Source: brokerage China
Author: Cheng Dan
The real estate sector ushered in a positive again.
A spokesman for the CSRC answered a reporter's question on November 28 on the capital market supporting the steady and healthy development of the real estate market. A spokesman for the Securities and Futures Commission saidThe CSRC has decided to adjust and optimize five measures in terms of equity financing, which will be implemented from now on.
Specifically, the five measures include the resumption of mergers and acquisitions and supporting financing of housing-related listed companies, the resumption of refinancing of listed real estate enterprises and housing-related listed companies, the adjustment and improvement of the listing policy of real estate enterprises in the overseas market, the further development of the role of REITs in invigorating the stock assets of real estate enterprises, and the active role of private equity funds.
A Chinese reporter from a securities firm has learned that no matter whether it is refinancing of listed real estate enterprises, mergers and acquisitions, or the resumption of refinancing of H-share listed companies with real estate as the main business, some companies have made corresponding preparations. I believe that in the near future, we can see the landing of relevant cases and projects.
Five measures of CSRC to support real estate equity financing
Yi Huiman, chairman of the CSRC, said at the Financial Street Forum recently that it is necessary to adhere to the focus of serving the real economy, pay close attention to the difficulties and challenges faced by the real estate industry, and support the implementation of a plan to improve the balance sheet of high-quality real estate enterprises. continue to support the reasonable bond financing needs of real estate enterprises, support housing-related enterprises to carry out mergers and acquisitions and supporting financing, and support a certain proportion of real estate-related enterprises to carry out equity financing.
A spokesman for the CSRC said on the 28th that the stable and healthy development of the real estate market is related to the stability of the financial market and the overall economic and social development.The CSRC will resolutely implement the decisions and arrangements of the CPC Central Committee and the State Council, actively give full play to the function of the capital market, support the implementation of the plan to improve the balance sheets of high-quality housing enterprises, and strengthen the supplement of rights and interests. we will promote the real estate market to invigorate the stock, guard against risks, transform and develop, and better serve and stabilize the macroeconomic market. The CSRC has decided to adjust and optimize five measures in terms of equity financing, which will be implemented from now on.
The first is to resume mergers and acquisitions and supporting financing of housing-related listed companies.
Allow qualified real estate enterprises to carry out restructuring and listing, and the object of reorganization must be listed companies in the real estate industry. Listed companies in the real estate industry are allowed to issue shares or pay cash to purchase housing-related assets; when issuing shares to purchase assets, they can raise matching funds; the funds raised can be used for stock housing-related projects and payment of transaction consideration, replenishment of working funds, repayment of debts, etc., can not be used for land auction, development of new buildings, and so on. Listed companies in construction and other industries closely related to real estate, with reference to the implementation of policies of listed companies in the real estate industry, support the integration of "the same industry, upstream and downstream".
The second is to resume the refinancing of listed housing enterprises and housing-related listed companies.
Allow listed housing enterprises to refinance in private, and guide the collection of funds for policy-supported real estate business, including real estate projects related to "Baojiao buildings and protecting people's livelihood". Comfortable housing, shantytown transformation or old city transformation demolition and resettlement housing construction, as well as supplementary liquidity and debt repayment in line with the requirements of the refinancing policy of listed companies. Allow other housing-related listed companies to refinance, requiring refinancing to raise funds to invest in the main business.
The third is to adjust and improve the overseas market listing policy of real estate enterprises.
In line with the domestic A-share policy, the refinancing of H-share listed companies with real estate as the main business will be resumed, and other real estate-related H-share listed companies with non-real estate business will be refinancing.
Fourth, give further play to the role of REITs in invigorating the stock assets of housing enterprises.
Work with relevant parties to step up efforts to promote the regular issuance of indemnificatory rental housing REITs, and strive to create a "rental housing sector" in the REITs market. High-quality real estate enterprises are encouraged to issue infrastructure REITs relying on qualified assets such as warehousing and logistics and industrial parks, or to expand assets as listed infrastructure REITs.
Fifth, give full play to the role of private equity funds.
We will carry out a pilot project of real estate private equity funds, allow qualified private equity fund managers to set up real estate private equity funds, introduce institutional funds, and invest in stock residential real estate, commercial real estate and infrastructure, promote real estate enterprises to invigorate operational real estate and explore new development models.
Multiple arrows support the steady and healthy development of the real estate market
Before the CSRC supported equity financing of real estate enterprises, the people's Bank of China and the Banking and Insurance Regulatory Commission issued a notice on November 23 on how to do a good job in the current financial support for the stable and healthy development of the real estate market, putting forward a total of 16 measures in six aspects. it is called "16 articles of Finance" by the industry. It includes maintaining the stability and order of real estate financing, actively doing a good job of "Baojiaolou" financial services, actively cooperating with the risk disposal of stranded real estate enterprises, protecting the legitimate rights and interests of housing financial consumers in accordance with the law, and adjusting some financial management policies in stages. Increase housing rental financial support and so on.
This round of "one party and two sessions" more than one arrow to support the stable and healthy development of the real estate market, intended to maintain stability of the market.
Industry insiders believe that the release of these policies does not mean a shift in the property market policy, but under the premise of "housing speculation", the financial management department has implemented and detailed a package of policies and measures to stabilize the property market and promote development. support rigid and improved housing demand.
Edit / phoebe