This is the first public rental housing REITs officially approved by the Exchange after the National Development and Reform Commission issued a document on June 29th, 20021year to include rental housing in infrastructure public offering REITs for more than one year. What impact will it bring to the leasing industry? What questions need to be clarified?
On July 1 1, REITs, the first affordable rental house in the market, was officially approved by the Exchange. Diagram /IC diagram
REITs, the first guaranteed rental house, was approved by Shenzhen Stock Exchange.
According to the information of Shenzhen Stock Exchange, the laterite innovation fund project was approved by Shenzhen Stock Exchange on July 1 1. This is also the first REITs project recognized by the market.
According to the data, the main original rights and interests of the laterite innovation fund are Shenzhen Talent Housing Group Co., Ltd., and the name of the special plan is "Shenzhen Venture Capital-Shenzhen Talent Housing Security Rental Housing Asset Support Special Plan". It is reported that the REITs submitted by Shenzhen Talent Anzhu Group are distributed in Futian District, Luohu District, Dapeng New District and Pingshan District, Shenzhen, with a total construction area of134,300 square meters and * * 1830 sets of affordable rental houses.
In this regard, Zhao Ran, president of ICCRA Housing Leasing Industry Research Institute, analyzed that strong market demand is the basis for supporting the successful issuance of public offering REITs for affordable housing. The first batch of approved REITs selected four projects located in the core area or plate of Shenzhen, which not only reflected the layout, type and scale of basic assets, but also reflected the strong and long-term persistence of market demand.
In terms of lease and lease renewal, the data show that the above four projects have been operating for less than three years, but they have the ability to generate sustained and stable cash flow. Judging from the occupancy rate, these four projects have reached a high occupancy rate. By March 3, 2022, the occupancy rate of guaranteed rental housing was 99%, 99%, 100% and 98% respectively. Judging from the lease term of the existing lease, the lease term of the four projects is longer, and the proportion of three-year lease is as high as 98%.
"Rental housing projects can basically achieve stable operation in a short time." Zhao Ran pointed out that the successful issuance of REITs with single affordable housing effectively dispelled doubts about the stability and growth potential of affordable housing. In fact, according to the characteristics of the housing rental industry, more than 70% of the houses can be rented out within 3-6 months after the actual opening of the project (that is, the rental rate can reach more than 70%), and the rental rate can basically reach a stable state after operation 1 year.
In addition to the stability of project leasing, Zhao Ran also said that ensuring the ability of rental housing operation and management is also the key to ensure the return rate of REITs. Generally speaking, fund managers will hire external or internal operation management agencies to provide operation management services for the underlying projects; Operational management ability mainly refers to the ability to create and improve the rate of return, including market positioning ability, income management ability, operating cost control ability and other indicators.
Policy warm wind blows frequently, renting REITs to break the ice.
The development of affordable rental housing is the top priority of China's housing system construction. According to the data of the Ministry of Housing and Urban-Rural Development, as of mid-June this year, 65438+ 10, nearly 30 provinces, autonomous regions and municipalities across the country have issued implementation opinions on accelerating the development of affordable housing; During the 14th Five-Year Plan period, 40 key cities plan to add 6.5 million sets (rooms) of guaranteed rental housing.
The development of affordable housing is inseparable from the support of the financial sector. After defining the development planning objectives of rental housing, the policy level has shown its intention to support the rental housing market, especially to increase financial support to promote the formation of a long-term mechanism for the rental housing market.
On May 27th this year, the CSRC and the National Development and Reform Commission jointly issued the Notice on Regulating the Work of Real Estate Investment Trust Funds (REITs) in the Pilot Issuance of Affordable Rental Housing (hereinafter referred to as the Notice). The Notice proposes that issuing REITs for rental housing infrastructure will help revitalize existing assets, recover funds for the construction of new affordable rental housing projects, promote the formation of a virtuous circle of investment and financing, and better attract social capital to participate and broaden the sources of funds for rental housing construction; It is conducive to accelerating the establishment of a housing system with multi-agent supply, multi-channel guarantee and simultaneous rent and purchase, and promoting the realization of housing for all.
On the day of the announcement, the first batch of two REITs took the lead in reporting. Admiralty Xiamen Anju Leased Closed Infrastructure Securities Investment Fund and Hongtu Innovation Fund submitted application materials in Shanghai Stock Exchange and Shenzhen Stock Exchange respectively. On July 7, the information of Shanghai Stock Exchange showed that the closed infrastructure securities investment fund of Jinzhongxia Anjubao Rental House was in a "feedback" state.
In this context, the laterite innovation fund project was approved by Shenzhen Stock Exchange on July 1 1. This is the first public rental housing REITs officially approved by the Exchange after the National Development and Reform Commission issued a document on June 29 last year to include rental housing in infrastructure public offering for more than one year.
Hu Jinghui, chief economist of Jing Hui think tank, commented that if there is no big accident, this public offering REITs of Red Earth Innovation Fund will also become the first successful public offering REITs in China, which has a far-reaching impact on the industry; I hope that more rental houses will enter the market of public offering REITs in the future. At the same time, in order to promote the development of long-term rental industry, it is also hoped that market-oriented rental houses will enter public offering REITs.
It is expected to form a closed-loop model of sustainable management.
It is worth mentioning that, as a form of ABS (Asset Securitization), REITs in China have been empowered in the field of commercial real estate for some time, and now REITs will enter the housing rental market, which has unusual significance behind it. Will the housing leasing model shine in the capital market? At the same time, for the light asset apartment operators, a new financing channel is in front of them. How will they lay out? What other questions need to be clarified?
"From the experience of foreign countries, there are many self-sustaining and operational properties in the real estate sector, including hotels, old-age care, cultural tourism, commerce and office buildings. , you can enter the field of public offering REITs and realize asset securitization. This is also the exit path of many development enterprises and investment institutions. I hope that in the future, China's public offering REITs can be opened to more fields of real estate and realize a complete industry closed loop of development, investment, operation and exit. " Hu Jinghui said.
Zhao Ran pointed out that for the development of housing leasing industry in China, public offering of REITs can make housing leasing enterprises "go into battle lightly" and truly realize the closed-loop model of sustainable business of "development, operation and financial exit"; At the same time, public offering REITs implement long-term investment strategy and have professional and active asset management level, which contributes to the professional development of the housing rental market, thus effectively alleviating the fluctuation of the whole real estate market. In addition, the raising mechanism of public offering REITs will also form a virtuous circle, which is conducive to the sustainable development and growth of the industry scale.
"With the gradual landing of public offering REITs, asset holders and foundations are increasingly aware of the importance of operational capabilities. The core mode of light asset management companies is to export operational capabilities. Therefore, the public offering of REITs may further broaden the output of the light asset model. " Zhao Ran analyzed.
However, in the view of Li Quan, the founder of FangDongdong Apartment College, although many long-term rental enterprises have applied for some rental houses as guaranteed rental houses, or have become guaranteed rental houses, few of them can really reach the threshold of issuing REITs for guaranteed rental houses. Therefore, Li Quan suggested that the development, construction and operation of affordable housing is a key measure on the premise of stabilizing housing prices, stabilizing expectations and ensuring people's livelihood. It is suggested that more funds and policy support should be given to the operating institutions engaged in renting houses.