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Tuesday, 28 June 2011 03:36

China As at June 2012, China does not have any legal framework for REITs. The first attempt to establish a REIT model in China (C-REIT) was in 2004 when the China Banking Regulatory Commission (CBRC) issued a consultation draft governing companies that engage in REITs (Clifford Chance 2010). In 2007, People’s Bank of China (PBC) to establish pilot schemes. However, these pilot programmes were later abandoned due to the 2007 GFC and fear of the Chinese property bubble. In December 2008, the Chinese government reconsidered the introduction of C-REITs to the financial market. The PBC and other central government authorities, including the CBRC and the China Securities Regulatory Commission (CSRC), have been drafting rules and administrative guidelines for pilot C-REITs. Local governments in Beijing, Tianjin, Shanghai and Shenzhen have expressed their interest to participate in the pilot programmes formulated by the PBC. In 2009, it was reported that a number of listed companies in Shanghai, including Shanghai Zhangjiang Hi-Tech Park Development, Shanghai Jinqiao Export Processing Zone Development, Shanghai Waigaoqiao Free Trade Zone Development and Shanghai Lujiazui Finance & Trade Zone Development, have submitted their applications to the State Council for approval. However, no pilot C-REIT scheme has been endorsed up to date.

Source: Prof. Alex Anh Khoi Pham - University of Western Sydney: The Development of REIT Markets in Asia (1/1/2014) - Link.

 

Last Updated on Sunday, 23 February 2014 15:00