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两部委联合发文推进基础设施领域不动产投资信托基金试点

更新日期: 2020年05月08日 来源: 发改委网站 【字体:
摘要:近日中国证监会与国家发展改革委联合发布了《配资公司 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》(以下简称《通知》),标志着境内基础设施领域公募REITs试点正式起步。

烟台配资开户WEIGUANCHELUOSHIDANGZHONGYANGGUOWUYUAN配资公司 SHENHUATOURONGZITIZHIGAIGE、JIJIWENTUOJIANGDIQIYEGANGGANLV、BAOCHIJICHUSHESHIBUDUANBANLIDUDENGJUECEBUSHU,ZHICHIGUOJIAZHONGDAZHANLVESHISHI,SHENHUAJINRONGGONGJICEJIEGOUXINGGAIGE,JINYIBUTISHENGZIBENSHICHANGFUWUSHITIJINGJINENGLI,CUJINJICHUSHESHIGAOZHILIANGFAZHAN,JINRIZHONGGUOZHENGJIANHUIYUGUOJIAFAZHANGAIGEWEILIANHEFABULE《配资公司 TUIJINJICHUSHESHILINGYUBUDONGCHANTOUZIXINTUOJIJIN(REITs)SHIDIANXIANGGUANGONGZUODETONGZHI》(YIXIAJIANCHENG《TONGZHI》),BIAOZHIZHEJINGNEIJICHUSHESHILINGYUGONGMUREITsSHIDIANZHENGSHIQIBU。

REITs到底是个啥?

基础设施公募REITs的推出,打通了金融资本对接基础设施的蓝海,是我国基础设施投融资体制改革的重大创新,拉开了我国在基础设施领域建设公募REITs市场的序幕。

证监会和发改委说的基础设施REITs是一种公募的不动产投资信托基金,主要投资单一的大基建项目。采用的是“公募基金+单一基础设施资产支持证券”的产品结构。

与传统意义上的REITs不同,中国基建REITs以有稳定现金流的基建项目为投资标的,而不能持有住宅和商业地产。简单来说,老百姓购买基金,基金募集的钱去修路修桥修铁路,老百姓通过基金持有公路、桥梁、铁路等基础设施建设类的资产,并享受它们赚钱后的分红。

比如一家公司“A公司”想投资一个铁路项目,需要300亿元,但公司的财力只有200亿元,还差100亿元,一般老百姓都拿不出这么多钱,问题来了,怎么才能凑够这100亿元呢?这个时候,REITs就起大作用了,A公司把这个铁路项目及其收益打包,做成一个“基础设施资产支持证券(ABS)”,然后委托一家符合资格的券商或者基金公司,通过公开募集的方式,发行主要针对这个铁路项目的投资基金,普通老百姓就可以通过基金募集机构认购,成为其中的股东,未来当这个铁路项目升值了,认购这个铁路项目的老百姓想要卖掉就可以获得折现收益,如果继续持有还可以获得分红。而对于A公司来说,在铁路项目上的300亿固定资产就盘活了,套现出来的资金又可以投资新的基建项目,而原来的铁路项目仍然在A公司手里,只是要给基金持有人分红。因此,REITs既不是股票,也不是债券,而是一个全新的投资品种。另一方面,在地方政府债务高企、基建资金来源压力增大的当下,中国基建REITs可以有效缓解各地方政府的财政压力。于水泥行业而言,地方基建资金来源问题解决了,势必将加快工程建设速度,水泥的需求量也将增加,通知还明确指出要促进基础设施高质量发展,也就意味着将推动水泥行业向高质量发展。


FU:

中国证监会 国家发展改革委

配资公司 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

(证监发〔2020〕40号)

 

烟台配资开户  ZHONGGUOZHENGJIANHUIGEPAICHUJIGOU,SHANGHAIZHENGQUANJIAOYISUO、SHENZHENZHENGQUANJIAOYISUO,ZHONGGUOZHENGQUANYEXIEHUI,ZHONGGUOZHENGQUANTOUZIJIJINYEXIEHUI,GESHENG、ZIZHIQU、ZHIXIASHI、JIHUADANLIESHIFAZHANGAIGEWEI,XINJIANGSHENGCHANJIANSHEBINGTUANFAZHANGAIGEWEI:

烟台配资开户  WEIGUANCHELUOSHIDANGZHONGYANG、GUOWUYUAN配资公司 FANGFENGXIAN、QUGANGGAN、WENTOUZI、BUDUANBANDEJUECEBUSHU,JIJIZHICHIGUOJIAZHONGDAZHANLVESHISHI,SHENHUAJINRONGGONGJICEJIEGOUXINGGAIGE,QIANGHUAZIBENSHICHANGFUWUSHITIJINGJINENGLI,JINYIBUCHUANGXINTOURONGZIJIZHI,YOUXIAOPANHUOCUNLIANGZICHAN,CUJINJICHUSHESHIGAOZHILIANGFAZHAN,XIANJIUTUIJINJICHUSHESHILINGYUBUDONGCHANTOUZIXINTUOJIJIN(YIXIAJIANCHENGJICHUSHESHIREITs)SHIDIANGONGZUOTONGZHIRUXIA:

  一、充分认识推进基础设施REITs试点的重要意义

  JICHUSHESHIREITsSHIGUOJITONGXINGDEPEIZHIZICHAN,JUYOULIUDONGXINGJIAOGAO、SHOUYIXIANGDUIWENDING、ANQUANXINGJIAOQIANGDENGTEDIAN,NENGYOUXIAOPANHUOCUNLIANGZICHAN,TIANBUDANGQIANJINRONGCHANPINKONGBAI,TUOKUANSHEHUIZIBENTOUZIQUDAO,TISHENGZHIJIERONGZIBIZHONG,ZENGQIANGZIBENSHICHANGFUWUSHITIJINGJIZHIXIAO。DUANQIKANYOULIYUGUANGFANCHOUJIXIANGMUZIBENJIN,JIANGDIZHAIWUFENGXIAN,SHIWENTOUZI、BUDUANBANDEYOUXIAOZHENGCEGONGJU;ZHANGQIKANYOULIYUWANSHANCHUXUZHUANHUATOUZIJIZHI,JIANGDISHITIJINGJIGANGGAN,TUIDONGJICHUSHESHITOURONGZISHICHANGHUA、GUIFANHUAJIANKANGFAZHAN。

  GEXIANGGUANDANWEIYINGCHONGFENRENSHITUIJINJICHUSHESHIREITsSHIDIANDEZHONGYAOYIYI,JIAQIANGHEZUO,TUIDONGJICHUSHESHIREITsZAIZHENGQUANJIAOYISUOGONGKAIFAXINGJIAOYI,PANHUOCUNLIANGZICHAN、XINGCHENGTOUZILIANGXINGXUNHUAN,XIYINGENGZHUANYEDESHICHANGJIGOUCANYUYUNYINGGUANLI,TIGAOTOUZIJIANSHEHEYUNYINGGUANLIXIAOLV,TISHENGTOUZISHOUYISHUIPING。

  二、推进基础设施REITs试点的基本原则

  (YI)FUHEGUOJIAZHENGCE,JUJIAOYOUZHIZICHAN。TUIDONGGUOJIAZHONGDAZHANLVESHISHI,FUWUSHITIJINGJI,ZHICHIZHONGDIANLINGYUFUHEGUOJIAZHENGCEDAOXIANG、SHEHUIXIAOYILIANGHAO、TOUZISHOUYILVWENDINGQIEYUNYINGGUANLISHUIPINGJIAOHAODEXIANGMUKAIZHANJICHUSHESHIREITsSHIDIAN。

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烟台配资开户  (SAN)CHUANGXINGUIFANBINGJU,TISHENGYUNYINGNENGLI。JIAQIANGDUIJICHUSHESHIZICHANCHIXUYUNYINGNENGLI、GUANLISHUIPINGDEKAOHE、JIANDU,CHONGFENFAHUIGUANLIRENDEZHUANYEGUANLIZHINENG,QUEBAOJICHUSHESHIXIANGMUCHIXUJIANKANGYUNYING,NULITISHENGYUNYINGXIAOLVHEFUWUZHILIANG,TUIDONGJICHUSHESHITOURONGZIJIZHIHEYUNYINGGUANLIMOSHICHUANGXIN。

烟台配资开户  (SI)GUIZEXIANXING,WENTUOKAIZHANSHIDIAN。JIEJIANCHENGSHUGUOJIJINGYAN,ZAIXIANXINGFALVFAGUIKUANGJIAXIA,ZAIZHONGDIANLINGYUYIGEANFANGSHIXIANXINGKAIZHANJICHUSHESHIREITsSHIDIAN,WENTUOQIBU,JISHIZONGJIESHIDIANJINGYAN,YOUHUAGONGZUOLIUCHENG,SHISHIWENBUTUIGUANG。

  (WU)QIANGHUAJIGOUZHUTIZEREN,TUIDONGGUIWEIJINZE。MINGQUEGUANLIREN、TUOGUANRENJIXIANGGUANZHONGJIEJIGOUDEZHIZEBIANJIE,JIAQIANGJIANDUGUANLI,YANGELUOSHICHENGSHISHOUXIN、QINMIANJINZEYIWU,TUIDONGXIANGGUANCANYUZHUTIGUIWEIJINZE。

  (LIU)WANSHANXIANGGUANZHENGCE,YOUXIAOFANGKONGFENGXIAN。JIANQUANFALVZHIDUBAOZHANGYUXIANGGUANPEITAOZHENGCE,BAWOHAOJICHUZICHANZHILIANG,HANGSHIYEWUJICHU,YOUXIAOFANGFANSHICHANGFENGXIAN。JIEJIANJINGWAICHENGSHUSHICHANGBIAOZHUN,XITONGGOUJIANJICHUSHESHIREITsSHENHE、JIANDU、GUANLIZHIDU,TUIDONGZHIDUHUA、GUIFANHUAFAZHAN。

  三、基础设施REITs 试点项目要求

  (YI)JUJIAOZHONGDIANQUYU。YOUXIANZHICHIJINGJINJI、ZHANGJIANGJINGJIDAI、XIONGANXINQU、YUEGANGAODAWANQU、HAINAN、ZHANGJIANGSANJIAOZHOUDENGZHONGDIANQUYU,ZHICHIGUOJIAJIXINQU、YOUTIAOJIANDEGUOJIAJIJINGJIJISHUKAIFAQUKAIZHANSHIDIAN。

  (ER)JUJIAOZHONGDIANXINGYE。YOUXIANZHICHIJICHUSHESHIBUDUANBANXINGYE,BAOKUOCANGCHUWULIU、SHOUFEIGONGLUDENGJIAOTONGSHESHI,SHUIDIANQIREDENGSHIZHENGGONGCHENG,CHENGZHENWUSHUILAJICHULI、GUFEIWEIFEICHULIDENGWURANZHILIXIANGMU。GULIXINXIWANGLUODENGXINXINGJICHUSHESHI,YIJIGUOJIAZHANLVEXINGXINXINGCHANYEJIQUN、GAOKEJICHANYEYUANQU、TESECHANYEYUANQUDENGKAIZHANSHIDIAN。

  (SAN)JUJIAOYOUZHIXIANGMU。JICHUSHESHIREITsSHIDIANXIANGMUYINGFUHEYIXIATIAOJIAN:

烟台配资开户  1.XIANGMUQUANSHUQINGXI,YIANGUIDINGLVXINGXIANGMUTOUZIGUANLI,YIJIGUIHUA、HUANPINGHEYONGDIDENGXIANGGUANSHOUXU,YITONGGUOJUNGONGYANSHOU。PPPXIANGMUYINGYIFAYIGUILVXINGZHENGFUHESHEHUIZIBENGUANLIXIANGGUANGUIDING,SHOURULAIYUANYISHIYONGZHEFUFEIWEIZHU,WEICHUXIANZHONGDAWENTIHEHETONGJIUFEN。

  2.JUYOUCHENGSHUDEJINGYINGMOSHIJISHICHANGHUAYUNYINGNENGLI,YICHANSHENGCHIXU、WENDINGDESHOUYIJIXIANJINLIU,TOUZIHUIBAOLIANGHAO,BINGJUYOUCHIXUJINGYINGNENGLI、JIAOHAODEZENGZHANGQIANLI。

  3.FAQIREN(YUANSHIQUANYIREN)JIJICHUSHESHIYUNYINGQIYEXINYONGWENJIAN、NEIBUKONGZHIZHIDUJIANQUAN,JUYOUCHIXUJINGYINGNENGLI,ZUIJIN3NIANWUZHONGDAWEIFAWEIGUIXINGWEI。JICHUSHESHIYUNYINGQIYEHAIYINGDANGJUYOUFENGFUDEYUNYINGGUANLINENGLI。

烟台配资开户  (SI)JIAQIANGRONGZIYONGTUGUANLI。FAQIREN(YUANSHIQUANYIREN)TONGGUOZHUANRANGJICHUSHESHIQUDEZIJINDEYONGTUYINGFUHEGUOJIACHANYEZHENGCE,GULIJIANGHUISHOUZIJINYONGYUXINDEJICHUSHESHIHEGONGYONGSHIYEJIANSHE,ZHONGDIANZHICHIBUDUANBANXIANGMU,XINGCHENGTOUZILIANGXINGXUNHUAN。

  四、基础设施REITs 试点工作安排

烟台配资开户  (YI)SHIDIANCHUQI,YOUFUHETIAOJIANDEQUDEGONGMUJIJINGUANLIZIGEDEZHENGQUANGONGSIHUOJIJINGUANLIGONGSI,YIFAYIGUISHELIGONGKAIMUJIJICHUSHESHIZHENGQUANTOUZIJIJIN,JINGZHONGGUOZHENGJIANHUIZHUCEHOU,GONGKAIFASHOUJIJINFENEMUJIZIJIN,TONGGUOGOUMAITONGYISHIJIKONGZHIRENSUOSHUDEGUANLIRENSHELIFAXINGDEJICHUSHESHIZICHANZHICHIZHENGQUAN,WANCHENGDUIBIAODEJICHUSHESHIDESHOUGOU,KAIZHANJICHUSHESHIREITsYEWU。GONGKAIMUJIJICHUSHESHIZHENGQUANTOUZIJIJINFUHE《ZHENGQUANFA》《ZHENGQUANTOUZIJIJINFA》GUIDINGDE,KEYISHENQINGZAIZHENGQUANJIAOYISUOSHANGSHIJIAOYI。

  (ER)GESHENGJIFAZHANGAIGEWEIZHUYAOCONGXIANGMUSHIFOUFUHEGUOJIAZHONGDAZHANLVE、HONGGUANDIAOKONGZHENGCE、CHANYEZHENGCE、GUDINGZICHANTOUZIGUANLIFAGUIZHIDU,YIJIGULIHUISHOUZIJINYONGYUJICHUSHESHIBUDUANBANLINGYUDENGFANGMIANCHUJUZHUANXIANGYIJIAN。GESHENGJIFAZHANGAIGEWEIYAOJIAQIANGZHIDAO,TUIDONGPANHUOCUNLIANGZICHAN,CUJINHUISHOUZIJINYONGYUJICHUSHESHIBUDUANBANXIANGMUJIANSHE,XINGCHENGTOUZILIANGXINGXUNHUAN。ZAISHENGJIFAZHANGAIGEWEICHUJUZHUANXIANGYIJIANJICHUSHANG,GUOJIAFAZHANGAIGEWEIJIANGFUHETIAOJIANDEXIANGMUTUIJIANZHIZHONGGUOZHENGJIANHUI,YOUZHONGGUOZHENGJIANHUI、HUSHENZHENGQUANJIAOYISUOYIFAYIGUI,BINGZUNXUNSHICHANGHUAYUANZE,DULILVXINGZHUCE、SHENCHACHENGXU,ZIZHUJUECE。ZHONGGUOZHENGJIANHUIGEPAICHUJIGOU、HUSHENZHENGQUANJIAOYISUOYUSHENGJIFAZHANGAIGEWEIJIAQIANGXIEZUO,ZUOHAOXIANGMULINXUANYUTUIJIANGONGZUO。

  (SAN)ZHONGGUOZHENGJIANHUIZHIDINGGONGKAIMUJIJICHUSHESHIZHENGQUANTOUZIJIJINXIANGGUANGUIZE,DUIJIJINGUANLIRENDENGCANYUZHUTILVZHIYAOQIU、CHANPINZHUCE、FENEFASHOU、TOUZIYUNZUO、XINXIPILUDENGJINXINGGUIFAN。HUSHENZHENGQUANJIAOYISUOBIZHAOGONGKAIFAXINGZHENGQUANXIANGGUANYAOQIUJIANLIJICHUSHESHIZICHANZHICHIZHENGQUANFAXINGSHENCHAZHIDU。ZHONGGUOZHENGJIANHUIGEPAICHUJIGOU、HUSHENZHENGQUANJIAOYISUO、ZHONGGUOZHENGQUANYEXIEHUI、ZHONGGUOZHENGQUANTOUZIJIJINYEXIEHUIDENGYOUGUANDANWEIYAOZHUAJINJIANLIJICHUSHESHIZICHANZHICHIZHENGQUANSHOULI、SHENHE、BEIAN、XINXIPILUHECHIXUJIANGUANDEGONGZUOJIZHI,ZUOHAOTOUZIZHEJIAOYUHESHICHANGPEIYU,CANZHAOGONGKAIFAXINGZHENGQUANXIANGGUANYAOQIUQIANGHUADUIJICHUSHESHIZICHANZHICHIZHENGQUANFAXINGDENGHUANJIEXIANGGUANCANYUZHUTIDEJIANDUGUANLI,YASHIZHONGJIEJIGOUZEREN,LUOSHIGEXIANGJIANGUANYAOQIU。

  ZHONGGUOZHENGJIANHUIZHIDAOGEPAICHUJIGOU、HUSHENZHENGQUANJIAOYISUO、ZHONGGUOZHENGQUANYEXIEHUIYUZHONGGUOZHENGQUANTOUZIJIJINYEXIEHUIZHIDINGWANSHANSHIDIANXIANGMULINXUANXIANGGUANPEITAOCUOSHI,JIAQIANGJICHUSHESHIREITsDEYEWUGUOCHENGJIANGUAN,BINGJIEHESHIJIANQINGKUANG,SHISHIWANSHANFALVZHIDUBAOZHANG。

  (SI)ZHONGGUOZHENGJIANHUI、GUOJIAFAZHANGAIGEWEIMIQIEGOUTONGXIEZUO、JIAQIANGXINXIGONGXIANG,XIEDIAOJIEJUEJICHUSHESHIREITsSHIDIANGUOCHENGZHONGCUNZAIDEWENTIYUKUNNAN,BINGYIJUZHIZEFENGONG,BUDUANYOUHUALIUCHENG、TIGAOXIAOLV,TUIDONGJICHUSHESHIREITsSHIDIANGONGZUOSHUNLIKAIZHAN,BINGZHICHITANSUOKAIZHANJICHUSHESHIREITsSHIDIANDEQITAKEXINGMOSHI。

  YOUGUANDANWEIYINGANZHAOBEN《TONGZHI》YAOQIU,ZUOHAOXIANGMUCHUBEIDENGQIANQIGONGZUO,DAIXIANGGUANPEITAOGUIZEMINGQUEHOU,ANGUIDINGBAOSONGXIANGGUANCAILIAO。

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BENWANGZHUANZAIBINGZHUMINGQITALAIYUANDEGAOJIAN,SHIBENZHEWEIDUZHECHUANDIGENGDUOXINXIZHIMUDE,BINGBUYIWEIZHEZANTONGQIGUANDIANHUOZHENGSHIQINEIRONGDEZHENSHIXING。QITAMEITI、WANGZHANHUOGERENCONGBENWANGZHUANZAISHIYONGSHI,BIXUBAOLIUBENWANGZHUMINGDEGAOJIANLAIYUAN,JINZHISHANZICUANGAIGAOJIANLAIYUAN,BINGZIFUBANQUANDENGFALVZEREN。WEIFANZHEBENWANGYEJIANGYIFAZHUIJIUZEREN。

RUBENWANGZHUANZAIGAOSHEJIBANQUANDENGWENTI,QINGZUOZHEZAILIANGZHOUNEIJINKUAILAIDIANHUOLAIHAN配资开户 。

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