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I. Background
一、背景介绍
(A) REITsREITs, namely real estate investment trust, is in English "RealEstateInvestmentTrust" the acronym is a kind of income certificates issued qualified majority pooling investor funds, real estate investment institutions by specialized investment management, and investment in the consolidated income pro rata to investors as a trust fund. 1960, the first born only of REITs in the U.S., after 50 years of development, currently the world there are about more than 480 REITs in operation among the total assets under management more than 605 billion U.S. dollars.
（一）REITsREITs，即房地产投资信托，是英文“RealEstateInvestmentTrust”的缩写，是一种以发行收益凭证的方式汇集特定多数投资者的资金，由专门投资机构进行房地产投资经营管理，并将投资综合收益按比例分配给投资者的一种信托基金。1960，第一只REITs在美国诞生，经过50年的发展，目前全世界大约有480多家REITs在运作之中，管理的资产总值超过6050亿美元。
REITs generally have the following classification: According to the organizational form of classification, can be divided into the contract type, company type, contract type can be subdivided into unit type (including partnerships) and fund type; investors can redeem in accordance with classification, can be divided into development-oriented, closed; funds to invest in accordance with the classification can be classified as equity (EquityREITs), mortgage type (MortgageREITs) and mixed (Hybrid REITs). In the United States, REITs type and structure, scope and development investment is mainly affected by the impact of the evolution of the relevant tax law, the current U.S. REITs generally use three basic structural forms, namely the traditional structure, the umbrella partnership structure and subordinate partnership structure. In Japan, the structure of the company's widely used type of REITs, publicly traded REITs are belong to the company type, it is first set up an SPV (SpecialPurposeVehicle, referred SPV) company, issued investment certificates to raise funds from investors, and then purchase and manage real estate, SPV company must be responsible for their own management and operation of real estate, or to outsource the management and operational functions to a third party. Singapore and Hong Kong REITs is the issue of trust units to investors, and then use the financing to buy real estate or gold related assets (such as mortgage-backed securities), REITs do not have independent legal personality, it must appoint Trustee managed REITs, while employment real estate management company managing the purchase of real estate and related assets. China is currently preparing the implementation of pilot projects in Tianjin and Shanghai REITs, of which Shanghai is the debt of REITs, that financing side just put the usufruct of property collateral, without the need to sell equity financing, mainly by the central bank and the CBRC head; while Tianjin is one option Type REITs, mainly by the SFC supervisor.
REITs一般有以下几种分类方法：按照组织形式分类，可分为契约型、公司型，契约型还可细分为单位型（包括合伙制）和基金型；按照投资人能否赎回分类，可分为开发型、封闭型；按照资金投向分类，可分为权益型（EquityREITs），抵押权型（MortgageREITs）和混合型（Hybrid REITs）。在美国，REITs类型和结构、投资范围和发展等主要受相关税法演变的影响，目前美国的REITs一般采用三种基本的结构形式，即传统结构、伞形合伙结构和下属合伙结构。在日本，普遍采用的结构是公司型REITs，上市交易的REITs都属于公司型，它首先成立一个SPV（SpecialPurposeVehicle，简称SPV）公司，发行投资凭证募集投资者的资金，然后购买并管理房地产，SPV公司必须自己负责房地产的管理和经营，或者将管理和经营职能外包给第三方。新加坡和香港REITs则是向投资者发行信托单位，然后用所融资金购买房地产或者相关资产（例如房地产抵押贷款支持证券），REITs没有独立的法人资格，因此必须聘任信托管理人管理REITs，同时聘任房地产管理公司管理所购房地产及相关资产。我国目前筹备在天津和上海试点推行REITs，其中上海是债权型的REITs，即融资方只是把物业收益权抵押担保，而不需要出让股权的融资方式，主要由央行和银监会主管；而天津是股权型REITs，主要由证监会主管。
(Two) the domestic low-cost housing finance situation http://www.ukassignment.org/dxassignment/
From the implementation of low-rent housing pilot cities, the current sources of funds including financial allocations, value-added income housing fund, social security and social donations, and land transfer net income to partially fund the construction of low-rent housing financing channels still relatively simple, and the money supply exists unstable characteristics. While financing session also exposed to the following questions:
1, the active participation of local governments is not high. Currently the land premium in local government budget revenue accounted for a large proportion, known as the "fiscal second", and low-cost housing is not only related to low-cost transfer of land, but also need some financial subsidies, so the local government For low-cost housing construction is often not enthusiastic. While stimulating local GDP considerations, local governments are also more inclined to general real estate development.
2, low-cost housing construction funds demand, serious funding gap. Low-cost housing for the poorest of the construction of housing, "900 billion yuan housing plan" put forward over the next three years, plans to low-cost housing solutions 7,470,000 income family housing difficulties. Of which 2.87 million through Shiwupeizu resolved 4600000 solved through rental subsidies. The total investment in this area is about 215 billion yuan. While the national fiscal revenue for low-cost housing construction funding sources are not stable, and often cause was diverted due to characteristics. In recent years, China's social welfare benefits and pension spending growth has slowed compared to previous years, resulting in social security funds for the construction of low-rent housing support is very limited.
3, the financial instruments is limited, slow development of market-based financing mechanisms. Other developed countries has basically been direct government investment to government under the guidance of private investment as a source of funding for low-cost housing construction, and the current funding of low-rent housing, mostly from government finance, social capital can be used to absorb the financial instruments is very limited.
Second, the low-rent housing REITs financing mode SWOT analysis
SWOT analysis is a strategic method of the object to be analyzed by the advantages (strengths), weaknesses (weaknesses), opportunities (opportunities) and threats (threats) to be a comprehensive assessment and analysis concluded through internal resources, external environment, organic combine to clearly identify the object being analyzed resource advantages and disadvantages, to understand the opportunities and challenges faced, resulting in strategic and tactical levels to be adjusted two ways to protect the resources to implement the object being analyzed in order to achieve the objectives to be achieved.
(A) opportunities (opportunities)
1, the Government's support for construction of affordable housing, construction funds demand. Fourth Session of the Eleventh National People's Congress government work report that should speed up the construction of affordable housing, affordable housing will be built in 2011 10 million sets in 2012 to build 10 million units, the next five years is expected to be able to build 36 million units. In addition to affordable housing in shantytowns outside, mainly for public rental housing and low-rent housing. Funds, in addition to the central government subsidies 103 billion yuan and local governments to increase investment, the more extensive use of social capital.
2, the domestic market, abundant private capital, investment channels narrower. Residents of China's reform and opening accumulated great wealth of society, the growing power of private capital, according to the 2010 National Economic and Social Development Statistics Bulletin, as of the end of 2010 all financial institutions and foreign currency deposits of 73.3 trillion yuan, an increase of 12.1 trillion yuan. RMB deposits of which 71.8 trillion yuan, an increase of 12.0 trillion yuan. All financial institutions and foreign currency loans 50.9 trillion yuan, an increase of 8.4 trillion yuan. In which the loan balance of RMB 47.9 trillion yuan, an increase of 7.9 trillion yuan. China's securities market currently dominated high-risk products, tradable varieties approximately 80% of the equity interest in higher risk products. Although low-risk products illiquid bonds and a small amount of corporate bonds, financial bonds and convertible bonds, but still can not meet the financial needs of the majority of investors, the market is smaller. Therefore, it is focused on development of low-risk REITs, can make our entire financial architecture of financial markets become more reasonable, while meeting the needs of private investment.
3, the investment of insurance funds face pressure, need long-term stable investment. By the narrow investment channels, the investment market maturity and capacity constraints, the Chinese long-term investment of insurance funds in case of difficulties: Investment configuration can not be diversified, the lack of long-term investment products, investment income can not remain stable. According to data published by the CIRC first half of 2010, subject to capital bond market downturn, China's insurance investment rate of return on average assets during the first half of 2009 from 3.44% to 1.93%, only lower than the same period CPI, even lower than the same period of deposit rates . Low-cost housing construction funds and REITs investment income gap stable feature, are in line with the requirements of the insurance funds invested, can open up new areas of investment for.
(Two) threats (threats)
1, REITs lack of relevant laws and regulations. On the one hand the current lack of industry investment fund of the relevant laws, "Securities Investment Fund Law" is also only involve securities investment activities, while REITs in essence belongs to industrial investment funds. On the other hand, the domestic market also lacks funds and tax laws. U.S. law on the nature of the property REITs, asset utilization, income structure, income distribution did a principled requirement to make a mandatory nature of its business conventions. Lack of appropriate laws and regulations, the introduction of REITs in the country and the development of certain difficulties and uncertainties.
2, the real estate financial market immature. The first is the existence of China's real estate problem of asymmetric information, the developers lack of strict information disclosure regime will affect the implementation of the scheme trust, or lead to the upper and lower part of asymmetric information and other issues. Followed by REITs operating framework (see Figure 1) the lack of effective internal control mechanisms and constraints, as well as outside the framework of the lack of third-party oversight. Finally is currently also a lack of mature and experienced trust and investment agencies and professional practitioners. Immature financial markets, real estate rent housing REITs implementation will bring some risks.
(Three) advantages (strengths)
A subscription threshold is low, easy to absorb small investors to broaden the financing channels for low-cost housing construction and private capital investment channels. In the United States, usually folded nature of the company will ask shareholders to the minimum investment of not less than $ 15,000, but for REiTs, it only needs $ 10 -25 per dollar, a lower threshold of subscription financing REITs expanded scope. Argue that the central government regulation of prices, low-cost housing construction funds situation there is a huge gap, REITs for private capital to open up a whole new area of investment, both with respect to direct investments in real estate, small investors can invest in REITs have limited liability, but also You can obtain large-scale investment in real estate returns to scale.
2, stable source of income, the risk is low. Low-rent housing operating profits after a government financial subsidies as part of its credit support, as opposed to general real estate projects has better stability and continuity, while REITs fund can also invest to reduce systemic risk dispersion.
3, to improve local building low-cost housing initiative to ease the commercial housing prices rise irrationally. By absorbing the socialization of capital to participate in the construction of low-rent housing, REITs can effectively reduce the pressure on local government finances, dispersing risks, more importantly, governments at all levels can improve the enthusiasm of building low-cost housing, increasing the supply initiative to alleviate urban commodity housing prices upward pressure. The same time as part of the rigid social housing needs are met, there is a structural housing demand market differentiation, so that the future regulatory policy more targeted, prompting residential real estate development and investment become more rational.
4, with the national macro-control policy coordination. Loose monetary policy and a huge stock of private capital, in the past is to promote the real estate and other asset markets, the main reason for the continuing bull market, when the capital market inflection point or gain is uncertain, part of the funds into commodity markets and from the capital markets, and food markets and there is a rigid demand, it can easily lead to inflation. Capital is profit-driven, when an excess of liquidity in the market, a reasonable guide capital turned low-rent housing REITs, will be able to effectively reduce the risks inherent in the economy, while the field of low-rent housing to meet the funding requirements. When the credit crunch, REITs and because of its wide range of advantages of financing to avoid low-cost housing construction funds plummeted.
(Four) weaknesses (weaknesses)
1, the yield is low. At present, Shenzhen, Shanghai and Tianjin, the low-rent housing rent is set at 1 yuan / square meter / month, some provinces of Hainan and even low-rent housing rents set at 0.5 yuan / square meter / month, generally low-cost housing is also an annual rental rate of return less than 1%. Packaged with other property assets, the rate of return is less than 4%. Our 30-year bond yield to maturity is 4%, general corporate bond yields higher yields than government bonds over the same period
1-2 percentage points if the low-rent housing and public rental housing to implement REITs financing, will annually by REITs product market capitalization of 0.5% -1% trust or fund management companies to pay management fees. therefore, only 5.5 per cent rate of return over the implementation of the project have REITs financing possibilities.
2, illiquidity. Currently in China, compared with the Fund, trust loans category, structured financial products, much weaker than the liquidity of the Fund, and most of the investment period can not be redeemed, and transfer procedures are very cumbersome. In accordance with the existing assignment modes: Join Investors Capital Trust scheme to be transferred in the hands of the trust contract, the buyer must find their own investors, the two sides reached an agreement, and then to trust products purchased by business lobby trust and investment companies transfer procedures. It is this lag flow regime, hindering the development of trust products.
3, the government authority is not clear. Because of its low-cost housing welfare characteristics, in the provision of land for construction, the development of low-rent housing standards, approval of eligibility and other aspects need to be responsible for the unity government, and provide rent subsidies and tax aspects. Currently operating low-cost housing and benefits by the government, but not yet clearly define its purview. Excessive government intervention in the market will result in the Trust Trust Trust management agencies are only responsible for product distribution and management of funds, lack of control over the production and operation of real estate decisions, market players missing. Therefore, the government REITs financing authority during the entire run is too large, is bound to restrict its further development.
Third, the conclusions and policy recommendations
Construction of low-rent housing there has been a huge demand for housing and the problem of insufficient funds for construction, while abundant private capital but also because the narrow limits of domestic investment channels, most flock to the real estate market, pushing up the price of commercial residential city to solve The key issue is how to make good use of private capital into the construction of affordable housing in which to expand the housing supply to ease the upward pressure on commodity housing prices. REITs because of its advantages can solve the financing difficulties of low-rent housing, but in the current legal and financial environment, REITs will face the implementation of some of the legal and policy barriers, need to be properly related to the introduction of specific policies, laws and regulations to ensure its long-term healthy development. In this paper, I propose the following:
First, as soon as possible for REITs management practices, the definition for REITs, organizational structure, the establishment of conditions for business operations, the tax system, property rights transfer or change of registration requirements, etc., and fully integrate other applicable laws and regulations of REITs for the development of REITs create a favorable legal environment.
Second, the introduction of explicit tax relief policies can be formulated with reference to international practice REITs appear related tax policies to avoid double taxation. If in 1960 the U.S. Internal Revenue Act: If REITs will be most profitable annual cash reward investors by way of bonus, you do not pay corporate income tax. This avoids the double REITs and Income Taxation shareholders.
Third, accelerate the construction REITs organizational structure and personnel training. Successful operation of foreign REITs is an important feature of experienced real estate management experts composed of professional trust and investment institutions responsible for the operation, both familiar domestic funds as soon as possible securities business culture, but also proficient in the real estate market and the relevant laws and regulations of the compound, specialization personnel.
Fourth, the low-cost housing and commercial real estate, industrial real estate and other property in return for a higher package, improve asset pool returns.
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