公募REITs对保险另类投资产品创新的启示

REITs是美国等国家房地产证券化的一种通用模式,在我国已有15年的发展历史,受制于税收、交易制度等政策限制,一直是边缘化、类REITs的产品。日前证监会、发改委联合发布了推进基础设施领域不动产投资信托基金试点的通知,掀起了金融资本对发展REITs产品的新一轮热潮。保险资产支持计划、保险股权计划与我国类REITs产品有一定的相似性,但由于客观存在的问题均陷入了发展瓶颈。新的REITs试点通知推出了一系列的政策,同时市场也出现了一些政策预期。借鉴已推出的政策及政策预期,本文提出了发展保险另类投资产品的政策及操作建议,以期保险另类投资产品的发展迈上一个新的高度。

As a common mode of real estate securitization in the United States and other countries,RE⁃ITs has a development history of 15 years in China.Nevertheless subject to the tax,transaction and other poli⁃cy restrictions,it has been a marginal,REITs-like financial products.Recently,China Securities Regulatory Commission,National Development&Reform Commission jointly issued a notice to promote the pilot project of real estate investment trust fund in the field of infrastructure,which set off a new upsurge of developing RE⁃ITs products in the field of financial capital.Insurance asset support plan and insurance equity plan are simi⁃lar to the REITs widely existing in China,but they all fall into the bottleneck of development due to the objec⁃tive problems.The new infrastructure REITs announced a series of policies,while the market also put forward some policy expectations.Based on these policies and policy expectations,this paper puts forward policies and operation suggestions for developing alternative investment products for insurance funds,in the hope that the development of alternative investment products for insurance funds can reach a new height.