创新发展并表权益类REITs,完善基础设施金融产品链闭环

Innovation at Consolidated Equity REITs and Improving Infrastructure Financing

自2021年4月中国REITs问世以来,基础设施金融产品链条已臻于完善,大致实现了业务生态闭环,但依然不够圆满,原因在于现有的产品体系满足不了部分特定市场需求。以债权类融资工具为主的私募金融和公募REITs均不能为成熟运营三年以内的基础资产提供权益融资,二者之间无法真正有效衔接,以满足国企降负债稳增长的需求,基础设施金融产品链出现缺口。并表权益类REITs借鉴私募产品和公募产品的设计原理,通过产品创新满足央企权益融资需求,可以补足缺口。

The launch of Chinese REITs in April 2021 has contributed to a marked improvement in infrastructure-related financial products. Nonetheless, the existing product system does not meet all market needs. Private finance and public REITs cannot provide equity financing services for underlying assets that have less than a three-year history. They also cannot be effectively integrated to meet the needs of state-owned enterprises seeking to reduce debt while maintaining steady growth. Consolidated equity REITs draw on the design principles of private equity products and public offering REITs, and meet the equity financing needs of central government enterprises through product innovation.