Original title: National Development and Reform Commission: To further improve the pilot work of infrastructure REITs Source: Shanghai Securities News
The National Development and Reform Commission recently issued the “Notice on Further Doing a Good Job in the Pilot Work of Real Estate Investment Trust Funds (REITs) in the Infrastructure Sector” (hereinafter referred to as the “Notice”), requiring local development and reform commissions to take infrastructure REITs as a key task. Pay attention to, actively promote, revitalize the stock assets, and promote the formation of a virtuous circle of investment.
The “Notice” requires that local development and reform commissions should give full play to their experience in development planning, investment management, project construction, etc., make good project reserves, strengthen coordination services, help solve problems, promote market cultivation, and fully mobilize various primitive stakeholders. Enthusiasm. Encourage the research and introduction of targeted support measures based on the actual situation in the region to promote the healthy development of the infrastructure REITs market.
The “Notice” requires all localities to strengthen project reserve management. Timely sort out and summarize the pilot projects of infrastructure REITs in the region, and classify eligible projects into the national infrastructure REITs pilot project database, so as to ensure that everything is included. Projects that are not included in the project database are not allowed to apply for participation in the pilot. Supervise relevant parties to update project information in a timely manner, dynamically grasp the progress of warehousing projects, promptly eliminate projects that do not meet the requirements, and effectively guarantee the quality of warehousing projects.
The “Notice” requires that for the intended projects included in the project library, it is necessary to promote related preparations in light of development needs and project conditions. For reserve projects, it is necessary to keep abreast of project progress, strengthen communication with the local agencies of the China Securities Regulatory Commission, Shanghai and Shenzhen Stock Exchanges, relevant industry management departments, and relevant administrative approval departments, and go through relevant procedures in accordance with laws and regulations to help implement the issuance of infrastructure REITs. Various conditions.
The “Notice” proposes to give full play to the guiding role of government investment. Make good use of and guide social capital to participate in the special investment demonstration projects in the central budget for revitalizing state-owned stock assets, support the acceleration of the construction of new projects with recovered capital investment, and promote the formation of a virtuous circle of investment. When arranging investment within the central budget and special bonds for local governments, new projects invested with recovered funds and project units that have achieved positive results in revitalizing stock assets can be given priority support under the same conditions to fully mobilize the enthusiasm of revitalizing stocks.
The “Notice” also requires that the quality of the project be strictly controlled, the application materials are standardized, the quality of the project is guaranteed, and the efficiency of the application is improved.
The “Notice” proposes three measures to promote the long-term and healthy development of infrastructure REITs, including guiding the recovery of funds for the construction of new projects, promoting the stable operation of existing projects, and strengthening the innovation of investment and financing mechanisms.
The “Notice” clearly stated that the original stakeholders of key projects are encouraged to make good use of the infrastructure REITs model, carry out investment and financing innovation, open up reasonable investment exit channels, form a closed loop of investment and financing, and promote long-term healthy development of enterprises. Explore combining the actual conditions of the region, strengthen the optimization and integration of projects and industries, and improve the scale and quality of the original equity holders’ assets. Deepen the reform of the investment and financing system, take multiple measures to attract social capital to participate in revitalizing the stock assets, and promote the construction of “two new and one heavy” and shortcoming projects.
Zhang Zheng, deputy dean of the Guanghua School of Management of Peking University, said that the product features of infrastructure REITs are stable returns, moderate risks, and suitable for long-term investment. Investors should rationally treat the short-term price fluctuations in their secondary market. For individual investors, REITs investment should not pursue short-term capital gains, but should establish the concepts of long-term investment, value investment and rational investment.
【Editor in charge: Liu Xuyao】
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