Heavy! 12 years later, the CSRC restarted the backdoor listing of real estate enterprises.

65438+February 2 1, official website, China Securities Regulatory Commission issued a document saying that it will vigorously support the stable development of the real estate market, intensify efforts to accelerate the implementation of various supporting policies and measures in the capital market, and help the transformation of the real estate development model. "Qualified housing enterprises are allowed to be listed on the backdoor, and listed companies in closely related industries such as real estate and construction are allowed to implement housing-related restructuring."

The backdoor listing of real estate enterprises was basically stopped on 20 10, and now it has regained the support of the regulatory authorities.

Looking back at that year, after the release of 20 10 "National Ten Articles" and other real estate control policies, the IPO, backdoor listing and refinancing of A-share housing enterprises were strictly restricted to varying degrees. Since 20 10, there has been no case of A-share IPO of a real estate enterprise, and the door to backdoor listing has basically closed.

There is a phased window from 20 13 to 20 15, and only a few real estate enterprises such as Greenland Group have completed the A-share listing through Jin Feng investment. After 20 16, it entered a substantial suspension. After that, except for the successful listing of the central enterprise Power Construction Real Estate through the backdoor of Nanguo Real Estate, there was almost no similar action in the market. In 2020, Evergrande announced the termination of its restructuring plan with Shenfang, and the plan to return to A by backdoor ended in failure.

According to the research report of King & Wood Law Firm, this heavy measure, which has not been seen in 10 years, is an important watershed and turning point in the capital market policy of housing enterprises, and the intention of stabilizing the real estate market is obvious.

The above-mentioned CSRC article stated that it will fully implement the plan to improve the balance sheet of high-quality housing enterprises, continue to implement the special support plan and support tools for private enterprise bond financing, better promote central and local cooperation and credit enhancement, and support private housing enterprises to issue bonds. We will implement the equity financing policy for housing enterprises that has been introduced, allow qualified housing enterprises to borrow money from listed housing enterprises, and allow listed companies in closely related industries such as real estate and construction to implement housing-related restructuring. Accelerate the construction of affordable rental housing in REITs plate.

"Backdoor listing has opened up new ideas. On the one hand, it has increased new equity financing channels for unlisted real estate enterprises, and on the other hand, it has provided opportunities for listed real estate enterprises that have no ability to increase their income to reorganize and improve their balance sheets. " Liu Shui, research director of the Enterprise Division of the Central Reference Institute, said in a written interview with the National Business Daily on February 2 1.

However, the reporter learned from many channels that at present, real estate consulting agencies have not received news that some real estate enterprises intend to backdoor listed real estate enterprises, and some even want to withdraw from the market.

Liu Shui believes that eligible real estate enterprises are allowed to go public through backdoor reorganization, and the object of reorganization must be listed companies in the real estate industry, which can revitalize two kinds of stock resources at the same time. For non-listed enterprises with soil storage resources, they can take the opportunity to split the real estate part and list it. Through the certification of the capital market, it will help to revitalize high-quality assets and open up new financing channels for equity financing.

For the restructured enterprises, on the one hand, they get the injection of high-quality assets, on the other hand, they regain their financing ability with the blessing of high-quality housing enterprises, which plays a role in revitalizing existing risk assets. In addition, for both parties, they can take the opportunity to expand their assets, increase the scale of equity, and then optimize their balance sheets.