Xinhua News Agency, Shanghai, September 27 (Reporters Pan Qing and Yang Yiren) Focusing on revitalizing existing assets and promoting the coordinated and balanced development of investment and financing, public offering of REITs in the field of infrastructure is "getting closer."

The Shanghai Stock Exchange is proceeding in an orderly manner with various preparatory work to accelerate the "landing" of the pilot infrastructure public offering REITs.

  Cai Jianchun, general manager of the Shanghai Stock Exchange, disclosed this information at the "China REITs Forum 2020 Annual Meeting" held on the same day.

  Since the reform and opening up, investment in infrastructure construction has continued to increase, and a large number of high-quality stock infrastructures have been accumulated for my country, mainly in the fields of transportation, energy, environmental protection, and municipal administration.

At the same time, however, a large number of high-quality assets have formed a deposit of funds, hindering the investment and financing cycle, and debt constraints have also led to a large capital gap for investment in new projects.

  As one of the important measures to deepen the structural reform of the financial supply side, the pilot public offering REITs in the infrastructure sector was officially launched in April this year.

  "REITs use the capital market to transform low-liquid infrastructure assets into listed financial products, and convert heavy asset operations to light asset models, which will help break the constraints of new economic development under debt constraints." Cai Jianchun said With the transition from "corporate credit" to "asset credit", REITs can not only bring higher liquidity by revitalizing government and corporate assets, but can also play a role in promoting capital formation, market-oriented resource allocation, reducing liabilities, and mitigating risks. Important role.

  Cai Jianchun revealed that, including improving the supply of rules, strengthening market organization, and making technical preparations, the Shanghai Stock Exchange is orderly preparing for the pilot projects of infrastructure public offering REITs.

  According to reports, the Shanghai Stock Exchange has initially focused on major infrastructure assets. The reserve projects involve five categories: public utility infrastructure, transportation energy, industrial parks, warehousing and logistics, and data centers, including UHV, smart energy, smart cities, information networks, etc. The new infrastructure field is also continuing to advance.

Various assets have stable cash flow and high quality.

  Cai Jianchun said that in the next step, the Shanghai Stock Exchange will work with all parties to accelerate the steady "landing" of the pilot infrastructure public offering REITs.

While assisting in the design of the pilot project, the Shanghai Stock Exchange will follow the reform practice of the science and technology innovation board and the corporate bond registration system, step up the improvement and release of supporting rules, improve the contractual terms and mechanism design such as fund contracts, and cooperate with the promotion of REITs related taxation and state-owned assets Clarification of issues such as transfer and investment policies.

  Participants in the industry said that the “landing” of the pilot infrastructure public offering REITs will not only provide inclusive financial products with good liquidity, stable returns, and strong security, but it is also expected to promote the coordinated and balanced development of the investment side and the financing side to promote new development. Momentum will help build a new pattern of economic "dual cycle" development.