On August 16, the first batch of affordable rental housing REITs was officially put on sale, and three products may cause institutional funds to snap up about12191800 million yuan. At this point, the basic assets of listed public offering REITs have increased the affordable rental housing project. So today, Bian Xiao is here to sort out the relevant knowledge of renting REITs. Let's have a look!
654.38+022 billion institutional funds snapped up the first batch of REITs.
On August 16, the first batch of three affordable rental houses REITs, namely Huaxia Beijing Affordable Housing REITs, Admiralty Mansion Anju REITs and Hongtu Shenanzhu REITs, were officially put on sale. According to the announcement, the total amount of funds raised by the three products is expected to be about 3.8 billion yuan. At this point, the number of publicly offered REITs in China will be expanded to 17.
A few days ago, the offline inquiry subscription of three products has ended. The results of offline inquiry show that the first batch of rental REITs once again set off the "crazy buying" of institutional investors. The number of shares to be subscribed by the three products all exceeds 65,438+000 times, among which the total number of shares to be subscribed by all the placing objects of Anju REITs of Hongtu Shenzhen Stock Exchange is 65,438+033.03 times of the shares issued offline for the first time, setting a new record for the subscription multiple of public offering REITs by offline inquiry. According to the estimated subscription scale announced by the three products, there will be about 654.38+022 billion yuan of institutional funds to snap up the above REITs.
The sale of this product not only attracted huge funds, but also won the favor of a large number of institutional investors. Among them, 83 investors participated in Red Land Shenzhen Anju Real Estate Investment Trust Fund, and 252 investors were placed. Huaxia Beijing affordable housing REIT and Admiralty Xiamen Anju REIT received 765,438+0 and 68 effective quotations from institutional investors respectively. The types of investors cover most financial institutions, such as securities firms and asset management, insurance, public offering, private placement, banks and trusts.
Assets tend to be diversified, 10 Yusheng accelerates "testing the water"
The issuance and listing of public offering REITs based on rental housing indicates that the infrastructure types and basic assets covered by public offering REITs in China are accelerating expansion. In addition, more than 10 provinces and cities such as Hainan, Zhejiang, Guangdong, Shandong, Shanghai, Jiangxi and Hunan have successively proposed to support the REITs pilot of affordable rental housing.
Since the initial public offering of REITs last year, the infrastructure types covered by related products have expanded from industrial parks, expressway and warehousing logistics a year ago to affordable housing and clean energy. Some of these underlying assets are purely market-oriented, some are closely related to people's livelihood, and some are strongly supervised by policies. The diversification of pilot asset classes is remarkable.
It is worth mentioning that the assets involved in the public offering of REITs will not be limited to the above existing categories. According to the relevant documents of the State Council, the focus of revitalizing existing assets in the future will be further expanded to tourist attractions, old factories, cultural and sports venues, and new infrastructure such as hotels and sanatoriums operated by state-owned enterprises.
At present, the expansion of basic assets is accelerating. Taking scenic spots and other tourism infrastructure as an example, according to the disclosure of the Shaanxi provincial government, on July 13 this year, the Shaanxi Provincial Development and Reform Commission held a meeting with Western Securities to discuss the related contents of the REITs project in Huashan Scenic Area, Shaanxi Province, and said that the project should be "the benchmark and demonstration project for public offering of REITs in industrial infrastructure". Coincidentally, according to China Post Securities, in June this year, the company won the bid for the infrastructure public offering REITs project in Chongqing Wulong Karst 5A scenic spot.
At the first Greater Bay Area Infrastructure REITs Summit Forum on August 13, Li Wenmin, a partner of King & Wood Law Firm, believed that there should be four forms for the expansion and raising of public offering REITs: first, the openness of asset types and business formats; Second, the main body is open, including the original right holder and the operation and management organization; Third, the opening of the legal form of assets; The fourth is the opening of the operation and management model.
Risk-return effectively balances market investment demand.
Another major feature of the public offering REITs market since its operation for more than a year is that the risk-return characteristics are highly matched with the market demand: the operating performance of basic assets and fund dividends basically meet market expectations, showing a premium.
According to the announcement of surviving products and statistics of relevant platforms, China, a securities firm, announced the dividend distribution rate of 1 1 products, with an average cash distribution rate of 5.92% and an average dividend distribution rate of 2.95%. Judging from the market performance, as of August 14, the average listing increase of the first batch of publicly offered REITs products was 25.58%. The liquidity is relatively high, and the average daily turnover rate is around 2%, which is higher than that of overseas REITs market.
"At present, in the whole market 14 list, 6 are real estate and 8 are income rights. At present, the average increase of listed real estate stocks is around 35%-40%, and the performance is still very good. The average increase of franchise rights is about 15%, which is generally good. " Yang Zhi, head of asset securitization business in dtz, said at the first Greater Bay Area Infrastructure REITs Summit Forum.
Yang Zhi pointed out that at present, 14 single batch products adopt the cash flow discount method of 100%, that is, the income method, which is basically consistent with overseas REITs. In this regard, Yang Zhi summarized three core factors that affect the valuation by adopting the income method: first, the income level; The second is the length of the income period; The third is the discount rate selected by the appraiser.
Policies that meet market demand are being introduced in an orderly manner.
Although the experience of public offering of REITs in China is relatively short, in the past year, the supporting policies of public offering of REITs are in full swing, and many breakthroughs have been made in the fields of asset transfer procedures, tax incentives and asset raising.
In May this year, the General Office of the State Council issued the Opinions of the General Office of the State Council on Further Revitalizing Existing Assets and Expanding Effective Investment, which mentioned that the public offering of REITs by state-owned enterprises involving the transfer of state-owned property rights by non-public agreement should be reported to the state-owned assets supervision and administration institution at the same level for approval as required. Analysts believe that such regulations greatly simplify the procedures in the process of restructuring and increase the certainty of transactions.
In addition, on June 5438+ 10 this year, the Ministry of Finance and State Taxation Administration of The People's Republic of China issued relevant tax policies, which provided deferred preferential policies for income tax related to asset restructuring of public offering REITs. Since the introduction of deferred preferential policies, some problems such as original obligee, income tax and deferral have been solved.
However, there is still a lot of room for policy improvement in the emerging market of public offering REITs in China. Some people in the industry are also looking forward to breakthroughs and innovations in the future policy field.
At the first Greater Bay Area Infrastructure REITs Summit Forum, Jerry Lee, tax partner of KPMG China, paid attention to the current tax pain points in this field. Jerry Lee pointed out that as far as the relevant tax policies issued by the Ministry of Finance and State Taxation Administration of The People's Republic of China this year are concerned, after the introduction of the policies, some projects have encountered practical problems, such as whether preferential treatment is applicable to strategic allotment subjects of non-original rights holders. Moreover, there are some contradictions between actual supervision and preferential tax policies, and there is still room for further improvement of relevant preferential policies.
Peng Lei _, head of the Asset Management and Development Department of AVIC Securities, raised some questions about the information disclosure system in the development process of public offering REITs: Should public offering REITs carry out different information disclosure in the follow-up operation and declaration according to the characteristics of asset management and property rights, and the relevant system standards need to be clear.
Colleges and universities explore diversified financial support
From the types of institutional investors who lifted the ban on the first batch of public offering REITs, we can directly see the determination and depth of institutional funds to allocate the first batch of public offering REITs from the beginning.
According to the data collected by Huatai, insurance and industrial capital account for a relatively high proportion of institutional investors, accounting for 3 1.28% and 27.72% respectively. There are also a high proportion of self-operated brokers, funds and subsidiary accounts, and brokerage asset management. In addition, there are some banks, wealth management, trust, private placement and other types of institutions.
Among the above institutions, banks' wealth management and brokers' participation in REITs is particularly diversified. On the basis of participating in investment in REITs through strategic placement and offline sale, bank wealth management also issues exclusive theme wealth management products and deeply participates in REITs Nuggets. Brokers are not only active investment and trading institutions, but also important undertaking and underwriting institutions in the REITs market, and deeply participate in liquidity services such as REITs market making, fund market making and block trading.
In addition to direct distribution, it is worth mentioning that some banks have begun to tailor REITs M&A loan products and indirectly participate in the REITs market.
This was done by the Postal Savings Bank, which issued the first public REITs M&A loan to China Railway Construction Chongqing Investment Group Co., Ltd. As the main original owner and strategic investor of China Kim Jong Kook Railway Construction REITs, China Railway Construction Chongqing Investment Group Co., Ltd. needs to subscribe for 565,438+0% share of China Kim Jong Kook Railway Construction REITs project, totaling 2.444 billion yuan. Chongqing Branch of Postal Savings Bank provided China Railway Construction with a 7-year M&A loan of 500 million yuan as part of its subscription funds, which effectively eased the financing pressure of its war allocation share and released its capital. It should be pointed out that this model is suitable for REITs with strong subject qualification, high quality basic assets and high distributable rate of return.
What is renting REITs and what is the prospect of renting REITs?
★ Is the approval of REITs for renting affordable housing a new force?
★ How about the steady progress of REITs pilot project?
★ What is REITs and what is the use of REITs?