Paving real estate investment China Life 5.8 billion Hong Kong dollar shares in ocean land

Although the regulatory rules have not yet been introduced, but the pace of insurance companies to invest in real estate has never ceased, and from form to content are quietly changing. Sino-Ocean Real Estate Holdings Limited (3377. HK) December 27 announced that China Life Insurance Company (601628.　　SH,2628.HK) proposes to subscribe to 934 million shares of the company at HK $6.23 per share, and after the placing and subscription is completed, it will be the second largest shareholder in the country, which holds about 16.57% of the expanded share capital of ocean-going property. From the purchase of real estate for the name of personal property investment, through the group's trust to invest in real estate, and then directly to the big purchase of listed real estate company shares, and set up a special real estate investment management company ...　　The foundation of Chinese insurance companies ' investment in real estate is getting closer to the practical operation stage.　　Why Ocean Land? Ocean Property said that the subscription price of HK $6.23 per share of Sino-Pacific shares to ocean-going property was about 8.38% per share, or about HK $5.82 billion, over the closing price of the subscription agreement date (December 24). After the subscription is completed and within 2010, the company may nominate a non-executive director to the Sino-Ocean Property Board.　　At the same time, the company pledged not to sell or contract to sell its shares within one year, but to transfer the shares to its subsidiaries is not restricted.　　Chou with 5.82 billion Hong Kong dollar Airborne, the first largest shareholder in China Ocean Shipping (Group) corporation, the proportion of the shareholding will be from 20.2% to 16.85%, only higher than the national longevity 0.28%, the original second largest shareholder Sinochem group's shareholding ratio from 12.64% to 10.55%, ranked third.　　This is called "2009 Hong Kong Capital Market, one of the largest fund-raising activities," because the transaction amount has not reached the exchange on the need to disclose information to the listed companies, China Life shares did not announce the announcement. Why the Ocean land? Guo Shou shares related responsible person in the interview with this newspaper, said, "Sino-Ocean is the Hong Kong SEHK identified red chips, in line with the Insurance Regulatory Commission recently allowed to invest in Hong Kong's H-Shares and red chips policy, and the company has the background of state-owned enterprises, moderate scale, profitability, high risk-resistant ability, with investment value. "Sino-Ocean property was established in 1993, formerly COSCO Real Estate Development Co., Ltd., 2007 Ocean Real Estate Holdings Limited incorporated in Hong Kong, and wholly-owned by Ocean Property Limited (formerly COSCO Real Estate Development Co., Ltd.) and Overseas Ocean Property (Hong Kong) Limited,　　There are 47 important projects/subsidiaries and 3 project departments. Sino-Ocean is one of the largest real estate development companies in Beijing and the Bohai Bay Area, and currently has more than 20 projects in different stages of development in Beijing. At present, the company in Beijing, Tianjin, Shenyang, Dalian, Hangzhou, Zhongshan and other areas have a total of more than 30 projects in different stages of development, holding a total land reserve of more than 12 million square meters, itsThe 75% is located in the Bohai Rim region. Since this year, Sino-Ocean Real estate has won 30 billion yuan of bank credit, but also issued a 2.6 billion yuan corporate debt, and a bank consortium of 700 million U.S. dollars loans, estimated that the company can use more than 50 billion yuan.　　For shares in China Life, Sino-Ocean said that the subscription offers an opportunity to raise additional funds to consolidate its financial position and expand its capital base, and that the proceeds would be intended for the general operating capital of the group.　　On December 4, Sino-Ocean Real Estate has won the new king of Beijing also Zhuang Xin Cheng, a premium rate of 467%, the largest land auction in Beijing this year. Although it is invested in Hong Kong listed companies, but according to China longevity insiders said that the single transaction is not based on local and foreign investment in the company Foranclin Asset management companies, but by the investment Department of the country Life to personally fencing. "Because it's a big deal, it's the national life stake."　　The person said. Perhaps another more logical explanation is that, as a strategic investor in ocean-going property, Guo Shou is not concerned with the ups and downs of its share price in the two-tier market, but more about how a real estate company can operate in today's surging real estate market through the presence of non-executive directors. "It is not so much a Hong Kong red chip that it invests in a real estate company with a wealth of experience and the background of state-owned enterprises."　　"A person in the insurance asset management company said. The shareholding ratio and the first major shareholder so close also make people have infinite association. "It is not impossible for China to continue to increase its stake and become the largest shareholder of ocean-going property," said one person in the insurance asset management company.　　"[Page] three-company differentiation paving the way, whether or not the 0.28% shareholding gap is wiped out in the future, Chou has made an enviable case for real estate investment through this transaction.　　On December 25, the CIRC announced the draft "interim measures for the administration of the use of insurance funds", making clear that insurance funds could be invested in real estate, including infrastructure-type real estate and non-infrastructure real estate. In fact, many insurance companies have been involved in the field of real estate investment before.　　Limited by the policy Red Line, insurance funds are usually used in two ways, "curve" to enter, one is to buy the office in the name of investment, the other is through the group's trust, asset management companies to invest in real estate. The first approach started in 2006, when insurance agencies purchased land or office space directly or indirectly and received rental returns. "Prior to the purchase of office buildings by the insurance companies in the name of their own, under the fixed assets, sufficient solvency can buy office buildings as fixed assets, only to get the company board of directors, without the need to report to the regulatory authorities before the purchase."　　"said the senior management of an insurance company. The second approach comes mainly from the Ping An insurance group, which is frequently involved in the real estate sector through Ping an trust. In August-September this year, Ping An trust and the gold and Greentown Group signed a strategic framework agreement on investment, for two companies responsible for the development of real estate projects, notThe three-year scale is expected to reach 10 billion yuan and 15 billion yuan. At present, regulatory authorities are working on real estate investment to develop implementation details. People familiar with the matter said that the more certain principle is: The real estate equity investment insurance companies need to set up an independent professional investment institutions, and the investment agency in the insurance industry based on the absorption of other funds in the community to achieve the diversification of equity, at the same time, in order to avert suspicion insurance funds involved in speculation　　In the future, even if the investment in real estate, insurance companies can not carry out direct real estate development.　　More than Ping An trust pave the way for real estate investment, people familiar with the matter said, Taikang life has decided to be established by Taikang Life and Taikang Asset management company to set up a special real estate investment management company, in order to be in the real estate investment rules before the maximum ready.　　Taikang Life Chairman Chen has said inside the company, the establishment of real estate Investment management company, through the investment project company to carry out real estate investment, after completion of their own business, the goal is to invest in holding-type endowment property. It is worth noting that the high risk of real estate investment is different from the challenge that the insurance company presents. "Real estate investment has its own set of paths, must be familiar with the market, familiar with the operation process, familiar with competitors, these need someone to do support." "It can be foreseen that Chou's investment in ocean-going property is to take a shortcut to a talent reserve and experience Reserve," even if it does not become a controlling shareholder of Sino-Ocean property, it can take advantage of its years of experience, technology and talents to invest in the real estate of the insurance company. Said a person in the insurance asset management company.