Securities Regulatory Commission decided to adjust and optimize five measures in equity financing, which will be implemented from now on.
1. the resumption of mergers and acquisitions and supporting financing of listed companies involved in housing. Allow qualified real estate enterprises to implement restructuring and listing, the object of restructuring must be listed companies in the real estate industry. Listed companies in the real estate industry are allowed to issue shares or pay cash to purchase housing-related assets; when issuing shares to purchase assets, they can raise matching funds; the funds raised are used for stock housing-related projects and payment of transaction consideration, replenishment of working capital, repayment of debts, etc., and cannot be used for land acquisition, development of new real estate, etc. Listed companies in industries closely related to real estate, such as construction, shall be implemented with reference to the policies of listed companies in the real estate industry to support the integration of "the same industry, upstream and downstream.
2. the resumption of listed housing enterprises and housing-related listed companies refinancing. Allow listed real estate companies to refinance in a non-public manner, and guide the raised funds to be used for policy-supported real estate businesses, including real estate projects related to "guaranteeing buildings and protecting people's livelihood", affordable housing, shantytown reconstruction or old city reconstruction, demolition and resettlement housing Construction, as well as supplementary working capital and debt repayment that meet the requirements of the refinancing policy of listed companies. Allow other housing-related listed companies to refinance, requiring refinancing to raise funds to invest in the main business.
3. adjusting and improving the policies on overseas market listing of real estate enterprises. In line with the domestic A- share policy, we will resume the refinancing of H-share listed companies with real estate as their main business, and other housing-related H-share listed companies with non-real estate business as their main business.
4. further play the role of REITs in revitalizing the stock assets of real estate companies. In conjunction with the relevant parties to increase efforts to promote the normal issuance of affordable rental housing REITs, and strive to create a "guaranteed rental housing sector" in the REITs market ". Encourage high-quality real estate enterprises to rely on qualified warehousing logistics, industrial parks and other assets to issue infrastructure REITs, or as an expansion of listed infrastructure REITs.
5. actively play the role of private equity investment funds. We will carry out pilot real estate private investment funds, allow qualified private equity fund managers to set up real estate private investment funds, introduce institutional funds, invest in existing residential real estate, commercial real estate and infrastructure, promote real estate enterprises to revitalize operational real estate and explore new development models.
Source: Issued by CSRC on November 28, 2022
