According to the National Development and Reform Commission, the purpose of this notice is to further implement the requirements of the Notice of the National Development and Reform Commission on Promoting the Management Reform of Enterprise Foreign Debt Issuance Registration System (No.20 15) and the Notice of the Ministry of Finance of the National Development and Reform Commission on Perfecting the Market Constraint Mechanism to Prevent Foreign Debt Risks and Local Government Debt Risks (No.706), improve the registration management of foreign debt issuance by real estate enterprises, strengthen the market constraint mechanism, and prevent possible risks caused by foreign debt issuance by real estate enterprises.
In addition to stipulating the purpose of issuance, the NDRC also stipulates that real estate enterprises should list the detailed information of the overseas debts to be replaced in the application materials for foreign debt registration, including the debt scale, term, registration by our commission, etc., and submit the Letter of Commitment on the Authenticity of Enterprise Foreign Debt Issuance.
In addition, real estate enterprises should strengthen information disclosure when issuing foreign debts, and clarify the use of funds in the prospectus and other documents.
Real estate enterprises should formulate a master plan for issuing foreign debts, make overall consideration of factors such as exchange rate, interest rate, currency and asset-liability structure of enterprises, carefully select financing tools, flexibly use financial products such as currency swaps, interest rate swaps, forward foreign exchange transactions, options and swaps, reasonably hold foreign exchange positions, maintain a reasonable proportion of foreign debts of domestic parent companies and overseas branches, RMB foreign debts and foreign currency foreign debts, and effectively prevent and control foreign debt risks.
According to Xinhua News Agency, as of May 22, China's collective trust market has set up 7477 trust products, raising 877.92 billion yuan, with an annualized average yield of 8.24%. As far as the investment field is concerned, Real Estate Trust * * * established 2,309 products, and raised the most funds, accounting for 345.69 billion yuan, accounting for 39.4%.
By May of this year, real estate financing channels have been continuously tightened. On May 17, 2007, the CBRC issued the Notice on Consolidating the Achievements of Combating Disorders and Promoting Compliance Construction (Yin Bao Jian Fa [2019] No.23), which clarified several prohibited businesses in real estate.
Subsequently, at the end of May, the Ministry of Housing and Urban-Rural Development, in conjunction with relevant departments, named more than ten developers for the phenomenon of "land king" in the real estate industry. At the same time, the central bank and the CSRC restricted open market financing for some head enterprises that were active in land acquisition in the first half of the year.
After entering June, influenced by Circular 23, the scale of real estate trust issuance has shrunk, but it still failed to meet regulatory expectations.
At the end of June and the beginning of July, a number of trust companies received instructions from the banking supervision window to control the scale of real estate trust business.