May 31，The first batch of public 188bet Online Sports Betting and Casino are publicly offered，The underlying assets are mainly large infrastructure industries。China Securities News reporter learned from the interview，With policy support，As of the first quarter of 2021，19 domestic rental housing 188bet Online Sports Betting and Casino products have been issued，Provided preliminary experience and project accumulation for the launch of housing rental 188bet Online Sports Betting and Casino。

188bet Online Sports Betting and Casino have great market potential

Senior Director of Cushman & Wakefield、Hu Feng, director of the North District Valuation and Consulting Services Department, pointed out in an interview with a reporter from China Securities News，Among the first batch of 9 publicly offered 188bet Online Sports Betting and Casino，There are 3 underlying assets that are industrial parks、The two underlying assets are warehousing and logistics、2 expressways、1 sewage treatment facility and 1 waste-to-energy project。Currently，The underlying assets are mainly issued around the large infrastructure industry，Including commercial real estate、Office building、Real estate formats including shopping malls，There is no underlying asset as the pilot issuance of 188bet Online Sports Betting and Casino。

“For the direct financing market，The sale of the first batch of public 188bet Online Sports Betting and Casino is a milestone event。" Hu Feng pointed out，"April 30 last year，After the pilot policy for public 188bet Online Sports Betting and Casino is released，Market participants began to conduct research intensively，In the future, companies that comply with the policy will begin to match and connect with securities companies、Evaluation、Law Firm、Accounting firms and other professional organizations，Various institutions are also helping these companies clarify their ideas，Realize fund sales as soon as possible。The listing process of public 188bet Online Sports Betting and Casino is as complex as the IPO of listed companies。Completed the approval and sale of the first batch of 9 public 188bet Online Sports Betting and Casino in such a short period of time，It can be said to be quite fast and efficient。”

April 30, 2020，China Securities Regulatory Commission、The National Development and Reform Commission jointly issued the "Notice on Promoting the Pilot Work of Real Estate Investment Trust Funds (188bet Online Sports Betting and Casino) in the Infrastructure Sector"，And issued supporting guidelines，Marks the official implementation of the pilot policy for public offering of real estate investment trust funds。

China Securities News reporter learned，188bet Online Sports Betting and Casino first appeared in the United States in the early 1960s，Intended to enable small and medium-sized investors to participate in the real estate market with a lower threshold，Obtain income from real estate market rent and appreciation。Currently，Most of the internationally popular 188bet Online Sports Betting and Casino funds refer to real estate trust investment funds，By this means, the lower liquidity、Real estate investment in non-securities form，Directly transformed into the financial transaction process of securities assets in the capital market。

“According to Peking University Guanghua’s estimate，The potential size of China’s 188bet Online Sports Betting and Casino market is conservatively estimated to be between 5 trillion yuan and 14 trillion yuan。Refer to the relatively mature 188bet Online Sports Betting and Casino market experience in the United States，The scale of public 188bet Online Sports Betting and Casino accounts for about 3% of the total market capitalization of the stock market，Singapore 188bet Online Sports Betting and Casino account for about 12% of the total stock market value。Great market potential。" Hu Feng pointed out。

“Public 188bet Online Sports Betting and Casino products should allow investors to obtain better returns，Fund managers first need to have a correct understanding of infrastructure assets，Has unique ideas and vision in choosing the right target；Secondly, you must have the ability to proactively manage infrastructure assets，Provide investors with dividend income and possible asset appreciation income。At the same time，Purchase better quality targets，Guarantee the continued operation of the fund。”

More than 90 188bet Online Sports Betting and Casino-like products

Introduction to Hu Feng，Before the launch of the 9 188bet Online Sports Betting and Casino public offerings，my country has issued a large number of 188bet Online Sports Betting and Casino-like products。As of December 31, 2020，A total of 93 domestic 188bet Online Sports Betting and Casino products have been issued，The total issuance size reaches 1752.100 million yuan，The average size is about 18.800 million yuan。Among them，18 188bet Online Sports Betting and Casino-like products have been repurchased through the main body、Renewal、Exit from market-oriented disposal method，The total size of exited products is 374.300 million yuan；There are 75 duration 188bet Online Sports Betting and Casino products，Product size is 1377.800 million yuan。

“The biggest difference between REIT-like products and public 188bet Online Sports Betting and Casino products is，Most 188bet Online Sports Betting and Casino-like products are financing methods，There is no true formation of a virtuous investment cycle of ‘investment, financing, management and exit’。" Hu Feng pointed out，“The common 188bet Online Sports Betting and Casino-like products currently on the market generally implement the ‘3+3+3’ model，Open every 3 years，It can continue to exist through the renewal mode。Also，188bet Online Sports Betting and Casino-like products are mainly aimed at institutional investors，It is a private placement financing method。Public 188bet Online Sports Betting and Casino can target public investors，Allow public investors to invest in real estate projects at a lower threshold。Most public 188bet Online Sports Betting and Casino products require 90% or more of the income to be regularly distributed to investors as dividends。But，188bet Online Sports Betting and Casino as equity investment tools，The price itself will also fluctuate after listing。”

Hu Feng said，Reasonable asset valuation is an important means to prevent market risks in 188bet Online Sports Betting and Casino，The impact of real estate valuation and pricing on investors’ investment decisions、Managers’ business decisions have a very important impact。In the real estate trading market，The logic of asset pricing has certain regularities。

“During the due diligence process of public 188bet Online Sports Betting and Casino assets，How to reasonably price the underlying assets and establish a reference value measurement system is particularly critical。Among them，Capitalization rate can truly reflect the relationship between net income from asset operations and value in the real estate bulk transaction market，Objectively reflects investors’ requirements for income returns，Studying capitalization rates is of great significance to real estate pricing。" Hu Feng pointed out。

Housing rental 188bet Online Sports Betting and Casino are expected to receive policy support

For the future development direction of 188bet Online Sports Betting and Casino，Many industry insiders pointed out，Rehousing rental 188bet Online Sports Betting and Casino are more likely to receive policy support than other areas。

April 25, 2018，The China Securities Regulatory Commission and the Ministry of Housing and Urban-Rural Development jointly issued the "Notice on Promoting Work Related to the Securitization of Housing 188bet Online Sports Betting and Casino Assets"，clarified the basic conditions for securitization of housing 188bet Online Sports Betting and Casino assets、Priority and key support areas，Improving the working procedures for housing 188bet Online Sports Betting and Casino asset securitization，Proposed to strengthen the supervision and management of housing 188bet Online Sports Betting and Casino asset securitization。At the same time，Encourage specialization、Institutional construction or operating institutions carry out housing 188bet Online Sports Betting and Casino asset securitization。

As of the first quarter of 2021，19 residential rental 188bet Online Sports Betting and Casino products have been issued in China，Issuance scale reaches 26 billion yuan。Diverse types of companies participating in the market，Includes government investment platform，Such as Shenzhen Talent Residence、Hainan Development Holdings；Enterprises have guaranteed profits、Yuexiu、Huafa etc.；The apartment service company has new apartments, etc.。Rich underlying asset segments，Including talent apartment、Serviced Apartment、White-collar apartments and other rental housing types，Provided preliminary experience and project accumulation for the launch of housing rental 188bet Online Sports Betting and Casino。

Hu Feng pointed out，Using asset securitization to realize investment in housing 188bet Online Sports Betting and Casino enterprises、Operation、Exit channels to build a complete industrial chain and closed-loop business model，Provide confidence and motivation for enterprises to increase investment in 188bet Online Sports Betting and Casino housing，It is also helpful to improve asset operation and management capabilities，Improve project investment income。

*this文来Source: China Securities Network,Original title：《Policy support, conditions for the launch of housing rental 188bet Online Sports Betting and Casino are beginning to take shape》.