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V&T 原创|不动产信托投资基金(REITs)专题系列研究(三)——基础设施REITs探讨

作者/来自:微言谈法 高磊、李守倩发布日期:2020-04-03

专业文章

极速快3BUDONGCHANXINTUOTOUZIJIJIN(REITs)ZHUANTIXILIEYANJIU(SAN)

基础设施REITs探讨

极速快3ZUOZHE:GAOLEILVSHI、LISHOUQIANLVSHI

极速快3ZAIBENBUDONGCHANXINTUOTOUZIJIJIN(REITs)ZHUANTIXILIEYANJIUDEZHUANTI(YI)ZHONGWOMENJIUTIDAO,REITsDICENGDEWUYEJIBAOKUOCHUANTONGDESHANGYEDICHAN,YEBAOKUOJICHUSHESHILEIZICHAN,ZAIBENZHUANTI(SAN)WOMENJIANGJIDAJIAJIUDICENGZICHANWEIJICHUSHESHILEIZICHANDEREITsZUOJIANYAOJIESHAO。

2016年12月,国家发改委与证监会联合发布《关于推进传统基础设施领域政府和社会资本合作(PPP)项目资产证券化相关工作的通知》(发改投资[2016]2698号),其中明确提到:“中国证监会将积极研究推出主要投资于资产支持证券的证券投资基金,并会同国家发展改革委及有关部门共同推动不动产投资信托基金(REITs),进一步支持传统基础设施项目建设。”基础设施类REITs模式得到国家政策的鼓励,但截至目前,国内基础设施类REITs仍处于刚刚起步阶段。

一、基础设施REITs发展的政策环境概述

JICHUSHESHIJIANSHEJUYOUCHUSHITOUZIGUIMODA、HUISHOUQIZHANGDENGTEDIAN,SUIZHEGUOJIAJINNIANLAIDUIDIFANGZHENGFUZHAIWUDEGUANKONGYIJIDIFANGZHENGFURONGZIPINGTAIDEZHUANXING,WOGUOJICHUSHESHIRONGZICONGYICAIZHENGTOUZIHERONGZIPINGTAIWEIZHU,ZHUBUDIXIANGDUOYUANHUARONGZIFAZHAN,ZIJINLAIYUANCHENGXIANCHUYOUCAIZHENGZHUBUXIANGSHEHUIZIBENZHUANBIANDEQUSHI。JIAZHISHOUXINGUANYIQINGDECHIXUXINGYINGXIANG,JIUYEGANGWEISUOJIAN,ZAIYIQINGGUOHOUJICHUSHESHIJIANSHESHIBIYAOCHENGWEILADONGJINGJIFUSUDEZHONGYAOCUOSHI。ZAICIZHONGBEIJINGXIA,JICHUSHESHILEIREITsBIANCHENGWEIJICHUSHESHIRONGZIQUDAODEXINTANSUO。

CONGTOUZIRENJIAODULAIKAN,JICHUSHESHIJUYOUDIFENGXIAN、WENSHOUYIDETEDIAN,JICHUSHESHILEIREITsBIANJUYOULEGUANGFANDEDIFENGXIANPIANHAOTOUZIQUNTI,YEMANZUYINXING、BAOXIANDENGZHANGXIANWENDINGZIJINDETOUZISUQIU。

YINCI,JIANGUANJIGOUZAIJINYILIANGNIANLAIDUIYUJICHUSHESHILEIREITsDUOCIBIAOTAIYUYIZHICHI,2019NIAN6YUE27RIZHAOKAIDEZHONGGUOREITsLUNTAN2019NIANNIANHUI,FAGAIWEITOUZISIFUSIZHANGHANZHIFENGFABIAOLE《ZHONGGUOJICHUSHESHIREITsQIANJING》,TIDAOXIANGJIAOQITAFANGSHI,REITsJUYOUQUANYIXING、GONGMU、BIAOZHUNHUADENGTEDIAN,TONGGUOFAXINGJICHUSHESHIREITsPANHUOZICHAN,JIANGSHOUHUIZIJINYONGYUXINDEJICHUSHESHIBUDUANBANXIANGMUJIANSHE,CONGERXINGCHENGLIANGHAODETOUZIXUNHUAN。2019NIAN11YUE12RI,ZHENGJIANHUIFUZHUXIYANQINGMINZAICHUXI“2019ZHONGXIN(ZHONGQING)ZHANLVEXINGHULIANHUTONGSHIFANXIANGMUJINRONGFENGHUI”SHIBIAOSHI,ZHENGJIANHUIZHENGHUITONGXIANGGUANBUWEI,YANJIUTUIJINZAIGUOJIAZHENGCEZHONGDIANZHICHIQUYUDEGONGMUREITsSHIDIANGONGZUO,ZHICHIZHONGXINCHANYEYUANQUDENGXINJIAPOZAIHUATOUZIJICHUSHESHIXIANGMUTONGGUOGONGMUREITsRONGZI。ZAI2019NIAN12YUE17RIZHAOKAIDE“2019(DISHIYIJIE)ZHUOYUEJINGZHENGLIJINRONGFENGHUI”SHANG,ZHENGJIANHUIZHAIQUANJIANGUANBUFUZHURENLIURONGBIAOSHI,ZHENGJIANHUIXIAYIBUJIANGHUIJIXUHUITONGXIANGGUANBUMEN,JIJITUIDONGJICHUSHESHILINGYUREITsDEFAXINGSHIDIANGONGZUO,PANHUOCUNLIANGZENGZHANG,CHUANGXINRONGZIQUDAO。

JINGUANGUOJIAGULIJIJITANSUOJICHUSHESHIREITs,DANSHIDANGQIANDESHUISHOUZHIDU、XIANGGUANFALVZHIDUDEKONGBAI、JICHUSHESHIDEGUYOUTEZHENGDENGDUOFANGMIANDEYUANYIN,JICHUSHESHIREITsMUQIANZAIGUONEIYIRANCHUYUQIBUJIEDUAN,JIANGJICHUSHESHIZUOWEIDICENGZICHANTUICHUBIAOZHUNHUADEGONGMUREITsSHANGXUDUOFANGNULI。

二、基础设施REITs发行概况

WOMENGENJUWEIXINGONGZHONGHAO“LINGDAIJINRONG”FABUDE《2019NIANYIFAXINGREITsDICENGZICHANYILAN》、REITsYANJIUZHONGXINFABUDE《2018NIANREITsYANJIUBAOGAO》,BINGJIEHEYIFAXINGCHANPINFAXINGRENFABUDEXINXIDENG,SHULILE2018-2019NIANGUONEIYIFAXINGDEREITsCHANPINDEDICENGZICHANQINGKUANG,XIANGQINGRUXIABIAOSUOSHI:

BIAO3-1 2018-2019NIANGUONEIYIFAXINGREITsDICENGZICHANYILANBIAO


从上述表格所展示的信息可以看出,截至2019年底,国内已发行的REITs以商业物业REITs为主,其中底层资产以购物中心、写字楼、租赁住房等居多。而基础设施类REITs只有3单,底层资产均为高速公路:

图3-1 已发行基础设施REITs[1]

2019NIAN6YUE28RI,YINXINGJIANZHAIQUANSHICHANGSHOUXIANSHIXIANTUPO,CHENGGONGFAXINGLEQUANGUOSHOUDANGAOSUGONGLUABNXIANGMU,JI“SHANGHAIGUANGSHUOSHIYEYOUXIANGONGSI2019NIANDIYIQIGUANGZHENGZICHANZHICHIPIAOJU”,DICENGZICHANWEIYANHAIGAOSUQINHUANGDAOZHIJIJINJIEDUANDETONGXINGFEISHOURU。GAIXIANGMUJIANGREITsDECAOZUOSILUYINRUJICHUSHESHILINGYU,TUIDONGJIJIANLINGYUDETOUZIJIANSHE,YEWEIWOGUOJICHUSHESHIREITsKAIQILEXINDEZHIYIN,WEIHOUXUJICHUSHESHIZHENGQUANHUAZHILUDIANDINGLEJICHU。SUIHOU,ZHEJIANGHUHANGYONGGAOSUGONGLUGUFENYOUXIANGONGSI、SICHUANSHENGJIAOTONGTOUZIJITUANYOUXIANZERENGONGSIFENBIEYU2019NIAN9YUE、2019NIAN12YUEFAXINGLE“ZHONGLIANJIJIN-ZHESHANGZIGUAN-HUHANGYONGHUIHANGGAOSUZICHANZHICHIZHUANXIANGJIHUA”HE“HUATAI-SICHUANGAOSULONGNAGAOSUGONGLUZICHANZHICHIZHUANXIANGJIHUA”。QIANSHUSANDANCHANPINFENBIEZAIYINXINGJIANZHAIQUANSHICHANG、SHANGHAIZHENGQUANJIAOYISUO、SHENZHENZHENGQUANJIAOYISUOFAXING,CHANPINGUIMOFENBIEDADAOLE70YIYUAN、2013YIYUAN、19.77YIYUAN。

三、基础设施REITs的特点

极速快3JICHUSHESHIREITsYOUYUDICENGZICHANWEIJICHUSHESHIZHEIYITESHUZICHAN,CHENGXIANLEBUTONGYUSHANGYEWUYEREITsDERUXIATEDIAN:

DIYI,DICENGZICHANSUOYOUQUANGUIGUOJIA。JICHUSHESHIREITsDEDICENGZICHANZHUYAOSHIGELEIJICHUSHESHI,DANGQIANYIFAXINGDECHANPINYIGAOSUGONGLUWEIZHU。GENJUWOGUO《WUQUANFA》DIWUSHIERTIAODIERKUANDEGUIDING:“TIELU、GONGLU、DIANLISHESHI、DIANXINSHESHIHEYOUQIGUANDAODENGJICHUSHESHI,YIZHAOFALVGUIDINGWEIGUOJIASUOYOUDE,SHUYUGUOJIASUOYOU。”JUCI,WOGUOJICHUSHESHIDESUOYOUQUANGUIGUOJIA。CIWAI,ZAIWOGUO《GONGLUFA》DILIUSHIWUTIAODIERKUANZHONGYEMINGQUEGUIDING:“YOUGUONEIWAIJINGJIZUZHIYIZHAOBENFAGUIDINGTOUZIJIANCHENGBINGJINGYINGDESHOUFEIGONGLU,YUEDINGDEJINGYINGQIXIANJIEMAN,GAIGONGLUYOUGUOJIAWUCHANGSHOUHUI,YOUYOUGUANJIAOTONGZHUGUANBUMENGUANLI。” KEJIAN,ZHENDUIGONGLUZICHAN,WULUNSHISHEITOUZI、JIANSHE、JINGYING,QISUOYOUQUANDOUSHUYUGUOJIA,QIYEZAIGUIDINGDEQIXIANNEI,ZHIDUIGONGLUXIANGYOUTEXUJINGYINGQUAN。

DIER,JICHUSHESHILEIZICHANTEXUJINGYINGQUANBUDESUIYIZHUANRANG。JIYUJICHUSHESHILEIZICHANSUOYOUQUANGUIGUOJIA,YINCIWUFAJIUZICHANBENSHENJINXINGJIAOYIZHUANRANG,ERTEXUJINGYINGQUANDEZHUANRANGZEGENJUTEXUJINGYINGXIEYI、XIANGGUANGUIDINGDEXIANZHIJIAODUO。LIRUYOUJIAOTONGBU、GUOJIAFAZHANHEGAIGEWEIYUANHUI、CAIZHENGBUYU2008NIANFABUDE《SHOUFEIGONGLUQUANYIZHUANRANGBANFA》DISITIAOMINGQUEGUIDING:“GUOJIAYUNXUYIFAZHUANRANGSHOUFEIGONGLUQUANYI,TONGSHIDUISHOUFEIGONGLUQUANYIDEZHUANRANGJINXINGYANGEKONGZHI。” GENJUGAIBANFA,ZHUANRANGSHOUFEIQUANDEGONGLUXIANGMUYINGFUHE《SHOUFEIGONGLUGUANLITIAOLI》DISHIBATIAOGUIDINGDEJISHUDENGJIBIAOZHUNHEGUIMO;ZHUANRANGGONGLUSHOUFEIQUAN,YINGDANGZHENGDEXIALIELIHAIGUANXIRENTONGYI;ERJIGONGLUYIJISHOUFEISHIJIANYICHAOGUOPIZHUNSHOUFEIQIXIAN2/3DESHOUFEIGONGLUBUYUNXUZHUANRANG;SHOURANGRENYEXUYAOFUHEGUIDINGDETIAOJIAN;CIWAI,BANFAZHONGHAILIEJULESIZHONGJINZHIZHUANRANGXINGWEIDENG。

极速快3DISAN,JICHUSHESHILEIZICHANTEXUJINGYINGYOUMINGQUEDEQIXIANXIANZHI。GENJU《JICHUSHESHIHEGONGYONGSHIYETEXUJINGYINGGUANLIBANFA》DILIUTIAOGUIDING:“JICHUSHESHIHEGONGYONGSHIYETEXUJINGYINGQIXIANYINGDANGGENJUXINGYETEDIAN、SUOTIGONGGONGGONGCHANPINHUOFUWUXUQIU、XIANGMUSHENGMINGZHOUQI、TOUZIHUISHOUQIDENGZONGHEYINSUQUEDING,ZUIZHANGBUCHAOGUO30NIAN。DUIYUTOUZIGUIMODA、HUIBAOZHOUQIZHANGDEJICHUSHESHIHEGONGYONGSHIYETEXUJINGYINGXIANGMU(YIXIAJIANCHENGTEXUJINGYINGXIANGMU)KEYIYOUZHENGFUHUOZHEQISHOUQUANBUMENYUTEXUJINGYINGZHEGENJUXIANGMUSHIJIQINGKUANG,YUEDINGCHAOGUOQIANKUANGUIDINGDETEXUJINGYINGQIXIAN。”KEJIAN,JICHUSHESHILEIDETEXUJINGYINGQUANYOUMINGQUEDEQIXIAN,ZUIZHANGBUCHAOGUO30NIAN,DAOQIHOUXUANZHAOGUIDINGWUCHANGYIJIAOJIZHENGFU。DUIYUQINGKUANGTESHUCHAOGUO30NIANTEXUJINGYINGQIDE,ZEXUYAOYOUZHENGFUHUOSHOUQUANBUMENLAIJUTIRENDING。

DISI,ZICHANGUZHIKENENGCHENGZHUNIANJIANGDIQUSHI。JICHUSHESHIYINBUCUNZAIJIAOYISHICHANG、SHOUYIZUNXUNGUOJIAZHIDAO、TEXUJINGYINGQUANDAOQIZHONGZHIDENGXIANZHI,YIBANJINNENGCAIYONGSHOUYIFA,ZAISHOUYIQUEFADANXINGDEQINGKUANGXIAGUZHICHENGXIANCHUZHUNIANJIANGDIQUSHI。BIRUGAOSUGONGLU,QIZHUYAODESHOUYILAIYUANSHIJINGYINGQINEIDECHELIANGTONGXINGFEI,ERCHELIANGTONGXINGLIANGXIANGDUIWENDING,BINGBUHUICHUXIANDAFUBODONG。

DIWU,FENGXIANHESHOUYIXIANGDUIJIAODI。JICHUSHESHIYIGONGYIFUWUWEIMUDE,BINGBUYIYINGLIWEIMUDE,YINCIQIZAIJIANCHENGHOUYUNYINGFENGXIANHENDI,YUCITONGSHISHOUYIYEBEIXIANZHIZAIYIDINGQUJIAN,DUOSHUXIANGMUDETOUZISHOUYISHENZHIDIYUQIYEDERONGZICHENGBEN,YINCIXUYAOZHENGFUZUOCHAEBUZUDENGFANGSHIJINXINGZHICHI。

JIYUSHANGSHU,JIUSHANGYEWUYEREITsYUJICHUSHESHIREITsDEQUBIEJIANDANZONGJIERUXIA:

极速快3BIAO3-2 JICHUSHESHIREITsYUSHANGYEWUYEREITsCHAYIBIJIAO

四、基础设施REITs的交易结构

极速快3RUBENBUDONGCHANXINTUOTOUZIJIJIN(REITs)ZHUANTIXILIEYANJIUZHIZHUANTI(YI)、ZHUANTI(ER)SUOSHU,JIEZHIMUQIAN,GUONEIYIFAXINGLEJISHIDANDEREITsCHANPIN,JIYUXIANYOUZHENGCEZHIDUHUANJINGXIADEGUONEIREITsDEJIAOYIJIEGOUJIBENFAZHANCHENGSHU。ERYIFAXINGDESANDANJICHUSHESHIREITs,ZAIJIAOYIJIEGOUSHANGYEYUSHANGYEWUYEREITsJIBENXIANGTONG,JUNYIDICENGZICHANZUOWEIZUIZHONGHAIKUANLAIYUANDEGUDINGSHOUYILEICHANPIN,BINGQIEWANGWANGSHEDINGLECHAEBUZU、DANBAODENGWAIBUZENGXINJIZHI,TONGSHIZAIZHENGQUANDUANJINXINGJIEGOUHUAFENCENG,CIJIZHENGQUANDUOYOURONGZIRENHUOQIGUANLIANFANGCHIYOU。

WOMENYIGUOSHOUDANJICHUSHESHILEIREITsCHANPIN“SHANGHAIGUANGSHUOSHIYEYOUXIANGONGSI2019NIANDIYIQIGUANGZHENGZICHANZHICHIPIAOJU”DEJIAOYIJIEGOUWEILI,QICAIYONGLE“ABN+JIJIN”DEJIEGOU。

GENJUSHANGHAIGUANGSHUOSHIYEYOUXIANGONGSIZAISHANGHAIQINGSUANSUOWANGZHANPILUDE《SHANGHAIGUANGSHUOSHIYEYOUXIANGONGSI2019NIANDIYIQIGUANGZHENGZICHANZHICHIPIAOJUMUJISHUOMINGSHU》,GAIDANREITsCHANPINDEJIAOYIJIEGOURUXIA:

图3-2 “上海广朔实业有限公司2019年第一期光证资产支持票据”交易结构图[2]

CONGTU3-2KEYIKANCHU:

极速快3(1)SPV1WEIYOUXIBUXINTUOZUOWEIJIHUAGUANLIRENFAQISHELIDE“SHANGHAIGUANGSHUOSHIYEYOUXIANGONGSI2019NIANDIYIQIGUANGZHENGZICHANZHICHIPIAOJUXINTUO”,TOUZIRENRENGOUBINGCHIYOUZICHANZHICHIPIAOJUDEFENE。

(2)SPV2WEIYIYINJIJINHEGUANGDAFAZHANGONGTONGSHELIBINGGUANLIDEBAOSHIJIJIN,JIHUAGUANLIRENXIBUXINTUODAIBIAOSPV1TONGGUOTOUZIBAOSHIJIJIN,HEFACHIYOUBAOSHIJIJINDEYOUXIANJIYOUXIANHEHUOFENE,CHENGWEIBAOSHIJIJINDEHEHUOREN。

极速快3(3)SPV2YUXIANGMUGONGSIZHIJIANYOUDAJIANLEYIGE“GU+ZHAI”DEJIEGOU,JIBAOSHIJIJINTOUXIANGDICENGDEXIANGMUGONGSI,CHIYOUXIANGMUGONGSI49%DEGUQUAN,TONGSHIDUIXIANGMUGONGSITONGGUOGUDONGJIEKUANFANGSHICHIYOU17.5YIYUANDEZHAIQUAN。

(4)DICENGZICHANWEIYANHAIGAOSUQINHUANGDAOZHIJIJINDUAN,XIANGMUSHOUYIZHUYAOLAIZIYANHAIGAOSUGONGLUQINHUANGDAOZHIJIJINJIEDUANDETONGXINGFEISHOURU。GENJUMUJISHUOMINGSHUDEPILU,YANHAIGAOSUQINHUANGDAOZHIJIJINJIEDUANDESHOUFEIQUANDELEIJISHOUFEIQIXIANWEI20NIAN,SHOUFEIJIEZHI2027NIAN12YUE20RI。

XIATUSHI“SHANGHAIGUANGSHUOSHIYEYOUXIANGONGSI2019NIANDIYIQIGUANGZHENGZICHANZHICHIPIAOJU”ZAIJIJINJIXIANGMUGONGSICENGMIANDEJIEGOUTU:

图3-3 “上海广朔实业有限公司2019年第一期光证资产支持票据”基金层面交易结构图[3]

极速快3ZONGHETU3-2、TU3-3KEYIKANCHU,ZAIZHENGGEJIAOYIZHONG,ANPAILEDUOXIANGZENGXINCUOSHI,BAOKUOJITEDINGSHOUGOUQUANLIRENSHOUGOUQUANLIANPAI、CHAEZHIFU、CHAEBUZU、SHOUFEIQUANZHIYA、GUQUANZHIYADENG。

极速快3ZAIZHENGQUANDUANDEJIEGOUFENCENGLAIKAN,“SHANGHAIGUANGSHUOSHIYEYOUXIANGONGSI2019NIANDIYIQIGUANGZHENGZICHANZHICHIPIAOJU”SHEZHILEYOUXIANJIHECIJI,QICHANPINYAOSUHEFENCENGXINXIRUXIA:

BIAO3-3 “SHANGHAIGUANGSHUOSHIYEYOUXIANGONGSI2019NIANDIYIQIGUANGZHENGZICHANZHICHIPIAOJU”CHANPINXINXI

ZONGHE“SHANGHAIGUANGSHUOSHIYEYOUXIANGONGSI2019NIANDIYIQIGUANGZHENGZICHANZHICHIPIAOJU”SHANGMIANDEZHENGGEJIAOYIJIEGOUDEFENXI,KEYIKANCHU,JICHUSHESHIREITsZAIZHENGGEJIAOYIJIAGOUDEDAJIANSHANGYEJIBENCAIYONG“ZHUANXIANGJIHUA+SIMUJIJIN/XINTUO”DESHUANGSPVJIAGOU,TOUZIRENTONGGUOCHIYOUZHUANXIANGJIHUAFENEERJIANJIECHIYOUDICENGXIANGMUGONGSIGUQUAN,SHOUYIKAODICENGDEXIANGMUSHOUYICENGCENGFENPEIZHITOUZIRENSHOUZHONG。

五、基础设施REITs合规要点 

(一)特许经营权及其转让的合规要点

RUBENZHUANTIQIANWENSUOSHU,ZAIJICHUSHESHIREITsCHANPINZHONG,JIYUJICHUZICHANDESUOYOUQUANGUIGUOJIASUOYOU,ZHINENGJIUTEXUJINGYINGQUANJINXINGZHUANRANG。GUANYUJICHUSHESHITEXUJINGYINGQUAN,MUQIANGUONEISHANGWUFALVCENGMIANDEGUIDING,QIZHUYAOGUIDINGJIANYUGUOJIAFAGAIWEIDENGLIUBUMENYU2015NIAN4YUE25RIFABUDE《JICHUSHESHIHEGONGYONGSHIYETEXUJINGYINGGUANLIBANFA》,GENJUGAIBANFADIERTIAOGUIDING:“ZHONGHUARENMINGONGHEGUOJINGNEIDENENGYUAN、JIAOTONGYUNSHU、SHUILI、HUANJINGBAOHU、SHIZHENGGONGCHENGDENGJICHUSHESHIHEGONGYONGSHIYELINGYUDETEXUJINGYINGHUODONG,SHIYONGBENBANFA。”DANQIZHONGDUIYU“TEXUJINGYINGQUAN”BINGMEIYOUZUOMINGQUEDEDINGYI,YEWEIJIUZHUANRANGSHIXIANGZUOCHUGUIDING。

2004年8月修订的《公路法》第一次在法律层面提及公路收费权,该法分别提出收费权、收取车辆通行费、收费经营三个概念,此后《公路法》在2009年、2016年、2017年进行了多次修订,2017年修订、现行有效的《公路法》中依然保留有“公路收费权”的规定,并就收费权转让相关事宜做了规定。此外,在国务院于2004年发布的《收费公路管理条例》中,对收费公路权益进行了较为清晰的界定,该条例设第三章专章就收费公路权益的转让做了具体规定,其中第二十条明确:“收费公路的权益,包括收费权、广告经营权、服务设施经营权。”该条例到目前依然有效。2018年12月,交通运输部发布了《关于<收费公路管理条例(修订草案)>公开征求意见的通知》[4]极速快3,该草案明确“收费公路资产包括公路、公路用地及公路附属设施等固定资产和收费公路权益等无形资产”“经营性高速公路经营期届满后,由省级人民政府收回纳入区域政府收费高速公路统一管理”“除收费公路权益外,其他收费公路资产不得转让”,此外针对收费公路权益的转让,该草案在原条例基础上做了进一步的规范:一是明确经营期届满后由政府收回纳入统一管理的经营性公路、收费时间超过批准偿债期三分之二以及对债务偿还未做出妥善安排的政府收费公路,收费权不得转让(第二十一条);二是明确转让经营性公路收费权,应当征得签订经营协议的省级人民政府或者其授权的交通运输主管部门同意,并重新签订经营协议(第二十四条);三是明确政府转让收费权不得提高收费标准,政府收费公路转让前的偿债期和受让后的经营期累计不得超过30年,经营性收费公路转让不得延长经营期限(第二十五条)。虽然该草案截至目前尚未正式发布,但对于未来项目实践依然具有重要参考意义。

极速快3ZONGHESHANGSHU,JIEZHIMUQIAN,GUANYUTEXUJINGYINGQUANJIQIZHUANRANGSHANGWUMINGQUEDEFALVGUIDING,DANSHIZHENDUIJICHUSHESHIREITsXIANGMUZHONGZUIWEICHANGJIANDEGAOSUGONGLUZICHAN,QISHOUFEIQUANYIDEZHUANRANGMUQIANZAI《GONGLUFA》《SHOUFEIGONGLUGUANLITIAOLI》ZHONGJUNZUOLEMINGQUEDEGUIDING。YINCI,WEILAIZAIJICHUSHESHIREITsXIANGMUFAXINGGUOCHENGZHONG,JIUGAOSUGONGLUSHOUFEIQUANDEZHUANRANGXUZUNXUNSHANGSHUGUIDING,ZAISHIFOUKEZHUANRANG、ZHUANRANGSHIFOUFUHEXIANGYINGDETIAOJIAN、RUHELVXINGXIANGYINGSHENPICHENGXUDENGFANGMIANDOUYAOYANGEANZHAOSHANGSHUGUIDINGBAGUAN、CAOZUO,BIMIANFALVFENGXIAN。

(二)各项权证获取的合规要点

高速公路在建设过程中也要经过公路总体规划、项目核准、设计批复、用地审批、用地规划、环评、施工许可、验收备案、环保验收、竣工验收备案等环节,因此,在REITs项目中,针对底层资产的尽调便要关注上述每个环节是否获得相应的审批等文件。尤其是我国“高速公路工程实际施工往往与规划不相一致,实际用地范围与审批范围不一致”[5]极速快3等问题,在实务中务必要关注用地等相关风险,如确实存在问题的,可以到交通部或省一级交通主管部门就相关问题进行确认。

(三)项目参与主体的合规要点

REITsDEJIAOYIJIEGOUZHONGSHEJIHENDUOZHUTI,ZAISHIWUZHONGZUIWEIGUANZHUDESHIYUANSHIQUANYIREN、ZENGXINZHUTIDEHEGUIXING,BAOKUOJINSANNIANNEISHIFOUCUNZAIZHONGDAWEIFAWEIGUIXINGWEIDENG。CIWAI,WOMENHAIYAOZHUYIXIANGGUANZHUTIDENEIBUSHOUQUANSHIFOUHEGUI,BIRU:DANGXIANGMUGONGSIZAIJIAOYIHUANJIEZHUANRANGGUQUANSHI,SHIFOUJINGGUOLENEIBUDESHOUQUANSHENPI,CHENGXUSHANGSHIFOUFUHE《GONGSIFA》、GONGSIZHANGCHENGDEXIANGGUANGUIDING;DANGJIAOYIJIEGOUZHONGSHEZHILECHAEZHIFU、DISANFANGDANBAODENGZENGXINCUOSHISHI,CHAEZHIFUREN、DANBAORENTIGONGZENGXINSHIFOUJINGGUOGEZINEIBUSHOUQUAN,SHIFOUJINGGUOYOUQUANJIGUANDETONGYIDENG。

(四)专项计划在交易所发行的合规要点

YOUYUGUONEIREITsCAIYONG“ZHUANXIANGJIHUA+SIMUJIJIN/XINTUO”DEJIEGOU,YINCIDANGZHUANXIANGJIHUAZAIJIAOYISUOFAXINGDESHIHOU,ZEXUYAOMANZUJIAOYISUOGUANYUZHUANXIANGJIHUAGUAPAIDEXIANGGUANYAOQIU。MUQIANSHENZHENZHENGQUANJIAOYISUOHESHANGHAIZHENGQUANJIAOYISUOFENBIECHUTAILEGUANYUJICHUSHESHILEIZICHANZHICHIZHENGQUANGUAPAIDEXIANGYINGWENJIAN。

2018NIAN6YUE8RI,SHANGHAIJIAOYISUOFABULE《SHANGHAIZHENGQUANJIAOYISUOJICHUSHESHILEIZICHANZHICHIZHENGQUANGUAPAITIAOJIANQUERENZHINAN》,MINGQUELEJICHUSHESHILEIZICHANZHICHIZHENGQUANZAISHANGJIAOSUOGUAPAISHIJICHUZICHAN、DICENGZICHANJIXIANGGUANZICHANYINGDANGFUHEDEJUTIYAOQIUDENG。GENJUSHANGJIAOSUODEQIANSHUZHINAN:“JICHUSHESHILEIZICHANZHICHIZHENGQUAN,SHIZHIZHENGQUANGONGSI、JIJINGUANLIGONGSIZIGONGSIZUOWEIGUANLIREN,TONGGUOSHELIZICHANZHICHIZHUANXIANGJIHUA(YIXIAJIANCHENGZHUANXIANGJIHUA)KAIZHANZICHANZHENGQUANHUAYEWU,YIRANQI、GONGDIAN、GONGSHUI、GONGRE、WUSHUIJILAJICHULIDENGSHIZHENGSHESHI,GONGLU、TIELU、JICHANGDENGJIAOTONGSHESHI,JIAOYU、JIANKANGYANGLAODENGGONGGONGFUWUCHANSHENGDESHOURUWEIJICHUZICHANXIANJINLIULAIYUANSUOFAXINGDEZICHANZHICHIZHENGQUAN。”JIYUCI,RUGUOJICHUSHESHIREITsZHONGDEZHUANXIANGJIHUADEGUANLIRENWEIZHENGQUANGONGSI、JIJINGUANLIGONGSIZIGONGSI,DICENGZICHANWEI《SHANGHAIZHENGQUANJIAOYISUOJICHUSHESHILEIZICHANZHICHIZHENGQUANGUAPAITIAOJIANQUERENZHINAN》DIERTIAOMINGQUEGUIDINGDEJICHUSHESHI,QIESHENQINGZAISHANGJIAOSUOGUAPAIDE,ZEXUYAOYANGEZUNXUN《SHANGHAIZHENGQUANJIAOYISUOJICHUSHESHILEIZICHANZHICHIZHENGQUANGUAPAITIAOJIANQUERENZHINAN》DEYAOQIU。CIWAI,《SHANGHAIZHENGQUANJIAOYISUOJICHUSHESHILEIZICHANZHICHIZHENGQUANGUAPAITIAOJIANQUERENZHINAN》DISANTIAOYEMINGQUETIDAO:“SHEJIZHENGFUHESHEHUIZIBENHEZUOXIANGMUDEJICHUSHESHILEIZICHANZHICHIZHENGQUANSHENQINGZAIBENSUOGUAPAIDE,YINGDANGSHIYONGBENSUO《SHANGHAIZHENGQUANJIAOYISUOZHENGFUHESHEHUIZIBENHEZUO(PPP)XIANGMUZICHANZHICHIZHENGQUANGUAPAITIAOJIANQUERENZHINAN》DEYAOQIU。”

极速快3CHULESHANGJIAOSUO,SHENZHENZHENGQUANJIAOYISUOYEYU2018NIAN6YUE8RIFABULE《SHENZHENZHENGQUANJIAOYISUOJICHUSHESHILEIZICHANZHICHIZHENGQUANGUAPAITIAOJIANQUERENZHINAN》HE《SHENZHENZHENGQUANJIAOYISUOJICHUSHESHILEIZICHANZHICHIZHENGQUANXINXIPILUZHINAN》,BUJINMINGQUELEJICHUSHESHIDEFANWEI、GUAPAIDEJUTITIAOJIAN,DUIYUQIXINXIPILUYEZUOLEMINGQUEDEYAOQIU。TONGSHI,SHENJIAOSUOYEMINGQUELE“SHEJIZHENGFUHESHEHUIZIBENHEZUOXIANGMUDEJICHUSHESHILEIZICHANZHICHIZHENGQUANSHENQINGZAIBENSUOGUAPAIDE,YINGDANGSHIYONGBENSUO《SHENZHENZHENGQUANJIAOYISUOZHENGFUHESHEHUIZIBENHEZUO(PPP)XIANGMUZICHANZHICHIZHENGQUANGUAPAITIAOJIANQUERENZHINAN》DEYAOQIU”。

JIYUSHANGSHU,RUZAISHANGJIAOSUOHUOZHESHENJIAOSUOFAXINGJICHUSHESHILEIZHUANXIANGJIHUADE,GUANLIRENYAOGUANZHUBUTONGJIAOYISUODEGEXIANGHEGUIYAOQIU,QUEBAOZHUANXIANGJIHUASHUNLIFAXING。

六、基础设施REITs未来发展展望

YIFANGMIAN,CONGJICHUSHESHITOURONGZIBENSHENDEJIAODULAIJIANG,SUIZHEWOGUOXINXINGCHENGZHENHUADEBUDUANTUIJINHEXINXINGGUANZHUANGBINGDUFEIYANYIQINGGUOHOUJINGJIFUSUDEXUQIU,JICHUSHESHIXUQIUBUDUANZENGJIA,QIGUIMOJUDA,TOUZICUNZAIHENDADEKONGJIAN。2019NIAN11YUE,GUOJIAFAGAIWEIYOUGUANFUZERENJIUJIAQIANGGUDINGZICHANTOUZIXIANGMUZIBENJINGUANLIYOUGUANZHENGCEDAJIZHEWENSHIJIUMINGQUETIDAO:“MUQIANWOGUORENJUNJICHUSHESHICUNLIANGXIANGDANGYUXIFANGFADAGUOJIADE20%-30%,BINGQIEZAIJIAOTONG、SHUILI、NENGYUAN、SHENGTAIHUANBAO、SHEHUIMINSHENGDENGJICHUSHESHILINGYURENGCUNZAIBUSHAODUANBAN,ZONGTILAIKAN,WOGUOZAIJICHUSHESHILINGYUTOUZIRENGYOUHENDAKONGJIANHEQIANLI。”YEZHENGSHIJIYUCI,JICHUSHESHIJIANSHEJIXUJINRONGCHUANGXINGONGJUDEZHICHI,TUOKUANRONGZIQUDAO。TONGSHI,CAIYONGREITsMOSHINENGGOUSHIWOGUOJICHUSHESHIDETOUZIZHUTIDUOYUANHUA,CUSHIJICHUSHESHIDEJINGYINGFANGZHUANHUANJINGYINGLINIAN,GAIBIANQIYUANYOUDEZHENGFUZHUDAODEGUANLIMOSHI,CONGERTIGAOJICHUSHESHIDEYUNXINGXIAOLV。

极速快3LINGYIFANGMIAN,CONGWOGUOBIAOZHUNHUAREITsFAZHANDEJIAODUERYAN,GAOSUGONGLU、WUSHUICHULICHANG、JICHANGDENGJUDACUNLIANGDEJICHUSHESHIZICHANDEXIANJINLIUWENDING,TONGLEIZICHANLISHITONGJISHUJUWANBEI,ZICHANQUANYIXIANGDUIDULI,YINERSHOUYIWENDING、FENGXIANXINGXIAO,BENSHENJUYOUJIAOQIANGDETOUZIJIAZHI,SHIKAIZHANREITsDELIANGHAOBIAODE。TONGGUOFAXINGREITs,JIANGQUEFALIUDONGXINGDEJICHUSHESHICUNLIANGZICHANZHUANHUACHENGLIUDONGXINGQIANGDEJINRONGCHANPIN,BUJINSHIDEJICHUSHESHIZICHANDELIUDONGXINGHEYINGLINENGLIDOUDEDAOTIGAO,YEYOULIYUFENGFUREITsDICENGZICHANDELEIXING,TUIDONGREITsZAIWOGUODEQUANMIANFAZHAN。

极速快3SUOYIJICHUSHESHIJIANGSHIWEILAIZHONGGUOREITsDEZHONGYAOYINGYONGLINGYU,TUIDONGJICHUSHESHIREITsYEQIAFENGQISHI。

WEILAIZAIFAXINGMOSHISHANG,SUIRANSHOUXIANYUDANGQIANGUONEISHANGWEIYOUZHENDUIREITsDEZHUANMENFALVFAGUI,XIANGZAIDUANQINEIJIUTUICHUBIAOZHUNHUADEJICHUSHESHIREITsBINGBUXIANSHI。DANSHICONGTUIDONGDANGQIANGUONEIYIYOUDE“ZHUANXIANGZICHANZHICHIJIHUA+SIMUJIJIN/XINTUOJIHUA”MOSHICHUFA,BUDUANTANSUOHEJILEIJINGYAN,DAIGUONEIREITsXIANGGUANFALVFAGUICHUTAIHOU,BIAOZHUNHUAJICHUSHESHIREITsFAZHANBIJIANGYINGLAIGAOFENG。

极速快3CONGDICENGZICHANKAN,SUIRANJIEZHIMUQIANYIFAXINGDESANDANJICHUSHESHIREITsCHANPINDEDICENGZICHANJIAOWEIDANYI,DANCHULEGAOSUGONGLUWAIDETIELU、DITIEDENGJIAOTONGSHESHI、GONGSHUIGONGREDENGSHIZHENGSHESHI、DIANLISHIYOUDENGNENGYUANSHESHI、YUANQUWULIUDENGGONGYESHESHI、WUSHUICHULIDENGHUANBAOSHESHI、KEJIYUANQUDENGKEJISHESHIDENGSHIJISHANGDOUNENGFUHEREITsDUIYUXIANGMUHEFAHEGUI、ZICHANDECHANQUANHUOQUANYIQINGXIKEHEFAZHUANRANG、XIANJINLIUWENDING、YUANSHIQUANYIRENJUYOUFAXINGYIYUANDENGJIFANGMIANDEYAOQIU,YINCI,ZHEIJIDAJICHUSHESHIXIFENLINGYUYEJIANGWEILAIGUONEIJICHUSHESHIREITsDETUIXINGLINGYU。CIWAI,JIYUZHONGGUOZAIQIANSHULINGYUDEZHANGQIJIANSHETOUZI,MUQIANYIXINGCHENGTILIANGJUDADECUNZAIDUIJIEBIAOZHUNHUAREITsKENENGXINGDEJICHUSHESHIZICHAN,WOMENDUIYUWEILAIGUONEIJICHUSHESHIREITsDEFAZHANQIANJINGCHONGMANQIDAI。

注释

极速快3[1]JIAOYIJIEGOUTULAIZI《SHANGHAIGUANGSHUOSHIYEYOUXIANGONGSI2019NIANDIYIQIGUANGZHENGZICHANZHICHIPIAOJUMUJISHUOMINGSHU》DI46YE

[2] JIAOYIJIEGOUTULAIZI《SHANGHAIGUANGSHUOSHIYEYOUXIANGONGSI2019NIANDIYIQIGUANGZHENGZICHANZHICHIPIAOJUMUJISHUOMINGSHU》DI46YE

[3]JIAOYIJIEGOUTULAIZI《SHANGHAIGUANGSHUOSHIYEYOUXIANGONGSI2019NIANDIYIQIGUANGZHENGZICHANZHICHIPIAOJUMUJISHUOMINGSHU》DI43YE

[4]ZHENGQIUYIJIANGAOQUANWENKEXIANGJIANJIAOTONGYUNSHUBUGUANFANGWANGZHANZHENGFUXINXIGONGKAIZHUANLAN:http://xxgk.mot.gov.cn/jigou/fgs/201812/t20181220_3146702.html

极速快3[5]CANJIANLILEI:《GAOSUGONGLUYONGDIQUEQUANDENGJINANTIDEPOJIESILU》,ZAIYU《ZHONGGUOBUDONGCHAN》,2018NIANDI6QI




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