Xin jinqiao property word of mouth

Recently, the first real estate investment trust REITs market in Pudong, Shanghai is about to hatch, which has attracted people's attention. Among the many versions discussed before, the version of "Central Bank-China Banking Regulatory Commission" was finally adopted. It is most likely that once the plan is approved, the first main target of REITs will be institutional investors, which is more similar to the closed private equity investment in real estate.

Recently, some media said that the "Shanghai version" of the real estate investment trust fund scheme has been reported to the relevant departments in Shanghai, and finally the scheme was reported to more than one. First, draft the "Central Bank-China Banking Regulatory Commission" scheme for Pudong New Area, involving four major state-owned property resources: Jinqiao Group, Waigaoqiao Group, Zhangjiang Group and Lujiazui Group, and issue them through the interbank market; 2. The "Lujiazui Plan" led by the central bank was adopted, which was designed by Lujiazui Group.

Three buildings involving Lujiazui Group-including Standard Chartered Bank Building and two office buildings of Lujiazui Software Park; The last one is the "CSRC version" program, which is issued by the exchange market.

Analysts said that since the "Pilot Measures for the Management of Collective Real Estate Investment Trust Business" drafted by the China Banking Regulatory Commission and the Central Bank is nearing completion, the "Central Bank-CBRC" version of the first REITs in China is the most likely. The "Administrative Measures" stipulates that real estate investment trusts will take trust institutions established according to law as trustees and set up collective real estate investment trusts through public issuance of trust units. The specific operation path is as follows: China Banking Regulatory Commission applies to the trustee for issuing trust, and after being approved, the trust unit can issue trust in the national interbank market after being applied by the trustee and approved by PBC. Trust plan funds for implementing safety control,

The legally established and qualified fund depository institution is a commercial bank.

According to the proposed definition, the "Central Bank-CBRC" version of the plan, Jinqiao Group, Waigaoqiao Group, Zhangjiang Group and Lujiazui Group will provide properties with an annual rental income of up to 470 million yuan. In the future, these properties 10 rental income rights will be "packaged" to establish a trust, and then the lead underwriter will be entrusted as the issuer in the interbank market to meet the requirements of institutional investors' trust rental income certificates and raise the total amount of funds. In order to ensure the smooth issuance, the Pudong New Area Government has invited China International Capital Corporation as the lead underwriter and signed an underwriting agreement with the Central Finance Corporation.

Industry experts said that compared with the previous "CSRC" version of REITs, "Central Bank-CBRC" can avoid some challenges, such as legal and tax barriers. The version of CSRC is to package the real estate market, but there is no complete solution to how to solve the liquidity of products and the double taxation dividend of products. According to the exposure draft of the Administrative Measures, REITs listed in the future are more similar to a closed private real estate investment fund, which is issued in the inter-bank market, with institutional subscription and fund-raising as the main direction to invest in mature real estate. Trust income distribution, at least once a year,

The holding period of the institution shall not be less than 12 months.

Looking forward to the domestic market, the first REITs real estate investment trust fund is a securitized industrial investment fund, which attracts investors' public funds by issuing stocks or certificates.

Li Yang, chief analyst of Tongyi Trust Studio, said that because REITs generally pay 90% of the relevant real estate rental income as dividends, they have always been regarded as paying attention to dividend returns, and the diversification of such investment products is of great significance for investors to make up for the shortcomings of investment products.

In fact, domestic trust companies began to explore the operation mode of REITs very early. Under the current real estate trust products, not only the trust for the purpose of real estate development and construction project loans belongs to the trust category, but also the trust that the trust funds purchase all or part of the property in real estate and obtain income through the interests of real estate enterprises, which is a kind of quasi-REITs. "REITs are actually a kind of real estate investment trust fund plan. This kind of product has appeared as early as 2005, but since last year, REITs have been more and more accepted by investors, so REITs have been touted as products." Li Yang said that since last year,

Barry Trust and Beijing Trust have respectively launched a series of real estate investment trust products mainly based on funds, which are more representative.

At present, many local governments are actively promoting REITs, and Beijing, Shanghai and Tianjin may become the first pilot cities of REITs. The relevant person in charge of the Shanghai Financial Services Office said that at present, the plan of REITs in Pudong needs to wait for the approval of the central ministries and commissions, and Shanghai needs more preparation before getting a clear answer.

I translated with iciba, I don't know if it is so accurate, but it will be more accurate to translate with iciba in the future. I also know that Google Translate is helpless, hehe O(∩_∩)O~