嵇晨

JiChen

　　近几周国内房地产信托计划量价齐升，似乎给市场传言“银监会放松房地产信托业务”增加了些可信度，但上海某信托高管对《第一财经日报》记者表示，从未接到过银监会关于暂停房地产信托业务的通知，“放松”之谈不知从何而来，对房地产开发题材的信托计划近期行情回暖，在他看来“是市场行为，不存在政策影响”。

In recent weeks the domestic real estate trusts plan JiSheng quantity and price，It seems to market the rumours“Banking regulatory commission (CBRC) relax real estate trust business”Adding some credibility，But Shanghai some trust to executives《The first financial daily》reporters，Have not been told about real estate trusts suspended banking business notice，“relax”Talk don't know come from，On real estate development, the theme of the trust plan market buoyancy，In his view“Market behavior is，Don't exist influence policy”。

房地产信托政策未改变 Real estate trusts policy unchanged

　　诺亚财富统计显示，在上周发行的35只信托产品中，10只房地产信托计划的发行总规模达到40.90亿元，占总发行规模的39%，房地产信托产品量价齐升，重回行业头把交易，回暖已然成为事实。

Noah wealth statistics show，In the last week of the 35 only trust product release，Only 10 real estate trusts the project's distribution the total scale to 4.09 billion yuan，39% of the total issue size，Real estate JiSheng trust products quantity and price，Return to head the trading industry，Thaw has become a fact。

　　传闻称，有接近银监会的知情人士表示，部分信托公司接到指导电话称银监会将对开发贷项目的审批有所松动，鼓励信托对房地产开发贷项目给予关注。

Rumours say，With close to the CBRC people familiar with the matter say，Part of the trust company received guidance for developing the banking regulatory commission (CBRC) said phone will be eased loan project examination and approval，Encourage trust on real estate development loan programs that give attention。

　　“银监会对信托公司只是窗口指导，要求严控房地产信托增长规模、警惕风险，控制房地产信托发行规模。”上述信托人士对记者透露，没有听说过所谓“暂停”或“松绑”，只不过在房地产信托井喷爆发性增长时又有个别产品暴露出兑付风险，银监会要求信托公司在发行产品前就事先报备，而在以前信托公司只需要事后报备。

“Banking regulator of trust companies just window guidance，Real estate trusts growing scale of severely requirements、Risk alert，Control real estate trust issue size。”The trust people to reporters revealed，Never heard of so-called“suspended”or“easing”，But in real estate trusts explosive growth and blowout individual products exposed to risk，The CBRC urged trust company in the issue before the report for products in advance，And in the trust company need only after the event before the report for。

　　“房地产信托本来就是主要业务之一，就算产品发行情况比上半年回暖，也是基于信托公司自身业务发展的需要，”另一位信托人士对记者表示，“绝大部分公司现在做房地产信托产品，风险控制比过去要严格。”

“Real estate is one of the main business of the trust was，Even if the product issuance warmed than the first half，Is also based on trust company its business development needs，”Another trust people told reporters，“Most of the companies do now to real estate trusts products，To strictly control the risk than in the past。”

　　通常情况下，房地产信托计划的主要风控要素之一在于地块抵押，从近日发行的几个房地产信托计划中，记者发现多数质押率低于50%。比如国元信托发行不久的“江苏中苑建设项目贷款集合资金信托计划”中，土地质押率为39%，四川信托新近发行的“惠誉1号-武汉广发银行大厦集合资金信托计划”中的地块质押率也低于50%。

usually，Real estate trusts plan is one of the main control factors plot mortgage，Recently the issue from several real estate trusts plan，The reporter found that most analyzes loan-to-value ratio of less than 50%。Such as countries after the release of the trust of the yuan“Jiangsu ZhongYuan construction project loans trust plans of assembled funds”in，Analyzes loan-to-value ratio for 39% of land，Sichuan trust issued recently“Fitch ratings 1-wuhan wide hair negotiable bank building trust plans of assembled funds”Less than 50% of the plot and analyzes loan-to-value ratio。

　　保障房信托受追捧 Security room trust more popular

　　值得关注的是，保障房项目或棚户区改造项目，由于兼具房地产信托较高收益和基建政府担保的双重特征，在近两个月中受到投资者热烈追捧。

There is concern，Security room projects or shanty towns reconstruction project，Because real estate trusts with higher yield and infrastructure security double characteristics of the government，In the last two months by investors in great demand。

　　据悉，保障房信托大都由保障房与商品房、土地一级开发等一起“打包”融资，业内人士对记者分析，保障房信托的收益是由配套的商品房部分实现的，在风险控制方面，由于保障房建设土地的政府划拨具有特殊性，只有那部分具有开发商品房资质的土地具备质押价值，虽说有政府信用担保，但如果只是单纯划拨的保障房用地，在后期处置方面存在变现不通畅的问题。

It is reported，Security room by room and guarantee the trust most commodity house、Land level development together“pack”financing，The personage inside course of analysis to reporters，Security room is the value of the trust by supporting the commodity house of the realization of the part，In the risk control，Because the guarantee room construction of government land transfer has particularity，Only that part of the development of the commodity house with qualification of land have pledge value，Although have the government credit guarantee，But if just pure land security room land，In the later are weak cash disposal。

　　“一般来说，现有市场上的保障房、旧区改造等项目都属于垫资验收”，换句话说，市面上的保障房项目，是由开发商垫资先建，在项目审计验收合格之后，采购方的政府才会支付项目款，“如果牵涉到含有拆动迁安置在内的一级开发，那么在开发完成的时间上就存在不可控性，如果融资方的资金链断裂，那么就可能对产品到期兑付产生影响”，上述业内人士对记者分析。

“Generally speaking，The existing market of protection of the room、Old area reconstruction projects are belong to the mat endowment acceptance”，In other words，The guarantee on the market room project，Is by the developer mat endowment first built，In the project auditing after acceptance，The purchase side the government will pay of project，“If involves contains open for resettlement, the level of development，So in the time of the complete development has not controllable，If RongZiFang capital chain rupture，Then there is probably due to product presentation effect”，The above the personage inside course of analysis to reporters。

　　在一些统计工具中，保障房、经济适用房或旧区改造项目被模糊地分类在房地产或基建项目中，但毫无疑问的是，如今的地产开发类信托需要更多的资产抵押和信用担保。

In some statistical tools，Security room、Economy is applicable the room or old area reconstruction project is fuzzy classification in real estate or infrastructure projects，But without a doubt，Today's real estate development of trust need more assets mortgage and credit guarantee。

　　诺亚财富的统计中，仅次于房地产信托的是基础设施信托，9只基础设施类信托发行规模为35亿元，约占总发行规模的34%，在地方政府财政压力之下，预计基础设施信托未来的发行仍将持续升温。

Noah wealth statistics，Second only to the real estate trusts are infrastructure trust，Nine infrastructure kind of trust issue size for 3.5 billion yuan，About 34% of the total issue size，In local government financial pressure，Trust the future infrastructure is expected to issue will continue to heat up。