Industry perspective | Key cities more than 10 billion city funds over 200 billion, central enterprises and state-owned enterprises actively into the bureau

2022-07-19 0 By

At the end of 2021, another 10 billion yuan urban renewal fund was established in Shanghai.According to relevant information, the fund is the Shanghai urban renewal guide fund, with a scale of 10 billion yuan. It mainly invests in urban renewal projects such as old city reconstruction, preservation of historical features and rental housing in the urban area of Shanghai.In 2021 alone, the scale of urban renewal fund established in Shanghai has exceeded 90 billion yuan.According to CRIC monitoring, Shanghai, Wuxi, Tianjin and other cities will set up urban renewal funds of over 10 billion yuan in 2021.After Shanghai set up an 80 billion yuan urban renewal fund to invest in the renovation of old areas and urban renewal projects, Wuxi and Tianjin respectively set up a 10 billion yuan urban renewal fund in July and August for the renovation of old areas and urban renewal planning and operation projects.According to incomplete statistics, CRIC key monitoring cities 10 billion city fund scale has exceeded 200 billion yuan.In addition to Shanghai, Wuxi, Tianjin and other cities where urban renewal funds have been established, shijiazhuang, Chongqing, Beijing and other cities have not established urban renewal funds, but they have made plans for urban renewal funds. Chongqing has clearly stated that it plans to establish urban renewal think tank alliance and urban renewal Fund in March this year.According to the 10 billion yuan urban renewal fund established in many places last year, there are two main features:First of all, most of the 10 billion Urban Renewal funds are guided by the government. The leading enterprises of urban renewal funds are generally local state-owned enterprises, such as Shanghai Real Estate Group, Wuxi Urban Construction Development Group and Tianjin Urban Investment Group, which are all 100% controlled by sasAC.Secondly, the matching mode of participating enterprises is generally “housing enterprises + insurance capital”. In this mode, local state-owned enterprises control the direction of urban renewal, housing enterprises provide professional development experience, and insurance capital provides a stable source of funds for the fund. The joint efforts of the three parties provide guarantee for long-term operation of the fund.From the perspective of fund structure, according to the statistics of existing data, most urban renewal funds adopt the parent-subsidiary fund structure.Take the 80 billion Shanghai Urban Renewal Fund as an example. The fund is divided into three parts, including the urban renewal mother fund, the primary development sub-fund and the sub-fund for self-sustaining commercial operation. The participating enterprises enter different funds according to their respective responsibilities, and the funds for the mother fund and the self-sustaining commercial part are mainly provided by developers.This structure is more conducive to giving full play to the guiding role of the government, giving full play to the expertise of different enterprises, and coordinating the funding rhythm of multiple enterprises at the same time, reducing the time cost of investment by enterprises to a certain extent.The recent centralized establishment of urban renewal fund, on the one hand, benefits from the gradual improvement of the urbanization rate, making the scale of the urban renewal market become very considerable;But on the other hand also restricted to urban renewal business cycle is long, slow capital flow characteristics, even profitable, track enterprise funds are also under high pressure, the scale of enterprise, also dare not easily to try more, superposition of multiple factors, the financing problems to be solved of urban renewal projects, urban renewal funds to be pushed into the public eye.The emergence of urban renewal fund alleviates the financing problems of urban renewal projects to a certain extent, but the long-term operation of urban renewal fund and the potential problems encountered in the operation process need the attention of the government and participating enterprises.First of all, we should improve the fund operation mechanism as soon as possible to fully respond to emergencies;Secondly, the government and enterprises should clarify the fund exit mechanism and guarantee rate of return, and refine the project schedule, which is helpful to adjust the pace of participating enterprises and make joint efforts.Third, from the perspective of policy, the sooner relevant laws and regulations are introduced, the sooner risks can be measured and controlled.Urban renewal funds have been set up one after another, in fact, the impact of housing enterprises vary.For state-owned enterprises and central enterprises that are already active in the old reform track, there is a greater chance of participating in the urban renewal fund.China Communications Group has appeared four times in the list of enterprises participating in the 10 billion yuan urban renewal fund. At present, Shanghai has clearly stated that the urban renewal fund is only open to state-owned enterprises and central enterprises, but other cities have not put forward relevant requirements.The participation of private enterprises in the same track is obviously lower than that of state-owned enterprises and central enterprises.From the above four funds, only R&F Real Estate and State-backed Greentown China are listed as participating enterprises of urban renewal Fund.Affected by the industry downturn and three red lines, the capital of private enterprises is not enough to support the fund operation of a longer period, even if there is sufficient liquidity to choose to take land is more likely.For outside the track or non – scale housing enterprises, the opportunity is more limited.Such housing enterprises have not appeared in the public list of urban renewal Fund, and it is still unclear whether there will be opportunities in the future.Generally speaking, in the future, the participating enterprises of urban renewal Fund will still be mainly central and state-owned enterprises, and experienced private enterprises will also have the opportunity to participate in the urban renewal Fund, while non-scale real estate enterprises will have less chance to enter the track through the urban renewal fund.Article source: g and r premium content recommended linfen school 32 students this semester grade zero!Two blocks in the old city of Guilin issued regulatory publicity Zhu Mei xianju huancheng South Road south of the commercial and residential land price of 4831 yuan/square