语言切换
CN
EN
News

China's public offering of affordable rental housing REITs officially set sail

Date: 2022-09-01
Views: 0

Dtz, an international real estate service and consulting company, helped 'Huaxia Beijing Affordable Housing Center Closed Infrastructure Securities Investment Fund' and 'Hongtu Innovation Shenzhen Talents' Affordable Housing Closed Infrastructure Securities Investment Fund' to be successfully issued in Shanghai Stock Exchange and Shenzhen Stock Exchange respectively. On the same day, CICC Xiamen Anju affordable rental housing public offering REITs was listed on Shanghai Stock Exchange, which marked the official start of China's affordable rental housing public offering REITs.

China's public offering of affordable rental housing REITs officially set sail

In terms of asset nature, Shenzhen Talent Housing, Beijing Affordable Housing Center and Xiamen Housing REITs are all affordable rental housing. From the perspective of security groups, Shenzhen talents' housing and Xiamen housing REITs are mainly aimed at new citizens and young people. Beijing affordable housing center REITs is mainly for low-income people with housing difficulties in cities. From the scope of assets, the underlying assets of Shenzhen Talent Housing REIT are equipped with commercial and underground garages in addition to affordable rental housing. Judging from the nature of land, all assets are land for transfer.

On the asset level, Shenzhen Talent Residency REIT has 4 assets in the pool, totaling 1,830 rented houses, with a total building area of 134,700 square meters. A single asset can provide about 200-600 suites, which belongs to small and medium-sized rental communities. Beijing Affordable Housing Center REIT has 2 assets in the pool, totaling 2,168 rented houses, with a total building area of 112,800 square meters. Each asset can provide about 1,000 suites, and it belongs to a medium-sized rental community. Xiamen Anju REIT has 2 assets in the pool, totaling 4,665 rented houses, with a total building area of 198,500 square meters. Each asset is a medium-sized and large-sized rental community that can provide more than 2,000 houses.

At the actual operation level, the rent standard of the first batch of REITs for rented houses has a large percentage discount compared with the surrounding market level, which further highlights the guarantee property of assets. In terms of asset operation time and rental rate, Shenzhen Talent Anju and Xiamen Anju REITs assets are newly built projects, and the operation time is mostly within three years. The REIT assets of Beijing Affordable Housing Center are completed projects, which have a long operation time. From the operation results, the rental rate of all assets has reached a high level at present, and the operation is stable.

Broaden the thinking for the subsequent issuance of REITs of rented houses.

Generally speaking, the assets in this pool have clear security attributes and a wide range of security, which not only covers the fundamentals of China's rental housing security system, but also includes the supporting commercial and underground parking spaces of rented houses, enriching the format of REITs assets of rented houses. At the level of asset details, the first batch of rented house REITs assets include rental communities of different sizes, as well as houses with different security standards in hardcover and general decoration, including rented house assets with different positioning and mature operation, which broadens the thinking for the subsequent issuance of rented house REITs.

Hu Feng, deputy general manager of dtz Company and head of the North District Valuation and Consulting Service Department, said that the first batch of affordable rental housing REITs opened a brand-new door, realizing the sustainable development of reinvestment of infrastructure assets of affordable rental housing in China, which is of milestone significance in the practice of effectively revitalizing existing rental housing assets and broadening financing channels of affordable rental housing.

Promote the continuous expansion of affordable rental housing REITs

The REITs research group of Guanghua School of Management, Peking University pointed out that the introduction of affordable rental housing REITs is not only a linear continuation of the pilot program of public offering of REITs in China, but also a major reform measure that stands at the intersection of three major structural issues and directly responds to the issues of promoting common prosperity, the transformation of the real estate industry to a new development model and further exerting the functions of the capital market.

The research group pointed out that the good social and economic effects of affordable rental housing REITs have initially appeared. In order to more effectively promote the continuous expansion of affordable rental housing REITs and help accelerate the development of China's affordable rental housing industry, it is suggested to further encourage multi-agent and multi-type assets to participate in the issuance of affordable rental housing REITs products. Formulate a reasonable and stable subsidy policy and rent adjustment mechanism, build a business logic that conforms to the security attribute, and form a long-term mechanism for the development of affordable rental housing.


Copyright ©2005 - 2013 中投建设集团有限公司
  犀牛云提供企业云服务
Beijing Shanghai Guangzhou Chongqing Fuzhou Chengdu Nanjing Hangzhou Ningbo Haikou Suzhou Shenzhen Hongkong Frankfurt Toronto Melbourne Taiwan
400-857-5885

邮编:330520