A few days ago, Premier Wen Jiabao chaired a State Council executive meeting to study the deployment of the current financial policies to promote economic development measures. It was noted that to cope with the international financial crisis and maintain stable and rapid economic development, we must conscientiously implement the proactive fiscal policy and moderate monetary policy, further financial support to economic development efforts. To improve the adoption of policies and measures to support innovation and institutional mechanisms to mobilize commercial banks to increase credit enthusiasm, better financial support to promote economic growth and structural adjustment. And to determine the financial development of policies and measures to nine. One fifth clear: innovative financing, mergers and acquisitions through loans, real estate investment trust funds, equity funds and regulate the development of various forms of private financing, expand the financing channels for enterprises. From the top management of the policy signal to the market and has been with the policies around the real estate trust to open a channel full of sunshine.
In 2003, the central bank released" to further strengthen the management of real estate credit business, "which the paper industry has been known as the 121 text. Requested documents, only in the main structure of the cap, people can purchase loans; real estate companies, construction companies get working capital loans can not be used for launching, the money to buy land can not rely on bank loans. Own real estate funds to the ratio of 30%. This policy has left many real estate developers for the first time felt the chill of the regulation and control policy. But then, the birth of a real estate trust, and trust will soon become the main profit points. In 2005, the China Banking Regulatory Commission issued the "No. 212 text", the "capital ratio of 35%," "four complete evidence" requirement, the property trust was to raise the threshold of a real estate trust products issued subsequent rapid decline in . Before long, however, promised to buy back an additional investment such as indirect payment of real estate loans have emerged, the real estate trust once again fire up. In 2006, China Banking Regulatory Commission issued a further "54 text", with the exception of No. 212 reiterated the text, the provisions of the special requirements of the China Banking Regulatory Commission to operate a trust company in real estate credit business, or investment in order to buy back an additional commitment, and other indirect way of payment of real estate loans, We must strictly enforce the "212 text," with the relevant provisions. Additional investment in indirect ways, such as buy-back commitment to grant loans to real estate blocked, the real estate trust again come down quickly, statistics show that "54 of the text" issued after the issuance of real estate projects only a trust, a number of trust companies have made it clear that Not to proceed with a new real estate projects. Before long, however, the use of "single trust" to carry out real estate trust business to be made, again bypassing the real estate trust policy to limit the fire. In 2007, with the hot stock market, real estate trust rather cold, but the collection of funds in the trust plan in place, either the number or size, has been second only to the class of securities of the Trust, in second place; 2008 , From the tight credit policy, coupled with the stock market bears go, once again rising real estate trust, and trust companies to become the main profit points.
From 2003 to date the birth of the real estate trust, real estate trust to take the rough all the way over, at least, this shows real estate trust is a market-based. And because of its rough, real estate trust market-based policies from the real estate industry regulation. On the one hand, to control the real estate market brought about by the Trust; On the other hand, also control the real estate trust policy had been the victim of harm. It is because of this dual character, around the real estate trust, and trust between the regulators there have been "added" and "funnel" of the controversy. "Funnel" of the view that the real estate trust taking advantage of loopholes that weaken the state's efforts to control real estate; "adding that" the view that the real estate trust in the entire real estate industry's share of the financing needs of small, Not enough to weaken the state's real estate industry regulation, on the contrary, as the macro-policy added that the real estate trust to avoid the macro-policy "across the board" pay the price.
Stand in a different location, it should be said that," added "and" funnel "is justified. The difference lies in the market and policy differences. Today, nine countries in the real estate investment trust fund to make sure that trust was no doubt a strong policy support for the development of the real estate trust to open a huge space.
In fact, no matter how rough the real estate trust, trust in the real estate trust fund is always in the role of regulators and has been recognized by the common trust. It is for this reason, Jian Guanceng trust and real estate trust has been engaged in the research. Jian Guanceng from, in 2005, the CBRC has been brewing in the real estate trust regulatory policies introduced in the hope of its standardization and standardization. Only because of the real estate industry's macro-control policy has been in the continuation of policies issued did not; from the operator, Lianhua to the trust on behalf of the Trust for the Study of the REITS has been that many companies have a lot in this regard Practice. Similarly, out of the real estate industry regulation and control, these studies have been difficult in practice to support the policy, the external environment has been improved can not be resolved, therefore, been shelved.
Time for the world. Changes in economic conditions make national policy on the regulation of real estate has changed, and finally make this change to the policy stands on the side of the real estate trust. The result of this change will also be a two-way street: On the one hand, the policy will support the real estate trust from the edge of the migration policy in the embarrassment of improving the external environment, for example REITS trading places and other issues likely to draw policy And support to be resolved; On the other hand, a trust company as a real estate trust's main location is also likely to be challenged, the Trust's real estate market may also change. As a result, on the one hand, a trust company should take this policy to increase east of the trust fund real estate research, in particular the strengthening of its external environment, sound research, support for the policy so that the real estate trust into the trust Changxianchanpin; on the other hand To deal with the entire chain of real estate financing and related industries and the breakdown of the financing needs of the research to identify more in line with the characteristics of the links of trust, innovative products, to avoid competition and to achieve win-win situation.
In the real estate trust, loan mergers and acquisitions, equity funds are most concerned about in recent years, trust in the field of business, these areas should also focus on trust and in practice for decision-making policy recommendations to provide a key point.