中国房地产投资信托基金在新加坡上市之路.pdf

Colliers Insights 中国 高力国 际估价及咨询服务 部 China Valuation & Advisory Services October 2016 中国房地 产投资信托基金 在新加坡上市之路 The Path of Chinese REITs in the Singaporean Market 2 The Path of Chinese REITs in the Singaporean Market | 在新加坡上市之路 | Valuation & Advisory Services | Colliers International By Flora He 贺志蓉 Senior Director | Valuation & Advisory | China 高级董事 | 估价及咨询服务 | 中国 flora.hecolliers 随着市场规模的不断扩大，中国房地产企业在过去若干年间经历了快速增长 ，企业投资额，项目开发数量以及操作复杂性等都呈现明显攀升的趋势 。这种快速增长 也带来了高额的房企资金缺口，然而 ，当前较为有限的融资渠道并不能完全满足 企业持续发展 所需要的融资水平和规模。商业银行贷款是支撑房地产行业持续发展的命脉，国家对于商业贷款的调控政策往往对房地产行业产生直接的影响。 为了应对融资渠道不足的问题 ，内地房企已经开始了在海外市场发行投资性产品进行筹资的探索之路 ，这其中就包括在新加坡市场发行房地产投资信 托基金。最近两支 由内地房企发起的 在新交所成功上市的 REITs 产品包括 2015 年 12 月 11 日上市的北京华联集团旗下的房地产商业信托以及 2016 年 7 月28 日上市的富春控股集 团旗下 的电商物流品牌 “运通网城“。在本 节中，我们将继续讨论房地产投资信托基金在新加坡上市的路径以及要求，以便更好地了解这一重要趋势背后的运作机制和流程 。 Chinese domestic real estate companies have over the past several years experienced a period of solid and fast-paced growth that has seen a vast expansion in property portfolios, investment volume and operational complexity. This growth has now brought the largest of the Chinese real estate companies to a point at which current financing channels are not sufficiently diversified for the level and magnitude of financing required to maintain current operations and growth levels. Commercial loans, which have been the lifeblood and principal financing channel for the industry, are vulnerable to national policy changes that can have a strong and direct impact on the industry. In response to this lack of diversity in funding sources, Chinese companies have increasingly looked abroad for additional financing options, including, most recently, listing REITs on the Singapore Exchange. Recent key examples of this include both Beijing Hualian Group, which listed their REIT on December 11, 2015, and Forchn Holding Groups EC World REIT, which was listed on July 28, 2016. In this issue, we will discuss the processes and requirements of listing REITs in Singapore to give a better understanding of the mechanics and practicalities of this important trend. 下期话题 Coming Up 新加坡 REITs 市 场深入研 究 Deep-dive study of the Singaporean REIT market 国内基金及 类 REITs 产品研 究 Study of Chinese domestic funds and REITs 主流市场 REITs 发展情况对 比 Comparison of REITs in major markets 您也可以将感 兴趣的话题反馈至我们的邮箱 ： flora.hecolliers Please feel free to email us at flora.hecolliers to suggest any topics that may be of interest to you. 3 The Path of Chinese REITs in the Singaporean Market | 在新加坡上市之路 | Valuation & Advisory Services | Colliers International 路径及 要 求 Process and Requirements 新加坡证券市场 是 中国物业 在 境外 进行 REITs 上市中 获得 关注度 较高的一个市场 。经过若干年的发展，新加坡形成了 相对比较成熟且国际化程度较高 的REITs 市场 ， 并且 在 REITs 产品 上市的条件要求和 优惠政策方面也形成了较为成熟的体系， 帮助发行人规避潜在风险并促进 REITs 交易市 场健康有序发展 。 新加坡政府也在 资产、开发限制、负债等方面对REITs 的上市提出要求， 详细信息如图 2.2 所示。 The Singapore Exchange is a world-class, globalised institution that is well-equipped for meeting the recent surge in large-scale overseas REIT listings. In response to the increasing interest in REITs, the Singapore Exchange has moved to put in place a relatively advanced system of policies to govern REIT listings that includes listing requirements that will weed out potentially unsound or risky listings, as well as incentive structures that will catalyse listings of healthy REITs. The Singaporean government has issued requirements in terms of assets, development restrictions, and debt, as shown in Figure 2.2. 图 2.1: 新加坡房地 产信托基金上市路径及要求 Figure 2.1： The process and requirements of listing real estate investment trusts in Singapore 来源：新加坡交易所 Source: Singapore Exchange 4 The Path of Chinese REITs in the Singaporean Market | 在新加坡上市之路 | Valuation & Advisory Services | Colliers International 图 2.2: 新加坡房地 产信托基金上市路径及要求 Figure 2.2： The process and requirements of listing real estate investment trusts in Singapore 来源：新加坡交易所 Source: Singapore Exchange 5 The Path of Chinese REITs in the Singaporean Market | 在新加坡上市之路 | Valuation & Advisory Services | Colliers International 专业咨询及服务 Professional Consultants and Services 如上所述，房地 产投资信托基金的发行过程耗时较长，程序相对复杂，且涉及到各类要求、法规以及奖励 机制 ，需要借助具备专业知识人员的协助才能完成。 在一个房地 产投资信托基金的发行过程中，主要涉及到的专业机构包括投资银行、律师事务所、会计师事务所以及估价和咨询顾问 机构 。其中，投资银行主要担任承销商和保荐人的角色，协调各中介和顾问机构保证整个上市流程的顺利进行。律师事务所负责提供法律意见，而会计师事务所负责编制审计报告。估价及咨询顾问 机构 的服务涉及到 REITs筹 备及发行的全过程，包括筹备阶段的预评估服务、撰写行业咨询报告、参与尽职调查以及招股书的准备工 作 。 此外， 针对 REITs 资产包中的物业，估价及咨询顾问 机构 还可以提供物业的业绩评估报告、估值报告以及与会计师事务所合作编制年度审计报告 。 Given the various requirements, regulations, incentive structures, and processes discussed above, the listing of a REIT in Singapore is a time-consuming and complex undertaking. In order to successfully navigate the system, it is necessary to employ knowledgeable professionals in several fields in order to achieve a successful listing. Investment bankers are needed as underwriters and sponsors, to organize the intermediaries and advisors, and to keep the listing process moving forward smoothly. Lawyers provide essential expert legal advice. Accounting firms compile the necessary auditing reports. Valuation and advisory service professionals contribute over the entire REIT listing process, from pre-assessment services in the preliminary stage to writing industry evaluation reports, performing due diligence, and contributing to prospectus and listing documents. In addition, valuation and advisory professionals provide services including the valuation of the property assets in a REIT and performance evaluation reports on those investments, as well as the preparation of the required annual auditing reports, in cooperation with accounting firms. 图 3: REITs 发行过程中估价及咨询顾问 机构 的角色 及服务 Figure 3： The role and service of valuation and consultancy in the REIT listing process 来源：高力国际 Source: Colliers International 6 The Path of Chinese REITs in the Singaporean Market | 在新加坡上市之路 | Valuation & Advisory Services | Colliers International 关于高力国际估价及咨询服务部 About Colliers International Valuation and Advisory Services 高力国际估价及咨询服务致力于从专业视角洞察影响物业价值的各种当前和未 来因素，包括对标的物业的仔细审查，对竞争者的深入研究以及对相关市场全方位的剖析。我们相信，一份清晰、及时且能够展现整体市场蓝图的优质估值报告，对于投资者及持有者而言具有重要的战略性意义。高力国际“追求最优”的服务理念已将本行业的服务标准及可靠性推向了一个新的高度。我们将继续全力完善自身专业能力及操作系统，为客户提供出色以及高质量的服务，力争进一步提升业内服务水平 。 我们亦为客户提供广泛和多角度的咨询服务，服务范围涵盖从前期的可行性研究到后期的运营商确定及运营和物业管理合同条款建议等房地产开发和运营的全过程。另外，我们的开发策略咨询服务团队专注于为城市综合体项目提供高水平的开发和策略性建议。除了较为传统的物业类型，我们在各类专业性较强的非传统物业市场也拥有丰富的专业服务经验，如酒店及度假村、机场、体育及其他场馆、码头港口及医疗商业中心等。 Our Valuation and Advisory Services is designed to deliver insight into a propertys fundamentals, its competitors and the overall market dynamics affecting value now and in the future. We believe that valuation can be a strategic asset for investors and owners, provided that reporting is clear, prompt and addresses the big picture. Our best-in-class approach has pushed the valuation industry to a higher standard of service and accountability. We strive to continuously raise the bar through our knowledge and systems to deliver distinctive and quality results. We provide a broad cross-section of consultancy that spans from project-focused feasibility study, to identification of operators and advice on the terms of management and operation agreements. In addition, our Development Solutions is a high-level consultancy that specializes in complex real estate development projects and providing strategic services. Aside from the typical property sectors, we have experience in specialized developments such as hotels and resorts, airports, sports and events venues, waterfronts and ports, retail and healthcare. colliers 免 责申明：本文件由高力国际准备，仅作广告和参考之用。高力国际未对其中的信息，包括但不限于其内容、准确性和可靠性作出任何明示或默示的保证、陈述或承诺。任何有意者应自行求证信息的准确性。高力国际明确排除适用所有由本文件得出的推测或默示的条款、条件和保证，对由此引发的损失和损害亦不承担任何责任。此出版物的版权由高力国际和 /或其 许可方所有。 2016 Copyright 2016 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. 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