Public rental fund broken cocoon or can solve public housing funds dilemma

By the Chamber of Commerce launched the first domestic public rental fund, if approved, or can solve the plight of public rental housing funds/"Financial national weekly" reporter Wei Honglei in the housing construction progress involved in the funds, more sensitive market people are making a tentative step in financial innovation.　　November 16 9:30 A.M., Beijing Xizhimen, the Chamber of Commerce real Estate 10 floor of a small conference room, the first public rental fund in China gradually become clear outline.　　Under the auspices of Niemesen, President of the Chamber of Commerce, a fund programme was distributed to more than 10 participants and discussed for polishing. The preparatory group for the Public Rental fund has been set up in advance.　　NIE for the team leader, Shanghai Jian Yin Jing Rui Asset Management Co., Ltd. (hereinafter referred to as the construction of Silver Jing Rui) is the designer of the Fund scheme. Huayuan Real Estate Chairman Ren Zhiqiang as the preparatory group deputy leader, at this seminar, he put forward a few changes.　　He is known not only for its strong speech, but also for its familiarity with policy. December 10, Niemesen to reporters, "Huang Mengfu chairman of this matter attaches great importance to the program has been reported to the National Development and Reform Commission."　　According to the panel's comments, the plan will be submitted to the Ministry of Housing and Land and resources after it is reported to the National Development and Reform Commission. The Public rental real Estate fund is not the mainstream financing model in China, but with the continuous tightening of liquidity, the fund gradually becomes the climate. Jindi, Forte and other housing enterprises are under the company, focusing on fund investment.　　Many investment companies have also emerged in the market, with commercial property as their target. And the public housing Fund's attempt, the market has not yet.　　In Niemesen view, if the public rental fund approved, can let the money into the housing construction funds, can stabilize housing prices, but also two-way reduce liquidity surplus, easing inflationary pressure. "As early as July, we had already proposed the idea of establishing such a fund." Said Li Xiaodong, chairman of Jian Yin Jing Rui.　　Before and after this, he took the team to visit a number of hot cities nationwide, including the development of a large public rental housing project in Chongqing. September 21, the National Security House Construction Work Symposium held in Changzhou, the original intention is to urge all over to speed up the construction of housing progress.　　The news from the meeting is not optimistic, even if the completion of the better Fujian province, the completion of investment is only 3.95 billion yuan, accounting for the annual planned investment of 42.2%. "We are also not optimistic about the information we have learned." "Li Xiaodong said.　　The construction progress is slow, its biggest restriction factor is the fund, he also felt the urgency which establishes the public housing Fund.　　September 16, led by the Chamber of Commerce and industry, including Huayuan Real estate Chairman Ren Zhiqiang, chairman of the China Zhang Min Geng, and other insiders held a closed-door meeting, for the first time to establish a Bank of the fund program discussed changes.　　After a lapse of two months, this plan more perfect, also attracted the road Jin real estate, Forte investment to join, become the joint initiator of the fund. "Finance and Economics national weekly" reporter obtained the plan shows that the public rental fund will get the support of the Chinese Federation of China's construction of silverThe bank acts as custodian and principal underwriter.　　Fund organization in the form of a limited company, and will set up a fund management companies, responsible for the implementation of the Fund set up the preparatory work and follow-up operations. "The fund's size is planned to be 10 billion yuan ~300 billion, with no more than 200 investors," he said.　　"Niemesen said. Institutional investors and natural persons can be the investors of the Fund, and the minimum standard of subscription is 50 million yuan and 10 million yuan respectively. "We will choose well-known development enterprises as cornerstone investors, the amount of subscription can not be less than 10% of the total fund share."　　"Li Xiaodong revealed.　　Multi-path operation according to Convention, the operation of a fund is divided into four stages: fund raising, establishment, investment management and liquidation.　　For this public rental fund, investment management is the most important stage, its core content is to obtain housing and external rental.　　Under the scheme, the Fund will participate in public housing construction in two ways: building new houses and buying old ones. Niemesen revealed that there are two ways to build a new house, you can focus on building public rental housing, can also be built in the process of commercial housing development. "On the one hand can reduce the burden on developers, can also use the bot model (construction-operation-transfer), delaying the government repurchase payments time."　　"At the preparatory meeting on November 16, it became the focus of discussion." "We have two ways, one is to find a local financing platform, and the second is directly to the Land Bureau."　　Said Ren Zhiqiang.　　In Ren Zhiqiang's view, the former way can be achieved with the help of the Midtown Alliance-the largest real estate enterprise alliance was launched in December 1999, including Vanke, Henan Construction Industry, Huayuan real estate and other dozens of companies, the alliance members across the domestic number of two or three-line cities. "The Midtown Alliance is very familiar with the financing platform companies everywhere, and we can get the land through them." "Many companies have only land but no money to develop."　　"Find the Land Bureau" is aimed at the commercial housing construction of a security room model, this kind of administrative means to supervise the building of the way this year gradually rise. Lu Jin Real Estate Group Co., Ltd. Executive director Wang Hao said, "for the allocation of this piece, developers often set in the budget to lose money, would rather buy a piece of land to build a security room." "This logic has also become the consensus of many developers, the first group of senior executives have also been to the" Financial state weekly "reporter show This meaning. "Placing speed is slow and later difficult to manage." Niemesen that this is the opportunity for the public rental fund. "The construction of this piece, the developers do not want to do, we can do the fund." "In Niemesen's view, the public rental land can be bought and rented, but the ideal way is to be able to get the lands directly from the government at a price lower than the market level 30%~50%." "We are more inclined to buy land and get property rights."　　"In a few months time, the bank of the construction of the UBS team visited the Beijing-Shanghai-Shenzhen-Hangzhou five major cities, as a city sample to calculate the land price, and finally arrived at the foundation for the fund's floor price of 3800 yuan/square meters."　　As the fund's preparatory group ran across the country, the policy emerged. September 27, financialMinistry, the State Administration of taxation issued "on the support of public rental housing construction and operation of the tax preferential policies of the Notice" (hereinafter referred to as a notice), clearly stipulates that public rental land is exempt from town and country use tax. "This positive factor, we have not taken into account, even so, our proposal is feasible."　　"Niemesen said.　　After the acquisition of land and the 3-year construction period, the next issue facing is renting.　　The proposal of the bank's Jing Rui shows that the average rent level of the five major cities is 45 yuan/sq m/month, the reasonable rent of public rental is about 30 yuan/sq m/month, and average annual growth of 3% in the operating period. "Our rents are priced by the government and are dynamically adjusted and the general lease period is 3-5 years, allowing for renewal."　　"Li Xiaodong said.　　How to quit is the last test of the public rental fund. At an industry gathering on November 12, Niemesen told Caijing National Weekly that the fund's deadline is tentatively 7 years. of which the investment construction period of 3 years, rental business period of 3 years, the last 1 years can be withdrawn from liquidation. "The period share is not redeemable but transferable." "In the setting of Exit mode, Li Xiaodong says there will be three path choices." "The asset is cash out, the listing exits and the REITs exits. "In accordance with current policy, the withdrawal is the most feasible way." That is, after 7 years of operation of the Fund, the government will repurchase public rental at the agreed price. "But if the government is not willing to repurchase, it should be allowed to transfer to third parties."　　"Li Xiaodong said.　　Return on investment "to stabilize the main" in the high return of funds in the field, the forthcoming public rental fund can provide investors how the rate of return, determines whether the fund can achieve a smooth raise. Li Xiaodong revealed that in the actual investment process of the fund, according to the relevant requirements of different local governments, will take different ways of land acquisition, different investment routes and exit methods. "In the most extreme cases, the fund can also build at least 4.2 million square meters of public rental housing, investors expect the annual return rate of 5%~15%." Niemesen said that the real estate industry profiteering era has passed, "10% to 15% is a more reasonable profit margin."　　"In contrast, the rate of return for public rental funds is attractive and can avoid policy risks." Without obstruction of policy, risk control becomes more and more important.　　In the fund's plan, the bank will take into account the risk of raising risk, vacancy risk and rental charge. At present, the Fund is not difficult to raise. Niemesen revealed that after the program reported to the Federation of Federations, she has been in Shanghai, Chengdu and other to listen to the suggestions of potential investors.　　Jindi, pioneering and other enterprises, also expressed interest in the scheme. The difficulty lies in the latter two. To solve the vacancy risk, the land area is particularly important, the rent collection risk, the lessee's qualification requirements. "It is also possible to take a rent-front charge, a linked payroll account and other means to reduce financial risk." "Chongqing is now the largest public rental construction city, according to the construction of Silver Jing Rui, Chongqing municipal government construction cost of 5653 yuan/square meters, and according to this public rentalFund, the construction cost is 4020.88 yuan/square meters. "This is the opportunity for real estate finance innovation. "Niemesen said.