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Housing fund may invest in stocks
Source: Agencies/Shanghai Daily |
February 27, 2013, Wednesday
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Print Edition
Print Edition
CHINA plans to invest the public housing provident fund in the domestic stock market as part of efforts to channel more long-term funds into the capital market, the securities regulator said yesterday.
The China Securities Regulatory Commission said it has started preparing for the public housing fund to invest in stocks and will work with relevant departments to improve the management and investment of the fund. Currently, the fund is only allowed to invest in national debt and bank deposits.
At the end of 2011, the public housing provident fund amounted to 2.1 trillion yuan (US$337 billion), according to data from the Ministry of Housing and Urban-Rural Development.
The CSRC also said it will accelerate the opening-up of the Chinese mainland's capital market to attract more long-term funds. It will allocate 100 billion yuan investment quotas for Taiwan's investors seeking to invest in the mainland's financial markets under the Renminbi Qualified Foreign Institutional Investor scheme.
In addition, the CSRC said China may allow more firms to develop asset-backed securities businesses with the goal of boosting liquidity.
The regulator will lower its threshold for securities companies to undertake such businesses, the CSRC said on its website. Asset-backed securities could be based on accounts receivable, credit assets, bonds, stocks and commercial properties, it said.
The CSRC issued draft rules for the asset-backed securities business yesterday and asked for public feedback.
The CSRC will also allow more futures companies to open offices nationwide, according to a separate statement posted on its website. The regulator simplified the review and approval proceedings for the office openings, according to the statement.
The China Securities Regulatory Commission said it has started preparing for the public housing fund to invest in stocks and will work with relevant departments to improve the management and investment of the fund. Currently, the fund is only allowed to invest in national debt and bank deposits.
At the end of 2011, the public housing provident fund amounted to 2.1 trillion yuan (US$337 billion), according to data from the Ministry of Housing and Urban-Rural Development.
The CSRC also said it will accelerate the opening-up of the Chinese mainland's capital market to attract more long-term funds. It will allocate 100 billion yuan investment quotas for Taiwan's investors seeking to invest in the mainland's financial markets under the Renminbi Qualified Foreign Institutional Investor scheme.
In addition, the CSRC said China may allow more firms to develop asset-backed securities businesses with the goal of boosting liquidity.
The regulator will lower its threshold for securities companies to undertake such businesses, the CSRC said on its website. Asset-backed securities could be based on accounts receivable, credit assets, bonds, stocks and commercial properties, it said.
The CSRC issued draft rules for the asset-backed securities business yesterday and asked for public feedback.
The CSRC will also allow more futures companies to open offices nationwide, according to a separate statement posted on its website. The regulator simplified the review and approval proceedings for the office openings, according to the statement.
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