strengthen normalized distribution needs need Resource guarantee; accelerate the pilot of private enterprise REITs, and launch the "green light" investment case as soon as possible; promote the first batch of expansion of the project to land as soon as possible; promote REITS legislation and actively cultivate professional REITS managers and investor groups.

Promote the expansion of the REITS project

Steady expansion of the scope and scale of the pilot

"The successful listing of the three -order project is of great significance for the development of the REITS market and the construction of affordable leasing housing." Han Zhifeng, deputy director of the Investment Department of the National Development and Reform Commission, said that since the launch of the infrastructure REITs, the policy support has continued to increase. The market size has continued to expand, the types of assets are increasingly richer, the product listing performed well, and the enthusiasm of all parties has significantly improved. In the next step, the Development and Reform Commission will strengthen project counseling, improve the recommendation process of declaration, and do a good job of project recommendation.

Pan Wei, deputy director of the Housing Security Department of the Ministry of Housing and Urban -Rural Development, said that the development of affordable rental housing REITs and guiding multi -subject investment will help raise long -term equity capital and explore the formation of sustainable development and financing models. The raising funds will continue to be used to build affordable rental housing, and it will effectively expand the scale of supply. Project management in accordance with the requirements of listed enterprises is also conducive to improving the level of guarantee housing operation and management, and providing new citizens and young people with better services.

Huang Hongyuan, chairman of the Shanghai Stock Exchange, said that in the next step, the Shanghai Stock Exchange will focus on several tasks: First, the REITS project is on the floor of the key areas, and give full play to the effective role of REITs in the fields of innovation -driven, green development, guarantee, and improving people's livelihood; The second is to go all out to promote the expansion of the REITS project and assist in the listing of REITs to do excellence. The third is to cooperate with relevant policies, regulatory measures, system improvement and implementation, and jointly promote the high -quality development of the REITs market.

Chen Huaping, chairman of the Shenzhen Stock Exchange, said that in the next step, the Shenzhen Stock Exchange will actively implement ten measures for the normalization of the China Securities Regulatory Commission to accelerate the normalization of infrastructure REITs, steadily expand the scope and scale of REITs, improve the supporting rules, optimize the operating mechanism, strengthen the market for the market Services, with all parties, jointly make REITs into mainstream financial products in my country.(Editor in charge: Wang Qingyu)

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