China News Agency, Beijing, February 20 (Reporter Chen Kangliang) The China Securities Regulatory Commission announced on the 20th that recently, the China Securities Regulatory Commission has launched a pilot project for real estate private equity investment funds.
The person in charge of the relevant department of the China Securities Regulatory Commission stated that this pilot work is an important measure to improve the functions of the capital market, promote the revitalization of the real estate market, and support the private equity industry to play the role of serving the real economy.
According to reports, due to the large differences between the investment scope, investment methods and asset return characteristics of real estate private equity investment funds and traditional equity investment, the China Securities Regulatory Commission has guided the China Securities Investment Fund Industry Association (hereinafter referred to as the Fund Industry Association) in the framework of private equity investment funds. Under this circumstance, a new category of "real estate private equity investment funds" will be established, and differentiated regulatory policies will be adopted.
The pilot work follows the principle of pilot first and steady progress. Private equity investment fund managers who meet certain conditions can raise and establish real estate private equity investment funds in accordance with the pilot requirements to conduct real estate investment pilots.
Private equity investment fund managers participating in the pilot work must have a stable equity structure, sound corporate governance, and paid-in capital that meets the requirements. The main investor and actual controller must not be a real estate development company or its related parties. Professionals, no major violations of laws and regulations have occurred in the past three years.
The investment scope of real estate private equity investment funds includes specific residential housing (including stock commercial housing, affordable housing, and market-oriented rental housing), commercial housing, and infrastructure projects.
Considering the characteristics of large scale and long term of real estate private equity investment funds, investors need to have higher risk identification ability and risk bearing ability. Investors of pilot fund products should pay no less than 10 million yuan in the first round of paid-in capital ( Renminbi, the same below), and mainly institutional investors.
If there are natural person investors, the total capital contribution of the natural person investors shall not exceed 20% of the paid-in amount of the fund, and there will also be certain restrictions on the fund investment methods.
The scale of the first round of paid-in funds raised by real estate private equity investment funds shall not be less than 30 million yuan, and the fundraising may be expanded under the premise of meeting certain requirements.
Foreign investors are encouraged to invest in real estate private equity investment funds in the form of QFLP (Qualified Foreign Limited Partner).
At the same time, in order to promote the steady progress of the pilot project of real estate private equity investment funds, this pilot project has put forward regulations on fund custody, essential clauses of fund contracts, related party transactions, fund leverage, prohibited activities, special risk disclosure, fund filing, information disclosure and reporting. Require.
The above-mentioned person in charge said that the China Securities Regulatory Commission will guide the Fund Industry Association to issue specific work guidelines and refine work requirements.
Private equity investment fund managers that meet the requirements of the pilot program may submit relevant materials to the AMAC before carrying out business activities such as fund raising and management, carry out the pilot program of real estate private equity investment funds, and conduct product filing in accordance with regulations.
At the same time, private equity investment fund managers who do not participate in the pilot program can continue to carry out equity investment businesses such as affordable housing, commercial real estate, and infrastructure in accordance with the relevant self-regulatory rules of the association.
The person in charge said that in the next step, the China Securities Regulatory Commission will summarize and evaluate in a timely manner based on the practice of the pilot work, improve pilot policies and rules, support private equity funds to continuously enrich product types, and play a functional role in serving the real economy.
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