On August 6th/kloc-0, the first batch of affordable rental housing REITs was officially put on sale, and three products may trigger a snap purchase of institutional funds of about1219.1800 million yuan. At this point, the underlying assets of listed public offerings of REITs have added affordable rental housing projects. So today, Xiaobian is here to sort out the relevant knowledge of renting REITs. Let's take a look!
122 billion institutional funds snapped up the first batch of REITs.
On August 16, the first batch of three affordable rental housing REITs, Huaxia Beijing Affordable Housing REITs, Zhongjin Xiamen Anju REITs and Hongtu Shenzhen Anju REITs, were officially put on sale. According to the announcement, the three products are expected to raise a total of about 3.8 billion yuan. At this point, the number of publicly offered REITs in China will soon 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 REITs for renting houses once again set off a "crazy grab" by institutional investors. The number of shares to be subscribed by the three products all exceeds 100 times, among which the sum of the number of shares to be subscribed by all the placing objects of laterite Shenzhen Anju REITs is 133.03 times of the number of shares to be sold offline, setting a new record for the subscription multiple of public offering REITs by offline inquiry. According to the estimated offline subscription scale of the three product announcements, there will be about122 billion yuan of institutional funds to snap up the above-mentioned new 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 the Red Earth Shenzhen Anju REIT, and 252 were placed. Huaxia Beijing Affordable Housing REIT and Zhongjin Xiamen Anju REIT received effective quotations from 7/kloc-0 and 68 institutional investors respectively. The types of investors cover most financial institutions, such as brokers and asset management, insurance, public offering, private placement, banks and trusts.
Assets tend to be diversified, 10 Yu Sheng accelerates "testing water"
The issuance and listing of public offering REITs with rental housing as the underlying assets indicates that the infrastructure types covered by public offering REITs in China and the underlying assets are accelerating expansion. In addition, more than 0 provinces and cities including Hainan, Zhejiang, Guangdong, Shandong, Shanghai, Jiangxi, Hunan, etc. 10 have successively proposed to support the implementation of REITs for affordable rental housing.
Since the first public offering of REITs last year, the types of infrastructure covered by related products have expanded from industrial parks, highways and warehousing and logistics a year ago to affordable rental 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 categories 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 run by state-owned enterprises.
At present, the expansion of the underlying 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 and Western Securities held a meeting to discuss the related contents of the REITs project in Huashan Scenic Area, Shaanxi Province, and said that it was necessary to "make this project a benchmark and demonstration project for the public offering of REITs for infrastructure in the cost industry". 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.
As for the types of public offering REITs, 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 types of assets and the openness of business formats; The second is the opening of the main body, including the original rights holder and the operation and management organization; The third is the opening of the legal form of assets; The fourth is the opening of operation and management mode.
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 the underlying assets and fund dividends basically meet market expectations, showing a premium.
According to the announcement of surviving products and the statistics of relevant platforms, China reporter of the brokerage firm found that114 products released dividend rates, with an average cash dividend rate of 5.92% and an average dividend rate of 2.95%. Judging from the market performance, as of August 14, the average increase of the first batch of publicly offered REITs products was 25.58%. The liquidity is relatively high, with an average daily turnover rate of about 2%, which is higher than that in overseas REITs markets.
"At present, in the whole market 14 list, 6 items are real estate, and 8 items are income rights. At present, the average increase of real estate listed stocks is about 35%-40%, and the performance is still very good. The average increase of franchise rights is about 15%, which is good overall. " 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, the approved products of 14 have adopted the cash flow discount method of 100%, that is, the income method, which is basically consistent with overseas REITs. In this regard, Yang Zhi summed up three core factors that affect the valuation by adopting the income method: first, the level of income; 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 for 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 the Existing Assets and Expanding the Effective Investment, which mentioned that the public offering of REITs by state-owned enterprises involves the non-public agreement transfer of state-owned property rights, and it should be reported to the state-owned assets supervision and administration institution at the same level for approval according to regulations. Analysts believe that such regulations greatly simplify the procedures in the process of restructuring and increase the certainty of transactions.
In addition, this year 1 month, the Ministry of Finance and the State Administration of Taxation issued relevant tax policies, which provided deferred preferential policies for the relevant income tax for the asset restructuring of public offering REITs. Since the introduction of deferred preferential policies, some problems such as original rights holders, income tax and deferral have been solved.
However, there is still a lot of room for policy improvement in the new market of public offering REITs in China. Some people in the industry are also looking forward to future breakthroughs and innovations in policy areas.
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 the State Administration of Taxation this year are concerned, after the introduction of the policies, some projects have encountered practical problems, such as whether preferential treatment is applicable to the strategic placing subject who is a non-original right holder. And 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 Development Department of AVIC Securities, raised some questions about the information disclosure system in the development process of public offering REITs: whether the public offering REITs should have different information disclosure between the subsequent operation link and the declaration link according to the characteristics of asset management rights and property rights, and the relevant system standards need to be clarified.
Institutions 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, special accounts of funds and subsidiaries, and asset management of brokers. In addition, there are some banks, wealth managers, trusts, private placements and other types of institutions.
Among the above-mentioned institutions, the participation paths of bank wealth management and brokers in REITs are particularly diversified. On the basis of participating in the investment in REITs through strategic placement and offline sale, bank wealth management also issued exclusive theme wealth management products to deeply participate 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 market-making in REITs, market-making through funds and block trading.
In addition to direct allocation, 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 offering REITs M&A loan to China Railway Construction Chongqing Investment Group Co., Ltd. As the main original owner and strategic investor of China Jin Zhongguo Railway Construction REIT, China Railway Construction Chongqing Investment Group Co., Ltd. needs to subscribe for the 5 1% share of China Jin Zhongguo Railway Construction REIT project, totaling 2.444 billion yuan. Chongqing Branch of Postal Savings Bank provided China Railway Construction with a M&A loan of 500 million yuan with a term of seven years as part of its subscription funds, which effectively eased the financing pressure in its war allocation share and released the capital. It should be pointed out that this model is suitable for REITs with strong subject qualification, high quality underlying assets and high distributable yield.
What is the REITs for renting houses, and what is the prospect of REITs for renting houses?
★ Is the approval of REITs for affordable rental housing a new force?
★ With regard to the steady progress of REITs pilot, how is the project developing?
★ What is REITs, and what is the use of REITs?