When was the first central enterprise renting REITs approved?

On the 23rd, China's first single REITs for central enterprises' rental housing and the first single REITs for storage shelves-Zhonglian Qianhai Kaiyuan-Poly Real Estate Rental Housing 1 (referred to as "Poly Rental Housing REITs") were reviewed and approved by the Shanghai Stock Exchange, which has a positive demonstration effect on accelerating the construction of the rental housing market.

REITs for Poly Rental Housing are jointly implemented by Poly Real Estate (Group) Co., Ltd., the holding company of China Poly Group Company, and Zhonglian Ganyuan Real Estate Fund Management Co., Ltd. ... Total product scale.

5 billion yuan, with Poly Real Estate's self-sustained rental housing as the underlying property asset, adopting the mechanism of shelf storage and installment issuance, with the priority and sub-ratio of 9: 1, and the priority securities are rated AAA. The successful landing and inspection of this single product

It proves the feasibility of "using REITs to open the exit channel of rental housing enterprises and build a closed loop of complete business model of rental housing".

Help the development of rental housing market

In recent years, policies to encourage the development of the rental housing market have been implemented intensively. Xu Niansha, chairman of Poly Group, said that Poly Group actively practices the positioning that "houses are for living, not for speculation" and strives to promote housing.

Housing returns to the residential property, further promoting the healthy and orderly development of the real estate industry. Song Guangju, deputy general manager of Poly Group and chairman of Poly Real Estate, said that this project is the first single experiment of Poly Group to practice the responsibility of central enterprises in the field of rental housing.

Water, "REITs" will become a strategic capital tool for Poly Group to build a "one main wing" business layout, and actively explore financial innovation in the rental housing market.

In recent years, the Ministry of Housing and Urban-Rural Development has actively promoted the development of the rental housing market, carried out pilot rental housing projects in large and medium-sized cities, actively cultivated institutionalized and large-scale rental housing enterprises, and encouraged state-owned enterprises to arrange rental housing.

Housing business. At the same time, support real estate enterprises to innovate the practice of asset securitization of rental housing, actively revitalize existing housing and increase the effective supply of rental housing. The next step will be to actively promote rental housing enterprises to broaden direct financing channels.

Road, support enterprises to use innovative financial tools to develop rental housing business and promote the development of rental housing market.

Promoting the securitization of rental housing assets is an important part of developing the rental housing market. Relevant persons of the CSRC said that providing innovative financing channels and investment exit paths for enterprises with the help of asset securitization is of great significance to the establishment of more.

The housing system of main supply, multi-channel guarantee and simultaneous rent and purchase is of great significance. He believes that the launch of this single product is not only in line with the macro-orientation of the country to vigorously promote the construction of the rental housing market, but also promotes the securitization of various physical assets.

The extensive and in-depth application in the economic field has made new attempts and expansions.

According to relevant persons of Shanghai Stock Exchange, this single product is the first REITs based on self-sustaining rental housing of real estate enterprises in China, and the investment recovery cycle has passed for real estate enterprises.

Long "Worry" provides a realistic sample of realizing the strategic model of light assets in the rental housing market through capital market funds, which is expected to enhance the confidence and motivation of real estate enterprises to increase investment in rental housing and supply of housing. rent

The extensive pilot of REITs products for rental housing will strongly promote the healthy, rapid, large-scale and sustainable development of the rental housing market, and will also add a kind of real estate securities with stable income sources for investors in the capital market.

Chemical products. It is hoped that the pilot of this single product will play a positive role in promoting the further development of domestic REITs and even the launch of public offering REITs.

Realize the "raising function" of real estate investment trust

In the "stock age" of the real estate industry, a major challenge faced by real estate enterprises is the transformation from "taking land to selling houses" to "selling and holding at the same time". ?

The layout transformation of Poly Group was earlier. In the field of renting houses, four brands have been established, namely Yujingge Business Apartment, Noah Hotel Apartment, N+ Youth Apartment and Hexihui Club. The projects are distributed in more than ten cities, and are operated by the rental housing management and operation platforms "Poly Commercial Company" and "Anping Pension Company" under Poly Group.

The relevant person in charge of Poly Real Estate said that REITs are the financial instruments that best match the business model of holding and operating. Poly Group established a special RETIs operation platform-Poly Ruichi (Hengqin) Asset Management Co., Ltd., and served as the joint general coordinator of this product. Its excellent capital operation ability provides a strong guarantee for the smooth implementation of this product.

Fan Xiwu, executive general manager of Zhonglian Fund, said that the professional, high-quality and efficient deliberation and rigorous innovation concept of the Shanghai Stock Exchange are the key to the smooth landing of this single product.

He believes that compared with the international mature markets, in addition to the differences in investment threshold and liquidity, domestic REITs lack a "fund raising mechanism", which restricts the "financing" of domestic REITs to some extent.

Serve the real economy. Under the current framework of asset securitization system, there is no feasible way to solve the investment threshold and liquidity problems. Waiting for the launch of public offering refinancing, the problem of "raising mechanism" is certain.

It can be achieved by learning from the existing "listing mechanism" of asset securitization system. The "on-the-shelf issuance mechanism" of REITs in Poly Rental Housing has created a "growth" system within the framework of the current asset securitization system.

REITs indirectly realize the fund-raising function of public offering REITs, which will have a positive and far-reaching impact on the development of REITs in China and is a landmark product in the development history of REITs in China.

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