Liu Qiao, Dean of the School of Management of Peking University: REIT will be an important Chinese financial structural reform.(Photo by Wu Shuyong)
China has high housing prices, but there are a large number of housing vacancy. Liu Qiao, Dean of the Guanghua School of Management of Peking University, suggested that the authorities can promote the accurate price of real estate by approving the real estate investment trust fund (REIT).
Liu Qiao pointed out at the New Zhongzhong Real Estate Investment Trust Fund for the New Zhongzhong Real Estate Investment Trust Fund jointly held at the Peking University Guanghua School of Management and the National Business School of Singapore yesterday that REIT will be an important Chinese financial structural reform.
Historical data show that since China abolished the welfare housing system in 1998 and promoted the marketization of housing, China's real estate has opened up a rising model.Although the government has repeatedly regulated, it still cannot effectively control house prices.According to the Bloomberg report in November last year, the urban urban air housing rate can be as high as 20%, and there are about 50 million sets of vacant real estate, but the strangeness is that house prices are still high.
Liu Qiao yesterday met the Chinese house price to the off -horse horses, and described REIT to put on the reins for the off -the -end wild horse, allowing investors to know which areas in the real estate and investment space of the region through the rent and return of investment.It's not suitable for investment.
China's financial market does not realize the price discovery function
He explained that the biggest problem in China's financial market is that the Price Discovery function is not realized, and the prices of the prices of stocks, bonds, even interest rates, real estate and infrastructure are not much information content.This makes the market unable to configure the market resources through these information, and accurately pricing.He believes that REIT can reflect the investment information of real estate in a region in the secondary market, which is an anchor that can accurately fix the real estate.
In addition, Liu Qiao pointed out that REIT can provide Chinese investors with additional investment tools and release huge investment potential.In 2018, the total financial assets of personal and investment in China reached 16.6 trillion yuan (RMB, the same below, about S $ 31.6 trillion), but the number of financial instruments and financial products is very limited, and the stock market is only 53 trillion yuanEssenceReit will provide new investment channels, and at the same time improve investment efficiency through price signals, and allocate resources in different cities.
He Liangyu, the general manager of the China Investment Fund Management Company, who attended the forum in the same venue, explained that due to China's problems and restrictions on taxation and cross -border asset transfer, financial regulatory agencies in China chose to use the first institution to individual's way of individuals and personal methods.Come to gradually try REIT products, let institutional investors try to explore first, explore the risk of the middle mechanism, and then promote it to ordinary people.
He said that there is currently no real REIT in China, and some are only REIT (Quasi-Reit) products.The difference between the two is that the former has poor liquidity, and the trading venue is limited to institutions, while the latter is open to individuals and institutional investors.
Local financial operators pointed out that Singapore has become a global REIT center, including REIT containing Chinese assets, and new and China can learn from each other in this regard.
Guo Xuemei, director of the Capital Marketing Department of DBS, introduced that Singapore has become the REIT market in Asia due to its transparent tax structure, a stable market, and a close -nt -business environment.In the REIT of local trading, five products include assets located in mainland China.
Chen Hehuan, the director of equity capital marketing of the Singapore Exchange, emphasized that the experience of Singapore's development of REIT is worthy of China's reference, but China still has to make decisions that are most suitable for their national conditions according to their market conditions.
As for the Chinese regulatory agency approves REIT products to trade in the domestic market, will it affect the REIT market in Singapore?The answer given by Liu Qiao is negative.On the contrary, he believes that China's huge market will bring more business opportunities to Singapore's REIT agencies, and both parties can benefit and benefit.
