With the release of its supporting policies, the public boots are ready to be launched in China.
According to the news, it is expected that the technical development of REITs related systems will be ready in October. At present, there are many single projects in the first batch of pilot project library and reserve project library of Shanghai Stock Exchange, which are mainly concentrated in expressway, warehousing logistics and industrial park.
On September 4, the Shanghai and Shenzhen stock exchanges issued the business measures for public offering of infrastructure securities investment funds (REITs) (Trial Implementation) and other supporting rules for public offering of REITs, and solicited opinions from the public.
According to the interview and investigation of 21st century economic report, on the eve of the opening of infrastructure public offering REITs, a large number of fund companies are paying close attention to reserve projects and talents.
Seizing the beach to raise REITs
On September 8, Bohai Co., Ltd. issued an announcement on the application and issuance of infrastructure public offering REITs. Tianjin Binhai water industry group, a wholly-owned subsidiary of the company, plans to use some of its projects as assets to carry out the application and issuance of public offering infrastructure securities investment fund. Among them, TEDA Manulife fund is the manager of public funds, Bohai Huijin securities is the manager of asset support special plan, and Bohai Securities is the financial consultant.
The scale of the public offering of REITs is about 700 million yuan. The underlying assets are a number of sewage treatment projects. As the fund manager, TEDA Manulife will apply to the CSRC for registration of Bohai REITs fund.
Coincidentally, in addition to Bohai shares, recently another listed company's initial shares also announced the application and issuance of public REITs. The underlying assets are a number of sewage treatment projects.
As a matter of fact, some fund companies have made gains in local REITs projects recently.
Shenzhen Railway Group announced that Shenzhen railway group hired Shenzhen Venture Capital Group as the leading professional service agency of REITs projects, and the Shenzhen Venture Capital Group designated laterite innovation as the manager of public funds for REITs projects.
In the competitive comparison and selection project of Anshun water public offering REITs intermediary service agencies, first venture securities underwriting and recommendation Co., Ltd. became the winner. Among them, the members of the consortium include first Venture Securities Co., Ltd., Chuang Jin Hexin Fund Management Co., Ltd., and xingrongsheng Asset Management Co., Ltd. of Ningbo Meishan bonded port area.
CCB fund and CCB capital consortium won the bid for the REITs public fund project related to Zhongguancun Development Group, with the bid winning amount of 22 million yuan.
In addition, Hainan Haikong Energy Co., Ltd. publicly selected intermediary agencies for its public REITs project. Yinhua Fund, Haitong Securities and CITIC Securities became the first, second and third candidates respectively.
Reserve projects and talents
According to the reporter's understanding, many fund companies hope to rush to issue the first batch of public offering REITs products.
At present, there are 5 types of projects, including high-speed logistics and its reserves A fund company public offering REITs business head said.
According to the person in charge of the above-mentioned public REITs business, the general office of the national development and Reform Commission issued the notice on the application of real estate investment trust fund (REITs) pilot projects in the field of infrastructure on August 3. On August 7, China Securities Regulatory Commission (CSRC) issued the guidelines on public offering of infrastructure securities investment funds (for Trial Implementation). These two documents define the materials to be submitted and the audit standards for the project, and officially start the receiving and auditing of public REITs infrastructure projects by the NDRC system.
"Enterprises that wish to participate in the public offering of infrastructure REITs shall apply through the provincial development and Reform Commission where the project is located. After the provincial development and Reform Commission issues special review opinions, it shall be recommended to the national development and Reform Commission. After the national development and Reform Commission completes the review, it will recommend to the CSRC. As a prerequisite for the CSRC to select the first batch of public offering REITs, the list of CSRC will be carried out in the recommendation of the NDRC selection. There will be two levels in the Securities Regulatory Commission system, namely, the exchange and the Securities Regulatory Commission. " Said the person in charge of the public offering REITs business.
It is reported that the fund company wants to win the public REITs, and the preparation work for declaration includes: finding suitable infrastructure projects and negotiating with original equity holders; conducting due diligence; evaluating infrastructure projects; preparing financial information of infrastructure projects (financial reports and audit reports of the last three years and one period, or project financial status and operation conditions) and measurement of funds available for distribution Accounting report (one period plus one year); preparation of ABS related materials; signing agreements with major participating institutions; preparation of fund contracts, prospectuses and other relevant documents; submitting registration application documents and waiting for approval and registration of CSRC.
"From quasi REITs to public REITs, I personally don't think there are any difficulties. Instead, we should systematically solve the problem, design products with low threshold and strong liquidity. How to make investors aware of the unique positioning of public REITs products and the benefits and risks brought about by them is to let the market gradually understand and accept this product." Said the person in charge of the public offering REITs business.
In fact, there are many fund companies in the REITs business sprint.
A person from a public fund company told reporters, "many fund companies are now reserving REITs projects. We recently won the bid for a public fund project of infrastructure REITs. At present, we are still submitting it to the provincial development and Reform Commission. "
A person from a Shenzhen fund company also said, "a REITs project won by our company is being applied for and is waiting for a reply from the NDRC. We will actively strive for and reserve some high-quality REITs projects, but the final result depends on the approval of the NDRC and the CSRC. "
"We have participated in the bidding of three bidding projects, and one of them has won the bid. We will continue to actively look for high-quality bid in the market."
Boshi foundation also said, "our company is actively preparing infrastructure REITs projects. The overall product plan work has begun to take shape, and the details are constantly being polished. At present, there are still a number of supporting laws and regulations for public offering REITs to be promulgated, and the scheme can be further improved after the regulations are promulgated. "
A person from a large fund company said, "the company is currently working closely with securities companies, banks and other financial institutions to actively reserve projects and participate in the public offering REITs business."
At the same time, the public REITs robbing war is also in full swing.
In order to develop REITs business, according to the requirements of the CSRC, fund managers should not only have the ability of conventional public fund investment management, but also be equipped with no less than three main persons in charge with more than five years' experience in infrastructure project investment management or operation, with relevant research experience and sufficient professional researchers.
Previously, many fund companies have publicly recruited REITs talents.
According to a person from Chuang Jin Hexin fund, "Chuang Jin Hexin fund has introduced professionals and set up a special REITs undertaking department, and has established a joint project team with the first venture securities of the shareholder to jointly promote the undertaking work of REITs products."
A person from the product department of a fund company said that the company has set up REITs department. On the one hand, some people have been transferred from other departments of the company. On the other hand, because it is very different from the traditional public offering business, the core fund manager, operation and other talents of the Department can only be recruited, mainly from large investment banks who have done basic asset investment and operation talents. "Because there are more such talents in Hong Kong and Singapore, they are mainly recruited from those places."