Real Estate Fund "Sketch": Raising Scale Continues To Decline, Where To Go In 2020?

Recently, the 2019 real estate fund Research Report (hereinafter referred to as the "report") was officially released. It is understood that the report was jointly written by Shanghai Noel Cci Capital Ltd and China Real Estate Association Finance Association. The investment and financing situation of China's real estate market in 2019, the real estate fund raising situation, and the characteristics of the real estate fund industry were analyzed.

2019 real estate fund status scanning

China real estate fund started in 2010 and has gone through ten years of development. According to Noel Cheng's investment statistics, as of the end of December 2019, there were 2752 fund entities in China's RMB real estate fund market, which were managed by 755 managers. The management funds were close to 1 trillion and 700 billion yuan and maintained a certain scale growth.

According to the statistics of the Fund Association, a total of 283 real estate funds have been registered in 2019, and the total scale of the commitment is about 200 billion yuan. In 2017, the real estate fund declined for the first time in the scale of raising funds and the number of funds in 2018. This trend has been greatly reduced in 2019, and the number and scale of new funds have declined considerably.

The decline is due to the further pressure on the real estate and financial sectors in the policy and market sectors in 2019, especially for the trust, domestic and foreign debt issuance, and the adjustment of the industry itself.

In addition to the increase in the number and scale of the real estate fund's continuation of the previous year's downward trend, the report pointed out that in 2019, the real estate fund industry also showed the following characteristics.

Similar to private equity investment, the funds and funds of the real estate industry also show a trend of concentrating on the head institutions, and the standardization of the operation of the industry regulators and managers is further enhanced.

Within the real estate fund industry, the housing financing fund is shrinking, and the real estate fund for the assets and interests trading of the holding real estate is further attached to the attention of institutional investors. At the same time, the quality fund managers pay more attention to the building of information management capability, and enhance their asset operation and management capabilities through self building teams or professional management agencies.

Policy level, the real estate financing environment continues to tighten, restrictions on trust financing, total control and "go to the" regulations have played a certain role in inhibiting the development of real estate funds; from the perspective of market activity, foreign real estate funds in commercial real estate transactions in large areas of frequent movements, mainly concentrated in the first tier cities core areas of mature properties, domestic real estate funds. In the adjustment period, the overall activity is relatively low.

Finally, in the aspect of real estate asset securitization, although the substantive obstacles of the public offering REITs have not been completely solved, the innovation of category REITs products is continuous, which lays a good foundation for the subsequent docking of public offering REITs.

Holding property investment still maintains a certain degree of heat.

For the development trend of the real estate fund in 2020, Wang Lei, director general of investment management, said in an interview with the twenty-first Century economic report that at the policy level, in the past two years, our country is gradually establishing a long-term management mechanism for the real estate industry, so that the real estate can play a supporting role in the whole economic growth from the supporting role of the pulling role to the economic stabilizer.

"We see a more intuitive phenomenon: when the market is too cold, the volume is extremely shrinking and the price is obviously down, the regulation and control policy will moderately relax. On the contrary, policy will tighten. " Wang Lei said.

Under such a big background, it is expected that the regulation and control policy in 2020 will be moderately relaxed. Since 2019 is a relatively tight year for regulation and control, coupled with the impact of the new crown pneumonia epidemic at the present stage, the policy has been moderately relaxed. Restriction, restriction, sale, price fixing and business limit can be adjusted by different measures. At the same time, Wang Lei believes that the whole country will not be a one size fits all way of regulation, because the implementation strategy will be a trend.

Affected by the epidemic, investment activities of real estate funds in the first quarter were in a relatively stagnant state. Wang Lei believes that from the current trend, the overall scale of the real estate fund raising rate in 2020 will continue to decline.

For the popular investment targets in the market in 2020, Wang Lei believes that with the gradual development of the real estate fund market, investment hotspots will not be frequently switched. In recent years, we have gradually formed the cognition of holding office property, retail business, and industry related logistics real estate and Industrial Park, and the investment fever will continue in this area.

Office buildings and retail businesses in the core cities and core areas are still high quality assets that we are concerned about. Only during the epidemic period, some conservative investors may think that the impact of the epidemic on such assets is greater. They will hesitate or take a wait-and-see attitude when investing. It also means that such assets may be easier to talk about good prices, which is a good opportunity for investors with long-term vision.

In addition, the epidemic will make investors more concerned about holding real estate that can be combined with the upgrading of urban service capabilities, matching industrial development and meeting the diverse needs of urban residents.

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