国有企业REITs发行与国有产权管理相关问题探讨

Discussion on Issues Related to the Issuance of REITs by State-owned Enterprises and the Management of State-owned Property Rights

《中华人民共和国国民经济和社会发展第十四个五年规划和2035年远景目标纲要》中提出:“推动基础设施领域不动产投资信托基金(REITs)健康发展,有效盘活存量资产,形成存量资产和新增投资的良性循环。”REITs的出台,不仅可以吸引社会资本参与基础建设,同时能够将现有基础设施投资中的国有资本置换,提高国有资本的利用效率。2020年8月,《公开募集基础设施证券投资基金指引(试行)》正式颁布,明确了在中国发行REITs要求与方式。根据指引,REITs产品的发行架构必然会涉及到资产转让,考虑到目前基础设施大多是由国有资本主导建设运营,即现有REITs发行普遍会涉及到国有资产转让。目前与国有资产转让相关的主要法律法规对国有资产转让流程有着较为严苛的规定,对REITs发行中涉及的国有资产转让未有细化规定,现阶段可能会影响国资REITs的发行效率。本文基于我国积极推行REITs盘活存量资产的客观背景,通过对REITs的发行结构与国有资产的转让方式进行分析,对国有资产发行REITs过程中涉及的产权转让流程提出建议。

According to the Outline of the 14th Five-Year Plan for National Economic and Social Development and Vision 2035 of the People's Republic of China,we will promote the healthy development of real estate investment trusts(REITs)in infrastructure,effectively revitalize stock assets,and form a virtuous circle of stock assets and new investment.The introduction of REITs can not only attract social capital to participate in infrastructure construction,but also replace state-owned capital in existing infrastructure investment,improving the efficiency of state-owned capital utilization.In August 2020,the Guidelines for Public Offering of Infrastructure Securities Investment Funds(Trial)was officially issued,clarifying the requirements and methods for issuing REITs in China.According to the Guidelines,the issuance structure of REITs will inevitably involve asset transfer.Considering that the current infrastructure is mostly constructed and operated by virtue of state-owned capital,the issuance of existing REITs generally involves the transfer of stateowned assets.At present,the main laws and regulations concerning the transfer of state-owned assets have strict regulations on the process of state-owned asset transfer,but there are no detailed regulations on the transfer of state-owned assets involved in the issuance of REITs,which may may affect the efficiency of the issuance of state-owned asset REITs at this stage.In the context of active promotion of REIT development and revitalization of stock assets in China,this paper analyzes the issuance structure of REITs and the transfer methods of state-owned assets,and proposes suggestions for the transfer process of property rights involved in the process of issuing REITs for state-owned assets.