In response to the question "Yi Huiman, Chairman of China Securities Regulatory Commission expressed the policy attitude of the capital market to support the stable and healthy development of the real estate market at the Financial Street (000402) annual meeting held not long ago, and what specific policies and measures are there to support the equity financing of real estate enterprises", the spokesman of the CSRC replied 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 resolutely implements the decision-making arrangements of the CPC Central Committee and the State Council, gives full play to the function of the capital market, supports the implementation of the plan to improve the balance sheet of high-quality housing enterprises, increases the efforts to supplement the rights and interests, and promotes the real estate market to revitalize the stock, prevent risks, transform and develop, and better serve and stabilize the macroeconomic market. The CSRC decided to adjust and optimize five measures for equity financing, which will be implemented from now on.
Listed real estate enterprises resumed refinancing.
The five measures include the merger and reorganization of listed companies involved in housing and the resumption of supporting financing, the resumption of trading of listed real estate enterprises and the refinancing of listed companies involved in housing. Specifically:
I. Resume the merger, reorganization and supporting financing of listed companies involved in housing. Qualified real estate enterprises are allowed to implement reorganization and listing, and the target of reorganization must be listed companies in the real estate industry. Allow listed companies in the real estate industry to issue shares or pay cash to purchase housing-related assets; When issuing shares to purchase assets, you can raise matching funds; The raised funds are used for housing-related projects, payment of transaction consideration, replenishment of working capital, repayment of debts, etc. , but not for land expropriation, land auction and the development of new buildings. Listed companies in industries closely related to real estate, such as construction, should follow the policies of listed companies in the real estate industry and support the integration of "same industry, upstream and downstream".
Second, the refinancing of listed real estate enterprises and listed companies involved in housing should be resumed. Listed real estate enterprises are allowed to refinance in a non-public way, and the raised funds are guided to be used for real estate business supported by policies, including real estate projects related to "protecting buildings and people's livelihood", affordable housing, shantytown renovation or resettlement housing construction in old city renovation, as well as supplementary liquidity and debt repayment that meet the requirements of refinancing policies of listed companies. Other listed companies involved in housing enterprises are allowed to refinance, and the funds raised by refinancing need to be invested in the main business.
Third, adjust and improve the overseas listing policy of real estate enterprises. In line with the domestic A-share policy, resume the refinancing of H-share listed companies with real estate as their main business; Re-financing of other H-share listed companies involved in housing that resume non-real estate business.
Fourth, further play the role of REITs in revitalizing the stock assets of housing enterprises. Together with relevant parties, we will step up efforts to promote the normal issuance of affordable rental housing REITs and strive to create a "affordable housing sector" in the REITs market. Encourage high-quality real estate enterprises to rely on qualified assets such as warehousing, logistics and industrial parks to issue infrastructure REITs, or as additional assets of listed infrastructure REITs.
Fifth, actively play the role of private equity investment funds. Piloting private real estate investment funds, allowing qualified private fund managers to set up private real estate investment funds, introducing institutional funds, investing in existing residential real estate, commercial real estate and infrastructure, promoting real estate enterprises to revitalize operating real estate and exploring new development models.
Expert: The "third arrow" has been shot.
Yan Yuejin 165438+ National Business Daily1On the evening of October 28th, the research director of the think tank center of Yiju Research Institute told reporters through WeChat that this policy clearly "supports the equity financing of real estate enterprises", which is essentially the "third arrow".
"This policy is actually the concept of the' third arrow'." Yan Yuejin pointed out that the concept of "balance sheet" is frequently mentioned, and the CSRC's policy on equity financing of housing enterprises is in line with expectations, which also means that besides credit and bond financing, equity financing policies are introduced, which is the "third arrow".
Yan Yuejin said that from the core content of the policy, it actually mentioned "increasing the supplement of rights and interests". This also shows that for various housing enterprises, strengthening the stability of equity, especially obtaining debt financing from the perspective of equity, is the focus in the near future. Compared with the "second arrow", the advantage of the "third arrow" is that it will not directly increase the debt scale of housing enterprises, while still providing sufficient channels for financing of housing enterprises. At this point, it can also be considered that the "first arrow", that is, credit supply, "second arrow", that is, bond financing and "third arrow", that is, equity financing has been put in place. The "three arrows" fully embodies the "rescue the market first" and creates a very good space and opportunity for the follow-up financing of housing enterprises.
Liu Shui 165438+ 10, the research director of the enterprise division of CIIC, told the reporter through WeChat on the evening of 28 October that the CSRC has comprehensive measures to support equity financing, including mergers and acquisitions, refinancing of listed real estate enterprises, revitalizing existing assets with REITs, introducing private investment funds, etc., which can support real estate enterprises' financing in various ways. "The policy will speed up the resolution of real estate risks, speed up the clearing of real estate risks, and effectively prevent the risks of housing enterprises from continuing to expand. At the same time, it will also support construction enterprises, which is conducive to the integration of upstream and downstream enterprises in real estate. "