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- no room, no speculation。- call REITs registered product
发布时间:2018-07-18 12:00 来源:http://www.baidu.com/
'‘ no room, no speculation’‘ calls for REITs’s registered products to reach 1。89 trillion The policy of '‘ housing not speculation’‘ has pushed the property leasing market into a period of rapid development, and the long-explored securitization of real estate in China is becoming more and more urgent。。 At the same time, the new regulation on capital management will come into effect in the near future and non-standard assets will be subject to stricter control, making it increasingly difficult for real estate enterprises to raise funds。。 Therefore, it is more and more urgent to develop REITs and other asset securitization products。 The policy of ’‘ housing not speculation’‘ has pushed the property leasing market into a period of rapid development, and the long-explored securitization of real estate in China is becoming more and more urgent。。 At the same time, the new regulation on capital management will come into effect in the near future and non-standard assets will be subject to stricter control, making it increasingly difficult for real estate enterprises to raise funds。。 Therefore, it is more and more urgent to develop REITs and other asset securitization products。 Recently, the development of new asset securitization products represented by real estate investment trust funds ( REITs ) has accelerated。 According to the latest data released by asset management association of China, by the end of may 2018, the total registered REITs products had reached 1。89 trillion yuan。 Since there is no mature REITs regulation in our country at present, REITs issued in our country are quasi - REITs or REITs - like products that cannot be listed and circulated。。 ’‘ at present, there is still no real REITs product in our country, only quasi REITs or REITs - like products。 ’‘ hong lei, president of asset management association of China, said at the second Lujiazui asset securitization forum held a few days ago that at present, some investors mistakenly believe REITs is a debt financing tool for real estate enterprises, while real REITs products can be invested in various infrastructure and real estate, including dozens of real estate categories such as urban public facilities, commercial retail, warehousing, and medical care, which is expected to become one of the important tools for activating the housing rental market in the future。。 So, what is the real REITs product? What is the effect of such products on current asset allocation and financial risk prevention? The new situation calls for a new tool called REITs, which is a trust fund that collects the funds of a specific majority of investors in the form of issuing income certificates, engages in real estate investment management by specialized investment institutions, and distributes the comprehensive income of investment to investors in proportion。。 In short, REITs, as an asset securitization product, provides regular income to investors through concentrated investment in real estate projects that can bring stable income with corresponding rental income and real estate appreciation。 An important function of REITs products is to make ’‘ heavy’‘ real estate enterprises ’‘ light’‘ up, let ’‘ static’‘ rent ’‘ move’‘ up, and let assets ’‘ live’‘。 The policy of ’‘ housing not speculation’‘ has pushed the property leasing market into a period of rapid development, and the long-explored securitization of real estate in China is becoming more and more urgent。。 At the same time, the new regulation on capital management will come into effect in the near future and non-standard assets will be subject to stricter control, making it increasingly difficult for real estate enterprises to raise funds。。 Therefore, it is more and more urgent to develop REITs and other asset securitization products。 In the past 10 years, several domestic departments have put forward proposals to develop REITs one after another。。 In April 2018, the China securities regulatory commission and the Ministry of housing and urban - rural development jointly issued the ’‘ notice on promoting the securitization of housing rental assets’‘ to promote the securitization of housing rental assets, focusing on the pilot issue of real estate investment trust funds, namely REITs。 Wang gang, secretary general of China REITs alliance, introduced that housing lease REITs is the third largest specialized category of REITs except retail real estate REITs and office REITs。developing such REITs is conducive to promoting the healthy growth of the housing lease market and activating the housing lease stock assets as a whole。it is an important means to implement the principle of ’‘ housing not speculation’‘ and ’‘ renting and selling simultaneously。’‘。 Since the real estate industry had previously focused more on indirect financing, the real estate industry was sales-oriented and the risk point of excessive debt was exposed。。 Reits makes use of financial instruments to revitalize the stock of real estate and become an effective supplier of housing leases。it is beneficial to guide the real estate industry to develop towards the goal of ’‘ housing not speculation’‘ and to reduce the overall financial risk of the whole society。。 Meng Xiaosu, head of REITs research group of the development research center of the state Council, said that the development of REITs can cover all kinds of real estate on the one hand and is beneficial to small-scale investment and on-demand transactions of real estate。 On the other hand, it can also revitalize mature real estate, which is conducive to improving the capital turnover rate and helping long-term capital to connect with long-term assets。。 In addition, these new tools generally pursue long-term returns and have low correlation with stock and bond markets。they are one of the important investment targets for pension and insurance funds and other assets。。 There are many benefits to develop REITs in the four aspects to be solved, but there is still a big gap between domestic REITs market and mature market at present。。 Hong lei thinks there are at least four problems in developing REITs at present。。 First of all, the basic asset credit is not independent and cannot get rid of ’‘ rigid payment’‘。 The individual credit of the micro-subject in the market lacks ’‘ hard constraints’‘。many market activities rely on license plate credit and state-owned asset credit。in the end, government credit is used as the base card to play each other。there is no market game and market credit system between individual credits, which is not conducive to the development of REITs。。 At present, REITs - like products are often designed on a one-to-one basis。they are non - replicable。they lack the characteristics of decentralized investment at the asset end and collective investment at the capital end。the lack of openness and flexibility leads to insufficient market pricing and trading functions, which limits the development of REITs market。。 Secondly, there is a lack of a unified market-oriented operating environment。。 Reits filed as a private fund at the capital end, but there are many problems at the asset end。。 Although it is possible to identify the ownership of basic assets, package pricing and transactions, specific operations such as industrial and commercial transfer, real estate ownership change and taxation must be completed at the location of basic assets, and there is a lack of a unified platform for equity asset transfer。。 This kind of excessively decentralized and personalized operation deviates from the inherent requirements of securities and is not conducive to the development of a unified and standardized REITs market。。 Thirdly, there is a lack of comprehensive industry tax system arrangement。 From an industry perspective, REITs’s transaction and redemption from asset acquisition, operation and management, asset transfer and withdrawal to REITs shares involve complicated tax requirements。most of the tax revenue comes from the operation process of basic assets and fund shares, which restrains investment vitality and brings about certain efficiency losses。。 Finally, the asset holding cost and capital cost are too high, and the return on equity investment is insufficient。。 Judging from the residential market, the rental rate of second-hand housing market in major cities in our country continues to decline in the near future。。 Constrained by the imperfect external environment and insufficient internal motivation, China has not yet grown up a real REITs investment manager, a professional manager who manages REITs properties, and an intermediary service organization with professional qualities。it is still far from the professional ability required for entrusted management and entrusted management。。 Many measures to promote the landing of new tools should standardize and encourage REITs development。first, a system of regulations should be established。。 Hong lei said that at present, the definition of securities in securities law is listed and REITs cannot become a publicly issued securities。。 In the future, various supporting laws and regulations for REITs development should be further improved。。 Secondly, we should insist on returning to the origin, breaking the rigid payment and strengthening the education of managers and investors。。 Reits is based on holding basic assets, share investment and specialized management and operation by way of stock ownership。。Managers and investors should clearly understand the origin of REITs and reasonably participate in REITs according to their own risk and ability characteristics。。 Thirdly, it is suggested to use REITs as a breakthrough point to speed up the pilot reform of the comprehensive tax system based on direct taxes。。 Yu Qiang, executive general manager of asset securitization business line of citic securities co。, ltd。, believes that developing REITs needs to improve the rating system based on different assets, encourage enterprises to make full use of such asset securitization methods and avoid holding large amounts of heavy assets for a long time, so as to reduce leverage, increase exit channels and focus more on providing professional services。。 '' in addition, from the perspective of developing the enterprise asset securitization market, we should continuously expand the basic asset types of asset securitization products。 Liu shaotong, deputy general manager of the Shanghai stock exchange, said that since 2017, the Shanghai stock exchange has made innovations in more than 10 categories of basic assets and has issued 12 asset securitization products with green assets, with a scale of 15 billion yuan and 6 housing rental products with a scale of 3.2 billion yuan。 Liu shaotong said that the Shanghai stock exchange will speed up the formulation of listing conditions and letter approval guidelines for real estate and other large-scale assets in combination with the latest development needs of the asset securitization business, actively carry out feasibility studies on the bankruptcy isolation mechanism of asset securitization and special research work on tax neutrality, and form and perfect a multi-level asset securitization rule system。。 Source: China economic network Sohu focus editor: pan yaoxiang