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The author:(作者)qq
published in(发表于) 2014/7/9 2:43:14
National development and Reform Commission： more than 70% rail development fund shall be treated as capital projects

Funds may not be used for security, futures trading, derivatives and other high-risk areas, temporary spare funds may be deposited in the Bank

Staff writer, Beijing, July 8 (reporter Lu Yanan)-formulated by the State development and Reform Commission, jointly with the Ministry of finance, Ministry of transport and the railway development fund regulation, released a few days ago. The methods for railway development for the first time fund raising, distribution rights and withdrawal mechanism definition and description. Investor representative will serve as the Government of China Railway Corporation, as well as railway development fund sponsors, attracting investors who jointly initiated the establishment of China's railway development fund company limited. Fund duration 15-20 years of railway development, not less than the total funds 70% money will be spent on railway projects approved by the national capital, with the rest invested land development and management projects, and improve the overall investment returns.

Railway development funds should follow the rules of market economy, attracting investment, expanding the sources of capital for railway construction, and implementation of the national strategic intent, around the national development plan objectives, primarily State-approved projects.

The methods stipulate the China Railway Corp, social rights and obligations of investors. China Railway Corporation will manage the Fund, social investors steady reasonable return as agreed. Social investors as shareholders, not directly involved in rail operation and management of the Development Fund. Central Government funds go to rail development fund, credited China's national railway company capital sources including railway construction fund, the central budget for investment, tax on vehicle purchases.

The methods identified Railway Development Fund of fund raising. Chinese railway development fund company limited can be used through a capital increase or the establishment of the Fund, such as raising funds, limited partnership, including the establishment of the Fund. Fund companies can issue the term not exceeding one year bonds or bank loans and other ways to raise money to cover liquidity gap due to daily operations. Fund company first issued shares, capital increase and share all at par value shares outstanding.

Of particular note is that the regulations, railway development funds shall not be used for security, futures trading, derivatives and other high-risk areas, temporarily unused funds can be deposited in banks in the form of deposits and the interbank market.

In terms of income distribution, China railway company to ensure community access to stable and reasonable returns on investment, specifically raising returns in accordance with the market conditions at the time, determined in consultation with social investors. Social investment under the contract to receive stable and reasonable returns on investment, no longer involved in the distribution of the remaining profits. Fund's return on investment for the shareholders dividends after tax. Fund companies own distributable income for the current period is not sufficient to pay for social investors agreed to return, China railway company and make up for Fund firms; topped community after investors agreed to return in excess today to compensate the railway company to take up part, the rest is reserved for Chinese railway company for railway development fund new capital, liquidation, turned over to the State Treasury.

The approach also provides that railway development fund during their existence, China Railway Corporation shall not renounce social investor funding in place can be legally transferred a year later.

(Original title: more than 70% funds into the railway project)

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