中债评论 | 开启REITs常态化发行新征程（附英文版）

2023-08-14 16:31:02 - 债券杂志

2020年4月，证监会、国家发改委联合发布《关于推进基础设施领域不动产投资信托基金（REITs）试点相关工作的通知》，正式开启我国基础设施REITs元年。“十四五”规划明确提出，推动基础设施REITs健康发展，有效盘活存量资产，形成存量资产和新增投资的良性循环。在主管部门多项政策支持和市场主体的积极参与下，我国基础设施REITs市场成功实现“从无到有”的跨越，逐步走出一条具有中国特色的发展道路。

有效盘活存量资产，践行金融支持实体经济。基础设施REITs具有国际通行特征：投向明确，80%以上基金资产投资于基础设施资产支持证券；强制分红，基金收益分配比例不低于合并后基金年度可供分配金额的90%；税收优惠，免征项目公司所得税、对投资者单次征税；流动性强，可在交易所上市流通。基础设施REITs也具有中国特色，主要聚焦京津冀、长江经济带、雄安新区、粤港澳大湾区、海南、长江三角洲等重点区域，聚焦仓储物流、市政工程、污染治理等基础设施补短板行业，致力于推动国家重大战略实施。基础设施REITs的推出，短期看有利于广泛筹集项目资本金，降低债务风险，助力稳投资、补短板；长期看有利于完善储蓄转化投资机制，深化金融供给侧结构性改革，助力防风险、去杠杆。

落实落细政策指引，创新支持市场持续扩容。一是提高上市效率。2022年5月，国务院办公厅印发《关于进一步盘活存量资产扩大有效投资的意见》，提出进一步提高推荐、审核效率，鼓励更多符合条件的基础设施REITs项目发行上市。二是拓宽基础资产类型。从最初的高速公路、仓储物流、产业园区等，拓宽到保障性租赁住房、清洁能源等领域。今年3月，又将百货商场、购物中心、农贸市场等城乡商业网点项目和保障基本民生的社区商业项目纳入REITs发行范围。三是扩大市场参与主体。试点初期，发行主体主要是取得公募基金管理资格的证券公司或基金管理公司。今年3月，明确优质保险资产管理公司等金融机构开展资产证券化业务试点，允许符合条件的机构参与基础设施REITs。

合力推进常态化发行，助力市场高质量发展。我国基础设施REITs自试点以来快速扩容，现已步入高质量发展轨道。下一步，各发行主体可把握基础资产类型拓宽的机遇，推动更多保障性租赁住房REITs项目投向市场，更好发挥惠民生、调结构、稳增长的积极作用；推出更多消费基础设施REITs项目，推动消费场景升级、消费产品创新和消费能力提升。主管部门可考虑持续完善基础设施REITs发行、交易、信息披露、监督管理等方面的制度体系，比如建立健全透明的审核注册标准、构建适应产品特点的信息披露规则、强化全流程全链条监管和投资者保护机制等。此外，还需凝聚多方合力落实基础设施REITs常态化发行，推进多层次市场体系建设，共同构建高质量发展新生态。

回望来时路，奋进新征程。基础设施REITs试点至今已满3年，作为我国资本市场投融资机制的重大创新，在兴产业、保民生、促消费等方面发挥了重要作用。展望未来，在主管部门、市场参与主体的共同努力下，中国特色REITs市场高质量发展大有可为！

◇ 本文原载《债券》2023年7月刊

◇ 作者：钟言

◇编辑：涂晓枫　廖雯雯

StartaNewJourneyofRegularIssuanceofREITs

ZhongYan

InApril2020,theChinaSecuritiesRegulatoryCommission(CSRC)andtheNationalDevelopmentandReformCommission(NDRC)issuedtheCircularonFurtherPushingForwardthePilotProgramofRealEstateInvestmentTrusts(REITs)intheInfrastructureSector,whichsignaledtheofficialbeginningofinfrastructureREITsinChina.Asproposedinthe14thFive-YearPlan,ChinawouldpromotethehealthydevelopmentofinfrastructureREITs,effectivelyrevitalizeidleassets,andformavirtuouscircleofoldassetsandnewinvestments.Thankstothesupportingpoliciesofthecompetentauthoritiesandtheactiveparticipationofmarketplayers,infrastructureREITshavestartedfromscratchinChinaandblazedatrailwithChinesecharacteristics.

Effectivelyrevitalizingidleassetsinsupportoftherealeconomywithfinancialstrength.InfrastructureREITsareinternationallyaccepted.Theyareclearininvestmentdirection,withmorethan80%offundassetsinvestedininfrastructureasset-backedsecurities.Dividendpayoutsaremandatoryforthem.Theproportionoffundincomedistributedshallnotbelessthan90%oftheannualdistributableamountoftheconsolidatedfunds.Taxbreaksareavailable.Projectscompaniesareexemptfromcorporateincometax,andinvestorsaretaxedonlyonce.InfrastructureREITshavehighliquidityandcanbetradedonstockexchanges.Meanwhile,infrastructureREITsalsopossessChinesecharacteristics.TheyaremainlydistributedinkeyregionssuchastheBeijing-Tianjin-Hebeiregion,YangtzeRiverEconomicBelt,XionganNewArea,Guangdong-HongKong-MacaoGreaterBayArea,Hainan,andYangtzeRiverDelta,andfocusonweakinfrastructureindustriessuchaswarehousingandlogistics,municipalengineering,andpollutioncontrol,committedtopromotingtheimplementationofmajornationalstrategies.ThelaunchofinfrastructureREITswillhelpraisecapitalforawiderangeofprojectsintheshortterm,toreducedebtrisks,stabilizeinvestment,andbolsterweaklinks.Inthelongrun,itisconducivetoimprovingthemechanismofconvertingsavingsintoinvestments,pressingaheadwiththesupply-sidestructuralreformofthefinancialsector,andfacilitatingtheriskpreventionanddeleveragingefforts.

Implementingthepolicyguidelinesinarefinedmannertosupportthecontinuedexpansionofthemarketwithinnovativemeasures.First,improvinglistingefficiency.InMay2022,theGeneralOfficeoftheStateCouncilissuedtheOpinionsonFurtherActivatingIdleAssetsandExpandingEffectiveInvestment,proposingtofurtherenhancetheefficiencyofprojectrecommendationandreviewandencouragingmorequalifiedinfrastructureREITprojectstobelaunchedandlisted.Second,increasingthetypesofunderlyingassets.ThetypesofinfrastructureREITprojectshadbeenexpandedfromtheoriginalhighways,warehouses,andindustrialparkstogovernment-subsidizedrentalhousing,cleanenergy,andprojectsinotherareas.InMarch2023,thescopeofpermittedREITprojectswasfurtherextendedtocoverurbanandruralcommercialoutletssuchasdepartmentstores,shoppingcenters,andfarmer’smarketsaswellascommunity-basedcommercialfacilitiesthatcouldensurethebasicneedsofthepeople.Third,diversifyingmarketparticipants.Attheearlystageofthepilotprogram,themajorityofissuersweresecuritiescompaniesorfundmanagementcompaniesqualifiedforpublicofferingfundmanagement.InMarch2023,itwasmadeclearthathigh-qualityinsuranceassetmanagementcompaniesandotherfinancialinstitutionscouldcarryoutassetsecuritizationbusinessonatrialbasisandqualifiedinstitutionscouldparticipateininfrastructureREITs.

Promotingnormalizedissuancewithjointeffortstorealizehigh-qualitydevelopmentofthemarket.China’sinfrastructureREITsarenowonthetrackofhigh-qualitydevelopmentafterrapidexpansionsincethepilotprogram.Forthenextstep,issuersmayseizetheopportunitiespresentedbytheincreaseinthetypesofunderlyingassetstolaunchmoreREITprojectsinthecategoryofgovernment-subsidizedrentalhousingtothemarket,withaviewtobetterbenefitingthepeople’swell-being,adjustingtheeconomicstructure,andstabilizingeconomicgrowth.Meanwhile,theycouldunveilmoreconsumerinfrastructureREITsinabidtopromotetheupgradingofconsumptionscenarios,innovationinconsumerproducts,andenhancementofconsumptionpower.Thecompetentauthoritiesmayconsidercontinuingtoimprovethepoliciesregardingtheissuance,trading,informationdisclosure,supervision,andmanagementofinfrastructureREITs.Forinstance,theyareexpectedtoputinplaceacompletesetoftransparentprojectreviewandregistrationstandards,formulateinformationdisclosurerulesthatadapttothecharacteristicsofproducts,andstrengthenthewhole-process,whole-chainsupervisionandinvestorprotectionmechanism.Inaddition,itisimportanttounitetheeffortsofmanypartiestoensuretheregularissuanceofinfrastructureREITs,formamulti-levelmarketsystem,andcreateanewecosystemforhigh-qualitydevelopmentwithjointforces.

Lookingbackattheroadtaken,wearenowembarkingonanewjourney.Inthepastthreeyearssincethepilotprogramwaslaunched,infrastructuralREITs,asaninnovativeinvestmentandfinancingmechanisminChina’scapitalmarket,haveplayedanimportantroleinboostingindustrialdevelopment,ensuringpeople’swell-being,boostingconsumption,andsoon.Lookingahead,underthejointeffortsofthecompetentauthoritiesandmarketparticipants,theREITmarketwithChinesecharacteristicswillmakegreatstridesinhigh-qualitydevelopment.

◇ Editors:TuXiaofeng,LiaoWenwen