Analysis says 450 billion of insurance funds can enter commercial real estate

Temporary measures for investment in equity and real estate of insurance funds the CIRC last night issued temporary measures to invest in real estate and equity, stipulating that insurance funds may be invested in commercial real estate, but not in disguise to sell land, not in the form of commercial real estate development and sale of residential.　　Analysts said that the policy landing brought to the market is more positive psychological level, short-term risk investment trends will not be too big change.　　Our News (reporter Guichenro) the CIRC last night on its website announced the "interim measures for investment in insurance funds" and "insurance funds investment real estate interim measures", to enter the above areas of insurance funds investment, investment, investment, wind control mechanism and other four aspects of a clear definition and system specifications.　　"The method" for the risk capital "untie" the method stipulates that the real estate that the insurance funds invests, should be the property right legal clear, the management ownership is relatively concentrated, can satisfy the investment return real estate, cannot invest in the commercial housing, cannot directly participate in the real estate development, cannot invest the establishment real estate enterprise　　From the information that the reporter understands, the current insurance company favors the real estate project mainly concentrates in the office building such commercial real estate and the endowment community domain, the real estate Investment management stipulation provides the policy basis for the insurance capital.　　From the perspective of investment income and asset matching, real estate has always been the field of insurance funds eager to enter, this "method" issued in the policy for the risk of capital "untie". The new Deal first clarified the scope of the object of investment in real estate.　　According to the provisions, insurance funds investment in real estate, should be clear property rights, no ownership of disputes, the corresponding warrants are fully legal and effective, is located in the municipalities, provincial capitals or listed cities with obvious location advantages of the city, the management ownership is relatively concentrated, can meet the insurance asset allocation and risk control requirements.　　shall not develop and sell the residential "method" at the same time to invest in real estate related financial products, which belong to fixed income products, should have a AA level or equivalent to AA level of long-term credit level. The reporter learned from the "method" that the insurance funds to use the creditor's rights, equity or real right way to invest in immovable property, limited to commercial real estate, office real estate, and insurance business-related pension, medical, automotive services and other real estate and personal property. The CIRC requires that such investment be subject to the principle of special purpose, not to sell land in disguise, and not to use the name of investment endowment and personal Property (project company) to develop and sell residential buildings in the form of commercial real estate. "Investment in old-age, medical care, automotive services and other real estate, its supporting construction investment should not exceed 30% of the total amount invested in the project." "Market impact on short-term risk investment will not significantly adjust the" method "at the same time on the risk of real estate investments in specific limits. According to the regulations, the insurance companies to invest in real estate of the book balance, not higher than the company at the end of the last quarter of the total assets of 10%, investment in real estate-related financial products of the book balance, not higher than the end of the last quarter of the total assets of 3%; the balance of the If you press 4.5 trillion yuan insurance total assets calculation, theoretically about 450 billion yuan of insurance funds can enter the real estate investment market, about 135 billion yuan of insurance funds can invest in real estate related financial products. However, some insiders believe that the insurance funds to invest in real estate policy to the market is more of a psychological level of positive expectations, short-term risk investment trends will not be too big change. On the one hand, some of the insurance companies have already curve into the market, the new deal just for its investment to provide a policy basis. On the other hand, insurance companies ' investment strategies are usually more robust and will not be drastically adjusted for short-term policy changes.　　However, the market generally believe that with the liberalization of policy, the future will increase the layout of the real estate sector, because this is conducive to the insurance company's balance of assets and liabilities. Equity investment may not invest venture capital fund in the aspect of equity investment, the "method" stipulates that insurance funds can invest directly or indirectly in the enterprise equity.　　For investment target, "method" requires, insurance funds can only invest in the growth period or maturity of the enterprise equity, can not invest in venture capital funds, can not invest in high pollution, high energy consumption, such as not in line with national policies and technical content of low, cash return of the enterprise equity. At the same time, the proportion of equity investment is limited, and the carrying balance of investment in unlisted enterprises is not higher than 5% of the total assets of the last quarter, and the carrying balance of equity-related financial products of unlisted enterprises, such as investment equity Investment fund, is not higher than that of the insurance company at the end of　　The two totals do not exceed 5% of the total assets of the insurer at the end of last quarter. The book balance of the direct investment equity, no more than the net assets of the insurance company, in addition to the significant equity investment, the carrying balance of the investment of the same enterprise, not exceeding 30% of the net assets of the insurer.　　The carrying amount of the same investment fund shall not exceed 20% of the size of the fund's issue. Qualification limited solvency adequacy rate is not less than 150% the reporter found that the "method" for the real estate and equity investment in the insurance companies are very strict qualification, one of the requirements for the real estate investment in the last fiscal year at the end of the solvency adequacy rate is not less than 150%, And at the end of the quarter, the solvency adequacy ratio was not less than 150%. At the same time, the insurance companies in the previous fiscal year profit, net assets of not less than 100 million yuan, and the last three years has not found significant violations.　　The qualification requirements for direct investment equity of insurance companies are roughly the same, but the net assets requirement is raised to 1 billion yuan. 7 of the investment in real estate is not 1. Provision of unsecured debt financing; 2. To provide collateral for the investment of immovable property; 3. Investment in the development or sale of commercial housing; 4. Directly engaged in real estate development (including first level land development); 5. Invest in a real estate development company or invest in unlisted real estate companies Except the project company), or holding the real estate enterprise by investing in stock. If an investment has been made or has been held in a real estate enterprise, it shall be revoked or transferred out; 6The use of loans, debt issuance, repurchase, borrowing and other means to raise funds to invest in real estate, the CIRC, unless otherwise stipulated in the issuance of debt; 7. The proportion of investment in violation of these measures.