The CSRC decided to adjust and optimize five measures in terms of equity financing, which will be implemented from now on.
1、 The merger and reorganization and supporting financing of listed companies involving real estate were resumed. The qualified real estate enterprises are allowed to implement reorganization and listing, and the reorganization object must be a listed company in the real estate industry. Allow listed companies in the real estate industry to issue shares or pay cash to purchase real estate related assets; When issuing shares to purchase assets, supporting funds may be raised; The raised funds are used for stock housing related projects, payment of transaction consideration, supplement of working capital, repayment of debts, etc., and cannot be used for land acquisition, land auction, development of new buildings, etc. Listed companies in industries closely related to real estate, such as construction, shall follow the policies of listed companies in the real estate industry and support the integration of "the same industry, upstream and downstream".
2、 The refinancing of listed real estate enterprises and housing related listed companies was resumed. Allow listed real estate enterprises to refinance in a non-public manner, and guide the raised funds to be used for policy supported real estate business, including real estate projects related to "ensuring the delivery of buildings and the 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 listed companies involved in real estate to refinance, and require the raised funds from refinancing to be invested in the main business.
3、 Adjust and improve the listing policy of real estate enterprises in overseas markets. In line with the domestic A-share policy, resume the refinancing of H-share listed companies focusing on real estate; Resumption of refinancing of other H-share listed companies with real estate related businesses.
4、 Further play the role of REITs in activating the stock assets of real estate enterprises. Work together with relevant parties to strengthen efforts to promote the regular issuance of affordable rental housing REITs, and strive to create a "guaranteed rent housing sector" in the REITs market. Quality real estate enterprises are encouraged to issue infrastructure REITs based on qualified warehousing, logistics, industrial parks and other assets, or raise assets as listed infrastructure REITs.
5、 Actively play the role of private equity investment funds. Carry out the pilot project of real estate private investment funds, allow qualified private equity fund managers to set up real estate private investment funds, introduce institutional funds, invest in stock 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