The first batch of infrastructure public offering REITs is the first anniversary of listing: the market running stable industrial agglomeration effect first showed

Author:Securities daily Time:2022.06.20

20JUN

Our reporter Chang Xueyu's first batch of infrastructure public offer REITs will be the first anniversary. As promoting the healthy development of REITs in the field of infrastructure was written into the "Fourteenth Five -Year Plan" and the outline of the long -view target in 2035, all parties formed a consensus on the important role of public offering REITs in implementing the new development concept and building a new development pattern. The new investment and financing market "started" on June 21, 2021. After a year of exploration, improvement, and innovation, the pilot of public offer REITs is now a spillover of fragrance -as the preferred way to activate stock assets, REITs played the current government debt risk, corporate liabilities level, and improve infrastructure operation and management level. It has an important role; as a new exit method for infrastructure construction investment, REITs shows important significance in widening social financing channels, raising incremental funds for infrastructure construction, expanding effective investment, and forming a virtuous cycle of investment financing. During an interview with a reporter from the Securities Daily, many experts said that under the combination of multi -party efforts and joint care, my country's public offer REITs piloted the pilot operation smoothly, and the industrial agglomeration effect was early. In the future, encouragement of more high -quality and mature, asset -type projects to enter the market, expand the market size, and promote the high -quality and sustainable development of the industry. It is the goal of the next stage of the public REITs market. The institutional rules have gradually improved the market development ecosystem to further improve the first batch of public offerings REITs for one year. It has effectively filled the product gap in the domestic asset management market, and has also written a strong stroke in the development of the capital market. This year, the performance of the first batch of public offerings REITs was basically in line with market expectations, and the pilot work achieved a good start. The first batch of public offerings REITs drive 300 billion yuan of new infrastructure project construction. As of June 19, the first batch of nine products had increased by 22%since the listing, and the average daily turnover rate was higher than the overseas mature markets. At the same time, from the 2021 annual report of the first batch of products, the performance of infrastructure assets performed well, forming a stable cash flow and dividend income. The actual distribution amount exceeds expected, with a total of about 1.78 billion yuan; nine products all issued a dividend announcement, with a total dividend of approximately 1.22 billion yuan, accounting for about 60%of the actual distribution amount. A number of institutions involved in the first batch of public offerings REITs said that the operating data of the product and the secondary market have performed steadily, even super expectations. Li Jun, deputy general manager of the headquarters of the Soochow Fund REITs, told a reporter from the Securities Daily, "In the past year, the efficiency of the REIT asset operation management of the Soochow Suyuan Industrial REIT assets has been continuously optimized. Fund financial indicators and dividend levels are better than expected. General Manager Song Xin introduced to a reporter from the Securities Daily that since the launch of AVIC Shougang REIT, whether it is the operational data of the underlying assets or the performance of the secondary market, it exceeds expectations. At present, the product has achieved twice dividends and has been affirmed by investors. Also two dividends are the two dividends, and the CICC Reit, the relevant personnel of CICC Fund introduced, "The basic assets of the project are stable, and the overall performance is relatively stable." This year, the rules of the system gradually improved and promoted the favorable environment of the development of the REITS industry. It is gradually forming. Since the first batch of public offering REITs, government departments and regulators at all levels have attached great importance to the construction of the REITS market, introduced supporting rules, and promoted market development. On June 29, 2021, the National Development and Reform Commission issued the "Notice on Further Doing the Pilot Fund of Reist Investment Trust (REITs) in the infrastructure sector", which expanded the pilot area to the nationwide scope, expanded the scope of assets, improved the start and expand fundraising The scale requirements, etc., promote the expansion of project assets; on November 17 of the same year, the CBRC issued the "Notice on the Related Matters of Investment Fund Investment Fund for Investment Investment Investment Public Investment", introduced insurance funds to the market to improve the liquidity of the secondary market for REITs; On January 26, 2022, the Ministry of Finance and the State Administration of Taxation jointly issued the "Announcement on the Taxation Policies of Reist Trust Fund (REITs) Pilot Fund (REITs) Pilot Fund in the Infrastructure Section" to clarify preferential tax policies. In addition, local governments or regulators in more than 10 cities across the country specially issued REITS policy documents to actively encourage local enterprises to participate in pilots. The Shanghai and Shenzhen Stock Exchange linkages with government departments and regulators at all levels to support the REITS rules system. On May 31, 2022, the REITS expansion rules were released to optimize the expansion mechanism simultaneously. The expansion and recruitment of agenda assets Welcome to expand the aforementioned participation pilot agencies have expanded the public offer REITs on the agenda. Wang Qiaochu, manager of the REIT fund manager of Boshi Merchants Shekou Industrial Park, told a reporter from the Securities Daily that "the assets of China Merchants Shekou Property Park are rich in assets, including assets in construction, opening, and mature. Boshicon Shekou Product Park REIT. "CICC has always attached great importance to the expansion of the public offering REITs market. Relevant personnel of the company revealed that they will actively study and promote the expansion of public offering REITs within the framework of the policy and regulations. "AVIC Fund is actively excavated and expanded assets. After the future supporting policies are introduced, they will start expansion.

"Song Xinzhi said. The senior fund analyst and doctoral of the Shanghai Securities Fund Evaluation Research Center told the reporter of the Securities Daily that the policy environment has been continuously optimized, and the superposition of the first- and secondary market linkage has made REITs always maintain a certain market heat and influence , Promoting the high -quality development of the REITS market. This year, the type of assets gradually enriched the high -quality development of infrastructure construction. The first batch of projects were only starting. Benefiting from the policy orientation of the public offering REITs, some high -quality mature projects successively entered the market one after another. The type of underlying assets has become increasingly richer. As of now, there are 12 public offerings of REITs in China. The project is distributed in key areas such as Beijing -Tianjin -Hebei, Yangtze River Delta, Guangdong, Hong Kong, and Macao. Strong demonstration and representativeness; the project raised 45.8 billion yuan in total, mainly investing in key areas such as scientific and technological innovation, green development, and people's livelihood, effectively helping infrastructure construction, promoting the integration of production and finance and local economic development . In addition, some public offering REITs projects are "on the road", and the type of asset type has expanded to affordable rental housing and power generation infrastructure. According to the Shanghai and Shenzhen Exchange data, the Chongqing Yu Sui Expressway, the Guojin Railway Construction Chongqing, which will be released on June 21st In addition to the closed infrastructure securities investment fund, there are currently 5 single projects in line review. The success of the demonstration project has also further enhanced the enthusiasm of holding high -quality infrastructure assets in various regions and fields. Promoting China. The relevant personnel of CICC Fund introduced that "CICC and parent company CICC is continuing to promote the application of public offering REITs pilot projects. Multiple tracks. "Dong Zhongyun, chief economist of AVIC Securities, told a reporter from the Securities Daily that the increase in the type of public offerings assets has stimulated the enthusiasm of the market, and will attract more infrastructure construction and investment in infrastructure construction and investment in the capital market. The first batch of restrictions on sales will welcome the ban on the balance of supply and demand market as a reform and innovation result in the capital market. At first, the market's prospect for public offering REITs also had a wait -and -see attitude. The results obtained in the past year can be preliminarily determined that the pilot work of the public offer REITs has achieved smooth listing, stable transactions, stable operation, and stable expectations. However, the market "ammunition" is slightly insufficient. There are excess premiums in public offerings. Data show that as of the close of June 17, the premium rate of AVIC Shougang Green Energy REIT, the first water -pioneering water REIT, and Red Earth Yantian Port Reto exceeded 30%, respectively, 43.07%, 38.68%, and 34.45%, respectively. "Since this year, although the public offering REITs market has experienced a certain degree of adjustment, some high -quality products still maintain a high premium rate. The scarcity of high -quality assets is the main cause. "Sun Guiping analyzed that only 12 public offer REITs are currently listed, and most of the share is locked, and the average share of each product can be only about 30%, which cannot meet the long -term configuration needs of funds. Nine public offerings REITs totaling a total of 2.192 billion restricted sales funds will usher in the lifting of the ban on June 21. The share will be greatly increased. To a certain extent, it may alleviate the problem of insufficient supply. It is expected that more high -quality infrastructure assets will log in to the capital market through public offering REITs. The market supply and demand will achieve a better balance. "However, in Sun Guiping's view, although lifting the ban can alleviate asset scarcity to a certain extent, it is expected that the premium rate will be adjusted in the short term, but the adjustment of the adjustment may not be large. The smaller public offer REITs is more likely to be reduced. Investors need to pay attention to the risk of short -term price fluctuations. "In the long run, public offering REITs will be familiar with more and more investors in the future. The demand will continue to increase, and the scarcity of high -quality REITs will still exist. "Sun Guiping suggested that in the future, the issuance of public offering REITs and product innovation can be accelerated, and more high -quality asset matching needs to match investment needs. Closely linked to major industrial strategies to help the economic market stabilize. One of the important starting points for the expansion of effective investment in the existing assets is also one of the necessary means for implementing the major national industrial strategy. "Li Junru, deputy general manager of the headquarters of the Soochow Fund REITs, said. The" Opinions on Further Valid Investment on the Expansion of Assets in the State Council "issued by the General Office of the State Council clearly states that the establishment of a sound expansion mechanism, exploring and establishing a multi -level infrastructure REITS market. The Securities and Examination Commission. A few days ago, a special meeting was held to clearly help the stability of the macroeconomic market, and listed the "research and broadening infrastructure REITs pilot scope" as one of the main means.

Dong Zhongyun said that in the critical period of the current new and old kinetic energy conversion, as an IPO of assets, public offer REITs are gradually being given greater responsibilities to bring "source living water" to infrastructure, and provide high -quality development for high -quality development of various regional economies and key industries. New strategic tools to further enhance the quality and efficiency of the capital market to serve the real economy. It is not difficult to "penetrate" the aforementioned 12 public offering REITs. Although the number is not large and the scale is not large, the corresponding underlying assets are important carriers for the high -quality development of China's economy. "The issued projects have covered basic assets such as toll roads, industrial parks, sewage treatment, ecological environmental protection, warehousing and logistics, etc., all of which are high -quality assets with good qualifications and high income, and closely attached to the medium and long -term industrial policy orientation." Dong Zhongyun further analyzed that For example, actively developing energy environmental protection REITs intend to implement the "dual carbon" goal and continue to promote the industrial park warehousing and logistics REITs to help regional economic development. In -depth promotion of transportation REITs is to release new funds for the investment and construction of comprehensive three -dimensional transportation network in the future. Source, etc. "The REITS market that develops trillion yuan is not only an urgent demand for short -term economic growth, but also the inherent needs to serve my country's long -term high -quality growth in China." In Sun Guiping, the number and market size of the listed projects are still biased. The type of basic assets involved is not rich enough, and it does not match the scale of the huge infrastructure stock assets in my country. In the future, public offer REITs still have broad development potential. The public offer REITs pilot is a trillion yuan magnitude market steady development. The first batch of public offer REITs, a reporter from the reporter, will welcome the birthday of the first batch of public offering REITs. The 365 -day coordinated innovation results will also further accept the market congratulations and review. Looking back on this year, the public offer REITS pilot, as a new ding in the capital market, has uneven hot and cold in the secondary market, but the overall operation is smooth and expected: participating in infrastructure and real estate market investment for various types of investors: Provide convenience channels and high -quality targets; form a virtuous cycle of investment and financing for "fund -raising and regression", and the industrial agglomeration effect has begun to show; infrastructure operations are stable and the value of asset allocation has appeared. The gratifying results are not the only highlights. The gradual improvement of institutional rules provides a favorable environment for the stable and far away of the public offer REITs. After the first batch of products listed smoothly, the policy dividend continued to be released, covering multiple links such as project asset expansion, insurance capital entry, tax discounts, and expansion mechanisms, highlighting the policy support for the development cycle of REITs, allowing more infrastructure construction to invest in investment. The "chemical reaction" of the financing of financing and the capital market is also conducive to multi -dimensional joint efforts to consolidate the basic economic basis. Benefiting from the escort of the policy, the pace of public offer REITs has accelerated significantly, and a substantial breakthrough has been obtained in terms of capacity expansion. As of now, the REITs that have been listed on the market have increased to 12; the types of infrastructure assets covered by the project that have been listed and reviewed, from toll roads, industrial parks, sewage treatment, ecological environmental protection, warehousing and logistics, etc. from a year ago By the time of guarantee rental housing and clean energy, more than a hundred single reserve projects are being promoted. It is expected that more types of asset types that have not been covered in the future will be included in the public offering REITs. my country's infrastructure assets are huge, and the future development prospects of public offering REITs are broad. However, the market is still improving the construction, and it still needs to be further developed for the long -term goal of achieving policy. The first is the difficulty of solving the mechanism and strengthening the protection of the rule of law. Gradually crack the key difficulties in the mechanism, open the project to block the card, and improve the efficiency of business processes. Promote special legislation in a timely manner, and the system construction is constructed in accordance with the characteristics of REITs. The second is to enrich the type of investor and optimize the business mechanism of the city. Gradually introduce multiple long -term investors such as the National Social Security Fund and Enterprise annuity to participate in the REITS market to improve the configuration attributes. Explore and optimize the market incentive mechanism to improve market liquidity. The third is to improve the regulatory system and urge standardized operations. Continue to improve the construction of the daily regulatory system of REITs, focus on regulating the supervision of standardized operations, regulate regular and temporary report disclosure, and strengthen information disclosure supervision. For the capital market with a history of nearly 32 years, one year is just a short period of course. For my country's public offering REITs, it is a big step from scratch. What is even more gratifying is that although there is a long way to go, the public offer REITs pilot has opened a good development for the steady development of the trillion yuan in the past year. We have reason to believe that with the stepping launch of private investment projects and the first batch of REITs expansion projects, the next birthday will bring more surprises to the market.