Another public offering REIT was approved!The feedback requires consideration to consider the impact of the new crown epidemic and set up measures

Today, the Shenzhen Stock Exchange disclosed the latest progress of Red Turkey Innovation in Shenzhen Talent Housing and Housing Rental Housing REIT. The audit status is passed. From time to time, the product was accepted at the end of May and approved in just more than a month.

The reporter noticed that another guarantee rental housing REIT product reported at the same time -Zhongjin Xiamen Xiamen Anju Housing Housing Reit is currently in the feedback state. In the feedback, the fund company is required to consider the impact of the new crown epidemic situation on the project and the project and the impact of the new crown epidemic and the impact of the project and the project and the impact of the project and the project and Set specific measures.

Another public offering REIT was approved

I still remember that at the end of May, the General Office of the China Securities Regulatory Commission and the General Office of the National Development and Reform Commission jointly issued the "Notice on Regulating the Infrastructure Fund Reist Trust Fund (REITs) in the field of pilot housing pilot housing for affordable rental housing" (hereinafter referred to as the "Notice ")).

Among them, the Securities Regulatory Commission will work together with relevant departments and units, in accordance with the principle of marketization and rule of law, encourage the issuance of affordable ownership, mature operating models, and sustainable market -oriented rented housing issuance REITs.

After the "Notice" was released, both the Shanghai Stock Exchange and the Shenzhen Stock Exchange announced that a affordable rental housing REIT was accepted. Today, the Shenzhen Stock Exchange disclosed the latest progress of Red Turkey Innovation in Shenzhen Talent Housing and Housing Rental Housing REIT. The audit status is passed.

This also means that the product has been accepted from the end of May and has been approved in just more than a month. From the perspective of the recruitment instructions, the fund is all invested in the asset-supported securities issued by the "Shenzhen Venture Capital-Shenzhen Talent Living Housing Housing Asset Support Special Plan". The garden project and the Phoenix Mansion Project are the investment targets of these high -quality guarantee rental housing projects.

In addition, in the recruitment book, the rental situation and cash flow calculations of these four projects were also disclosed in detail. From the perspective of the rental ratio, the Anju Baiquan Pavilion project, the Anju Jinyuan Project, the Poly Champagne project and the Phoenix Mansion project have reached a high rental rate. As of March 31, 2022, the rental rate of the affordable leased housing was respectively. It is 99%, 99%, 100%and 98%.

The recruitment book also mentioned that the four projects are located in the core areas of the area. The surrounding facilities are complete and all new housing. The rent is only about 40 % off in the same location and quality market housing. A significant competitive advantage has growth potential.

In terms of cash flow calculations, the recruitment instructions assume that the scale of the funds of this public fund is 1.158 billion yuan. It is expected that the net cash flow rate from July to December 2022 is 4.24%, and the net cash flow distribution rate in 2023 is 4.25%.

CICC Xiamen Anju Security Rental Housing REIT is in the feedback state

In addition to this product, another reportedly reported on the same period of affordable rental housing REIT -Zhongjin Xiamen's residential living housing REIT. The dynamic of the Shanghai Stock Exchange on the project shows that the product is currently in the feedback state.

It is worth noting that after the product was reported, the Shanghai Stock Exchange raised a total of eight issues on the situation of the product. On July 7, CICC Fund had submitted a reply on feedback. The reporter noticed that in these issues, in addition to allowing CICC Fund to demonstrate the rationality of important assumptions and valuations such as CICC Fund, such as rental growth rate, vacancy rate. At the same time, it is necessary to evaluate the impact of the new crown epidemic on valuation and evaluate effective measures.

In the feedback opinion, CICC Fund said that the new crown epidemic may bring great challenges to the operation of affordable leased housing infrastructure, including but not limited to the city and forced or voluntary isolation measures, affecting the normal lease of the project. These epidemic prevention measures may further hinder the development of economic activities and reduce the leasing demand for affordable rental housing. The current development of the new crown epidemic is still certain uncertainty. If the tenant is affected by the new crown epidemic, it may be difficult to maintain its financial strength and cannot fulfill its rent payment responsibility, which may adversely affect the operation and return of affordable rental housing. Because the new crown epidemic may cause the introduction of rents and exemptions, it may adversely affect the income of infrastructure funds.

In terms of main measures, it mainly includes four aspects. First, in terms of operation and management, the new crown epidemic emergency response plan is set up. In the case of the risk of the new crown epidemic, management measures are taken to the operation of infrastructure projects, and timely adjustment is made in time according to the requirements of local epidemic prevention and control.

Second, in terms of project valuation, the number of vacant days is conservative. Considering the influence of the new crown epidemic, the number of annual leases of the lease in 2022 and 2023 has been adopted to conservative assumptions. According to the principle of caution, take 20 days as the annual lease of the lease period in 2022; 15 days in 2023; from 2024 to the end of the predicted period, take 10 days each year.

Third, for the new crown epidemic reduction and exemption of rent, the fund share holder conference can be submitted to the voting;

Fourth, fully reveal the possible risks of the new crown epidemic.

Daily Economic News

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