Standardize and efficiently implement the application and recommendation of real estate investment trust (REITs) projects in the field of infrastructure

Fourth, give full play to the role of experts and professional institutions

(11) Giving play to the role of experts in early counseling. In the pre-cultivation stage of the project, the committee will organize relevant industry experts to guide the project in a timely manner, and make suggestions on the compliance of investment management procedures and the stability of project income. In the process of preparing project application materials, the committee will organize industry experts to put forward suggestions for modification and improvement as needed. For individual key issues that have a significant impact on the project, the sponsor (the original owner) can engage an authoritative independent third party to issue professional opinions. The Committee will, according to the needs of the work, organize professional forces when necessary to carry out on-site verification of relevant projects.

(12) Ensure that the consultation evaluation is objective and fair. The consulting and evaluation institutions shall independently, objectively and impartially carry out the consulting and evaluation work, carefully sort out the project problems, and put forward opinions and suggestions to ensure the timeliness and quality of the evaluation. The consulting and evaluation institutions and relevant evaluation personnel shall strictly abide by the discipline of integrity and confidentiality. Without the consent of the Commission, they shall not communicate with the promoters (original rights holders), fund managers, asset-backed securities managers and relevant intermediaries privately, and shall not disclose the consulting and evaluation information. Consulting and evaluation institutions and their directly affiliated units, holding or participating enterprises, as well as all evaluation personnel, shall not have an interest relationship or direct business competition relationship with the initiator (original equity owner), fund manager, asset-backed securities manager and other units, shall not participate in the preliminary preparation of the infrastructure REITs issued by the evaluated project.

(13) Urging intermediary institutions to perform their duties. Financial advisers, legal advisers, audit institutions, assessment agencies, tax consultants and other intermediaries providing services for infrastructure REITs projects shall not be included in the list of seriously dishonest subjects during the provision of services, have not been punished for dishonesty, and have not been prohibited or restricted by relevant regulatory agencies to carry out infrastructure REITs-related or similar businesses due to violations of laws and regulations. Law firms and accounting firms should not have major violations of laws and regulations in the past three years. The above institutions shall give full play to their business expertise, perform their duties according to law and regulations, and ensure that the relevant materials issued are scientific, compliant, true, comprehensive and accurate.

Fifth, make good use of recovered funds to promote effective investment

(14) Strictly control the use of recovered funds. The net recovery funds of infrastructure REITs (refers to the recovery funds after deducting funds used to repay related debts, pay taxes, participate in strategic placement according to rules, etc.) shall be mainly used for projects under construction and new projects with mature preliminary work (including new projects, reconstruction and expansion projects); Among them, no more than 30% of the net recovered funds can be used to revitalize the stock of assets projects, and no more than 10% of the net recovered funds can be used for minority shareholders of listed infrastructure projects to withdraw or supplement the working capital of the sponsors (original rights holders). Under the condition of meeting the national policy and the main business requirements of the enterprise, the recovered funds can be used across regions and industries; Except for special provisions of the State, no place or department may set restrictions to affect the use of recovered funds by enterprises in accordance with market principles.

(15) Urge the recovered funds to be used as soon as possible. Accelerate the investment progress of the net recovery funds of infrastructure REITs, form a virtuous cycle of investment as soon as possible, and better support the development of the real economy. Within 2 years from the date of completion of infrastructure REITs acquisition projects (including initial issuance and new acquisition projects), the utilization rate of net recovered funds should in principle be not less than 75%, and all use should be completed within 3 years. If the progress of the use of net recovered funds is obviously not as expected, the arrangement of new purchased projects should be carefully considered. If the actual investment project of the recovered funds is inconsistent with the project to be invested in the declaration, it shall be filed with the relevant provincial development and reform Commission and explain the situation as required.

(16) Establish a direct reporting system for the use of recovered funds. In order to ensure that recovered funds are used for project investment as soon as possible and effectively support the development of the real economy, the sponsors of listed infrastructure REITs projects (original rights holders) should directly report the use of recovered funds to the investment Department of the Commission within 5 working days after the end of each quarter, and simultaneously copy the provincial Development and Reform Commission involved in the reinvestment project. If the progress of use of recovered funds is not as expected, the Commission will promptly remind the relevant project sponsors (original rights holders); If necessary, the relevant provincial development reform commission will be asked to talk about the project unit, understand the specific situation, and put forward rectification suggestions.