On December 14, the listing ceremony of the "SCGC Talents Housing Group Talent Rental Housing Asset-backed Special Plan (1st Tranche)" (hereinafter referred to as the "SCGC Talent Rental Housing Tranche 1") was held at SZSE. Ai Xuefeng, Deputy Mayor of Shenzhen, attended the event and delivered a speech. SZSE President & CEO Wang Jianjun and the representatives from Shenzhen’s Finance Commission, State-owned Assets Supervision and Administration Commission and Financial Services Office, Shenzhen Talents Housing Group, Shenzhen Capital Group (SCGC), and Guosen Securities also attended the ceremony.
Ai Xuefeng said that SCGC Talent Rental Housing Tranche 1 is an important measure to thoroughly implement the national housing policy of "encouraging both housing rental and purchases" and to facilitate the stable development of the housing rental market with multi-channel financial innovation. It is the organic combination of financial innovation and housing projects with Shenzhen characteristics, which has explored the "Shenzhen Model" and "Shenzhen Example" for public housing investing and financing in the whole country.
This Special Plan is the nation's first Talent Rental Housing REITs (short for "Real Estate Investment Trust"), with an amount of CNY20 billion for shelf offerings. The first tranche was successfully established on November 7, 2018, with an issuing scale of CNY3.1 billion. The prior class of the securities receives an AAA credit rating. The coupon rate of the first tranche is 4.38%, which is the lowest rate of issue in the market for quasi REITs projects in 2018.
For a long time, SZSE has been actively implementing the strategic deployment of the CPC and the country. In 2003, it initiated the R&D and innovation of REITs. Since 2006, it has cooperated with relevant market players to promote the issuance of quasi REITs. It has now formed a quasi REIT market of property assets covering office buildings, shopping malls, retail stores, logistics warehousing, hotels, long-term rental apartments, talent rental housing, and industrial real estate etc. Up to now, SZSE has accumulatively issued 23 quasi REIT products, with a total issuance scale of CNY49.316 billion, and has become one of the important platforms for the innovation practice of REITs in China. Since 2018, SZSE has continued to promote the landing of innovative REIT products and has successively launched an industrial real estate REIT product "Dongjiu Intelligent Manufacturing Industrial Park", a logistics warehousing real estate REIT product "SF Express Industrial Park", and a commercial property warehousing REIT product "Capital Juda Outlets" etc. to vitalize high-quality stock assets and facilitate corporate transformation and upgrading.
Next, under CSRC's unified leadership, SZSE will steadily develop its asset securitization business, promote the financial asset securitization of accounts receivable and supply chains, and continue to support the asset securitization of housing leasing, infrastructure and high-quality commercial properties. SZSE will study to promote the public offering of REITs and enhance the capabilities of asset securitization to serve national strategies, so as to fully promote the high-quality development of exchange bond market.
