Buying a real estate trust depends on the guaranteed unit It must be profitable for two consecutive years
The China Banking Regulatory Commission raised the threshold for real estate trust projects, requiring trust companies to make profits for two consecutive years.
The “Interim Measures” for the Management of Real Estate Trust Business of Trust and Investment Companies for public comments on October 18 has entered the “countdown” stage before its release.
The reporter learned yesterday, as he was looking for the concrete contractors the villages fl before he went home in China, the “Measures” has completed the one-month solicitation stage, and the expert group composed of the China Banking Regulatory Commission is currently collecting and analyzing the opinions of the solicitation draft.
It is expected to be issued at the end of this year or early next year.
To be sure, the real estate trust that once became the “life-saving straw” for developers will be fully regulated, and the new pattern of real estate trusts will inevitably attract more attention from investors.
It is understood that in the “Interim Measures” of the China Banking Regulatory Commission, there are three main changes closely related to investors.
First, the threshold for trust companies to launch real estate trusts has increased.
Not only must they be approved by the China Banking Regulatory Commission, but they also proposed that
“Collective real estate trust plans have been issued more than 3 times, and the trust plans have ended and realized expected returns, the past two years have been continuously profitable and trust business income accounts for more than 60% of the company’s total income”
And other hard indicators…
The second is to make rigid regulations on the scale of real estate companies, which require the registered capital of real estate business enterprises to be no less than 10 million yuan, and the development of the project must have four certificates.
This is tantamount to shutting out all small and medium-sized real estate companies that could carry out the trust business before.
Third, if the “four certificates” of the real estate project are not complete, the trust company must not only fully disclose the trust risks, but also restrict investors.
Each natural person’s own funds used to participate in a single trust plan shall not be less than 1 million yuan, and each legal person or other organization established in accordance with the law shall not be less than 5 million yuan.
An industry insider revealed that in the publicly solicited opinions, apart from disagreements on some details, most people are very in favor of the comprehensive regulation of real estate trusts.
The industry even compares this approach to China that has just emerged from the gloom.
The “sixth rectification” of the trust industry.
Experts also said that there are reasons for the regulation of real estate trusts.
On the one hand, last year’s Central Bank Document No. 121 broke the capital chain of real estate developers, and developers have aimed at real estate trusts; on the other hand, in the form of false market fire, more than 50 trust companies have re-registered this year.
An investigation by the regulatory authorities found that among the re-registered trust companies, about one-third of the companies had problems, with the excessive proportion of new bad debts and irregular operations.
The real estate trust business of some trust companies even accounts for more than half of the total business volume.
Once there is a risk, it will cause a chain reaction like a “domino”.
Therefore, through the regulation of the entire industry, the “black sheep” in the trust and real estate industries will undoubtedly be eliminated.
Government-entrusted projects have the highest credit
Since October last year, there have been 30 or 40 real estate trusts invested in the Beijing market, and there has been a hot subscription situation in each phase.
A trust manager once described to reporters that he was surprised by the subscription once, and the line was tens of meters right after the door opened.
The first and two investors all offered subscription quotas of more than one million yuan.
It is the high rate of return that once made investors eager for real estate trusts.
Compared with deposits and treasury bonds with a 3-year yield of 2%, the expected annual yield of real estate trusts is generally above 4%, and some even as high as 8%.
It is no wonder that national real estate trusts can raise about 15 billion in a short period of time.
However, Zho Xun, deputy director of the Institute of Finance and Securities at the Renmin University of China, also reminded investors that high returns are bound to contain high risks.
According to the “Trust Law”, trust products are not equivalent to the debt-debt relationship like deposits.
The rate of return of trust products is expected to return, not the final return.
This means that the expected rate of return mentioned by developers and trust companies in their leaflets is by no means “fixed”.
It is likely to change due to a variety of risk factors, or even lose money, and the law does not protect trust products.
The expected rate of return.
Therefore, investors should use some methods to examine the investor risk of real estate trusts.
One is to examine the prospects of real estate projects.
Real estate projects are generally funded during the construction stage.
The location and future price of the project can be used to analyze whether the real estate project can be sold in the future and the sales market.
The second is to look at the solvency of the developer of the project and the qualifications of the trust company.
For the developer, it depends on the cost of developing the project and whether the developer is dragged down by other projects.
The trust company depends on it.
The overall strength of the company and the profitability of previous projects.
The third is the easiest point to distinguish, look at the guaranteed unit behind the investment product.
Projects like CBD and Financial Street are generally government-entrusted projects with the highest credit, but low returns.
Some projects that are guaranteed by trust companies for financial management and state-owned enterprises have a middle level of credit; projects are completely operated and guaranteed by the developer.
The most need for careful investment.
