Sino-Singapore Jingwei, May 27th, according to the website of the China Securities Regulatory Commission, recently, the General Office of the China Securities Regulatory Commission and the General Office of the National Development and Reform Commission jointly issued the "Regulation of the Pilot Issue of Affordable Rental Housing for Real Estate Investment Trusts (REITs) in the Infrastructure Field". Notice on Work” (hereinafter referred to as the “Notice”).The "Notice" requires that it is strictly prohibited to use the name of rental housing to finance real estate development projects such as non-rental housing in a disguised form, or to evade real estate regulation requirements in a disguised form.
The "Notice" pointed out that the issuance of infrastructure REITs for affordable rental housing is conducive to revitalizing existing assets, recovering funds for the construction of new affordable rental housing projects, and promoting the formation of a virtuous cycle of investment and financing; it is conducive to better attracting social capital to participate and expand The source of funds for the construction of affordable rental housing; it is conducive to accelerating the establishment of a multi-subject supply, multi-channel guarantee, and rent-purchase housing system, and promotes the realization of all people's housing; it is conducive to preventing and resolving major risks and maintaining the stable and healthy development of the real estate market.
The "Notice" requires that affordable rental housing infrastructure REITs should adhere to the positioning that the house is for living, not for speculation, and the sponsor (original rights holder) should be an independent legal entity that conducts affordable rental housing business, and may not Carry out commercial residential andcommercial real estatedevelopment business.The project should have clear ownership, mature operation model, sustainable market-oriented income, and be recognized as an affordable rental housing project by relevant departments.It is strictly forbidden to disguised financing for real estate development projects such as non-rental housing in the name of rental housing, or to evade real estate regulation requirements in a disguised form.
The "Notice" also requires that the net recovery funds of the sponsors (original rights holders) issuing affordable rental housing infrastructure REITs should be used in priority for the construction of affordable rental housing projects. If there is no investment in affordable rental housing projects, it can also be used Construction of projects in other key areas of infrastructure to make up for shortcomings.Encourage the use of net recovery funds to invest in new projects with clear investment, mature conditions, and short-term effective investment, and promote the formation of a virtuous circle of investment.The sponsor (original stakeholder) shall make a commitment to the use of the recovered funds when the project declares and issue infrastructure REITs, and disclose it to the public in an appropriate manner.
The "Notice" clarifies that the promoters (original stakeholders) who issue affordable rental housing infrastructure REITs shallreport the use of recovered funds to the relevantstock exchangesThe controlling shareholders and actual controllers of the promoters (original stakeholders) shall not misappropriate the recovered funds in any way, and promise to supervise the promoters (original stakeholders) to use the recovered funds in accordance with the regulations.Fund managersshall improve relevant business systems, and disclose relevant information such as the use of funds recovered by promoters (original stakeholders) to the public in accordance with relevant information disclosure requirements.The Shanghai and Shenzhen Stock Exchanges should formulate detailed rules for business supervision to ensure the implementation of the above requirements.(Sino-Singapore Jingwei APP)
(Responsible editor: RobotRF13015)
