arcadejoystick| Joy City: It plans to use Chengdu Joy City as an asset to apply for the issuance of infrastructure public offering REITs

editor2024-05-26 04:06:064Family

It's May 24thArcadejoystick, Dayue City Holdings Group Co., Ltd. (Dayue City, 000031Arcadejoystick.SZ) issue an announcement on the declaration and issuance of infrastructure public offering REITs.

According to the announcement, Dayue City intends to use Zhuoyuan Real Estate as the original owner to carry out infrastructure REITs application and issuance with part of the assets of Chengdu Dayue City Shopping Mall held by its wholly-owned subsidiary Chengdu Boyue City (hereinafter referred to as "Chengdu Dayue City").

Chengdu Dayue City is located at No. 518 Dayue Road, Wuhou District, Chengdu, with a parcel area of 68747.98 square meters and a construction area of 172540.69 square meters. The main business model of Chengdu Dayue City is to provide rental and overall operation services of the shopping center to tenants who meet the requirements with self-owned shopping center assets and collect income such as rent, property management fees, promotion fees and so on.

Dayue City Infrastructure Public offering REITs adopts the operation mode of contractual closed-end fund, the fund term is subject to the approved issuance documents, and the fund raising scale is determined according to the final issuance results. The original equity holder intends to participate in the strategic placement to subscribe for 40% of the fund share sale (subject to the final subscription ratio disclosed in the prospectus), in which 20% of the total fund share sale period is not less than 60 months from the date of listing, and the partial holding period exceeding 20% is not less than 36 months from the date of listing, and pledge is not allowed during the fund share holding period. The proportion of income distribution shall not be less than 90% of the annual available distribution amount of the merged fund, which shall be distributed at least once a year, but it may not be allocated if the Fund contract becomes effective for less than 6 months.

Up to now, the application and issuance of infrastructure public offering REITs is progressing smoothly, and fund manager Huaxia Fund Management Co., Ltd. And plan manager CITIC Securities Co., Ltd. have submitted application materials to China Securities Regulatory Commission and Shenzhen Stock Exchange. Finally, the establishment plan of infrastructure public offering REITs will be determined according to the examination and approval of the relevant regulatory bodies. The board of directors authorizes the managers to handle the REITs of the company and the infrastructure.

According to the announcement, Zhuoyuan Real Estate, the original owner of Dayue City Infrastructure Public offering REITs, set up a wholly-owned subsidiary Chengdu Boyue and Chengdu Rongyue Commercial Management Co., Ltd. (hereinafter referred to as "SPV"), and installed Chengdu Dayue City into Chengdu Boyue. Fund manager Huaxia Fund Management Co., Ltd. initiated the establishment of a public offering fund to raise funds from investors. Plan manager CITIC Securities Co., Ltd. as the special plan manager to set up a special asset support plan. Infrastructure public offering REITs subscription special plan all the share of asset-backed securities, become the holder of asset-backed securities. A special plan is to buy a 100% stake in SPV from Zhuoyuan property.

The special plan is to raise funds to increase capital for SPV and to issue shareholder loans to SPV. SPV acquired 100% stake in Chengdu Boyt held by Zhuoyuan Real Estate. SPV transferred the equity of Chengdu Boyatt to the special plan, and Chengdu Boyatt absorbed and merged SPV to undertake the debt of SPV for the special plan.

The transfer of state-owned property rights of SPV Company and Chengdu Boyatt involved in the infrastructure public offering REITs has been approved in principle by the State-owned assets Supervision and Administration Commission of the State Council. The infrastructure project invites Dayuecheng Commercial Operation Management (Tianjin) Co., Ltd. as the operation and management agency of the infrastructure project to be responsible for all kinds of operation and management work.

arcadejoystick| Joy City: It plans to use Chengdu Joy City as an asset to apply for the issuance of infrastructure public offering REITs