On August 26, SZSE held the seminar on practice of publicly offered infrastructure REITs, which presented in-depth communication on specific practical operation matters concerning the pilot project of publicly offered infrastructure REITs. Officials from relevant departments of the National Development and Reform Commission (NDRC), China Securities Regulatory Commission (CSRC) and the Asset Management Association of China attended the seminar and gave instructions. Nearly 30 enterprises in the fields of environmental protection, transportation, data center, industrial park, energy & power generation, logistics, warehousing, etc. and nearly 20 market institutions including securities companies and fund companies attended the seminar.
Representatives present at the seminar fully discussed major topics involving the issuance and listing of publicly offered infrastructure REITs such as property certificate formalities, asset transfer, product design, cost control, information disclosure and liquidity arrangements, and put forward important suggestions. Representatives of enterprises and market institutions said that they would continue to strengthen communication and cooperation with local governments, competent authorities and SZSE, focus on solving actual problems that they encounter in the preparation of relevant project, and actively facilitate a steady start and high-quality operation of the pilot project of publicly offered infrastructure REITs.
As an important platform for asset-backed securitization and practice of innovative products of REITs in China, SZSE has, since the notice of the pilot project was released, fully cooperated with relevant authorities such as CSRC and NDRC and fulfilled relevant tasks of the pilot project of publicly offered infrastructure REITs in a solid, orderly manner. First, SZSE has formulated and improved supporting rules. SZSE has basically completed the preparation of relevant supporting business rules for review and issuance of publicly offered REITs, which will be issued as soon as relevant procedures are completed. Second, SZSE has accelerated the development of relevant business systems. Business systems for review, issuance, listing, information disclosure, acquisition, etc. of REITs are ready for test. Relevant tests will be launched along with the issuance of the business rules. Third, SZSE has served the pilot reserve project and strengthened the quality base. SZSE has strengthened market service cultivation and investor education through various forms including top-level communication, market training, panel discussion, visiting, etc. and leveraged synergy to support implementation of quality projects.
The pilot project of publicly offered infrastructure REITs is an important measure to bring about innovations in investment and financing mechanisms, revitalize stock assets, promote high-quality development of infrastructure, deepen the supply-side structural reform, and actively serve the national development strategy. SZSE will carefully study the suggestions put forward at the seminar, listen to the voice of the market, and fully respect market opinions. In addition, we will work faster to complete the issuance of relevant rules, do well in technical preparations, and enhance risk control and prevention. We will also actively promote improvement of supporting policies such as tax policy and state-owned asset transfer policy, facilitate liquidity arrangements of the secondary market, and cultivate relevant talents to support long-term and healthy development of the publicly offered infrastructure REITs market. SZSE will strive to enhance the capability of the capital market to serve the real economy and put forth efforts to build a quality innovation capital center and world-class exchange.
