持有型不动产ABS是多层次REITs市场的重要一环

Core Viewpoint - The construction and improvement of a green financial system and the promotion of energy transition are essential supports for the "dual carbon" actions and the green low-carbon transformation of the economy and society [1] Group 1: Green Financial System Development - China is continuously optimizing its green financial system, with the China Securities Regulatory Commission (CSRC) issuing implementation opinions to enrich the capital market's product system for promoting green low-carbon transformation [1] - Direct financing for green industry enterprises is crucial for advancing energy transition and building a multi-layered, diversified REITs market [1] - Publicly raised infrastructure securities investment funds (public REITs) are particularly favored by clean energy original equity holders due to their advantages in asset revitalization and long-term financing [1] Group 2: Market Dynamics and Innovations - Since the joint announcement by the CSRC and the National Development and Reform Commission in April 2020, only 8 clean energy public REITs have been successfully listed, raising approximately 20 billion yuan, indicating a low proportion compared to the overall market [2] - The market is increasingly focusing on hold-type real estate asset-backed securities (hold-type ABS) as a potential supplement to public REITs, aiming to meet specific financing needs related to energy transition [2] - The launch of the "Yuanjing Energy ABS" in August, the first clean energy hold-type ABS in the country, is seen as an important practice in innovative financing for the high-quality development of clean energy infrastructure [2] Group 3: Advantages of Hold-Type ABS - Hold-type ABS serves as a transitional phase between pre-REITs and public REITs, offering advantages that align better with the actual financing needs of clean energy production real estate [3] - Unlike public REITs, hold-type ABS does not have issuance scale limits, making it more accessible for entities with insufficient asset scale to utilize public REITs [3] - Hold-type ABS has lower operational time requirements for underlying assets, facilitating quicker capital recovery for clean energy investment entities [4] Group 4: Market Potential and Future Outlook - Hold-type ABS provides several favorable settings for original equity holders, such as close-to-asset valuation issuance scale, unrestricted fund usage, and shorter regulatory approval times [5] - With strong policy support and active market response, hold-type ABS is expected to become an important part of a multi-layered, diversified REITs market, continuously providing momentum for high-quality development, including green low-carbon transformation [5]