Chinese authorities will integrate separate investment quotas for foreign institutional investors as they continue to open up the market, starting Nov. 1.
The China Securities Regulatory Commission, People’s Bank of China and State Administration of Foreign Exchange set out Sept. 25 measures for the administration of domestic securities and futures investment by qualifying institutional investors. The new rules revise the country’s qualified foreign institutional investor program, launched in 2002 and the renminbi qualified foreign institutional investor program, launched in 2011. The two quotas, covering mainland stocks and bonds, were removed last year.
The revisions relax the qualification requirements and aim to facilitate investment by QFIIs and RQFIIs by streamlining application documents, and shortening and simplifying the review process by authorities.
The CSRC also published its provisions on issues concerning the implementation of the measures for the administration of domestic securities and futures investment by QFIIs and RQFIIs.
Other moves by authorities include expanding the asset types that QFIIs and RQFIIs may invest in to include private investment funds, financial futures, commodity futures and securities listed on the National Equities Exchange and Quotations market — an over-the-counter market for public securities that are not listed on the Shenzhen or Shanghai stock exchanges. These investors may also participate in securities lending and bond repurchase transactions.
Financial derivatives contracts and related trading models will be gradually relaxed for QFIIs and RQFIIs “in an orderly manner, which is to be announced by the CSRC upon agreement with the PBC and the SAFE,” an announcement said.
The authorities said supervision has also been enhanced.
“Going forward, the CSRC will stay committed to market liberalization and accelerate the two-way opening up of Chinese domestic capital markets at a higher level,” the announcement said.
VCIB and PNLT launch impact investment program to address Parkdale's housing crisis – GlobeNewswire
Toronto, ON, Oct. 26, 2020 (GLOBE NEWSWIRE) — Traditional Territories of multiple Indigenous Nations, including the Haudenosaunee and the Treaty Territory of the Mississaugas of the Credit/Toronto, ON – Vancity Community Investment Bank (VCIB), in partnership with Parkdale Neighbourhood Land Trust (PNLT), today announced a new financing solution to increase community access to affordable rental housing in Parkdale, Toronto. The first-of-its-kind Preserve and Protect Guarantee Program will support the Neighbourhood Land Trust (NLT) – PNLT’s charitable arm – to rapidly acquire at-risk affordable rental buildings in Parkdale, helping to fill a gap in existing funding for the preservation of affordable housing.
“Affordable rentals provide crucial housing for our communities. Yet over the past decade, Parkdale has lost 28 rooming houses to gentrification and renoviction, displacing hundreds of renters – many of whom have now been pushed into homelessness – and disproportionately impacting BIPOC people and working class residents,” said Joshua Barndt, Executive Director of Parkdale Neighbourhood Land Trust.
“The new Preserve and Protect Program is a solution to this problem as we fight for a just recovery,” Joshua Barndt continued. “It will allow the Neighbourhood Land Trust to respond quickly to acquire at-risk properties that are put up for sale, protecting our supply of affordable rental housing and tackling Toronto’s affordability crisis head-on.”
To date, over $4 million has been committed from five investors, with the Atkinson, Metcalf, ECHO and Fairmount Foundations providing the anchor investments to kickstart the Preserve and Protect Program – and progress is already being made. The NLT is currently monitoring 59 at-risk rental properties in Parkdale, with the objective of protecting over 40 units of affordable rental housing in the first round of the program. This initiative builds on the success of the NLT’s Rooming House Acquisition Pilot Project in 2019, which saw the preservation of a 15-unit building as permanently affordable housing and involved financing from VCIB.
“We’re inspired to see impact investors across sectors coming together to support an innovative solution that addresses the affordability crisis and helps facilitate an inclusive recovery for all,” said Jay-Ann Gilfoy, CEO of VCIB. “Following VCIB’s support for PNLT’s first acquisition in 2019, we’re pleased to now be able to co-develop a program that allows them to replicate that success and secure as many homes as possible, as quickly as possible.”
Colette Murphy, CEO of the Atkinson Foundation, said: “The Atkinson Foundation’s commitment to the residents of Parkdale goes back four decades. In recent years, we’ve backed the efforts of the Parkdale Activity Recreation Centre and the Parkdale People’s Economy project to enact their exciting vision for equitable local economic development that centres on residents’ well being. As an anchor investor in the Preserve and Protect Program, we can see how our support for the Neighbourhood Land Trust and VCIB will preserve affordable rental housing in Parkdale in perpetuity. That’s an outstanding return on investment!”
As Canada’s first and only values-driven bank, VCIB is committed to driving positive social and environmental change within the communities in which it operates. The Preserve and Protect Guarantee Program signals the bank’s ongoing commitment to use the tools of finance to create innovative, long-lasting solutions to address Toronto’s housing crisis.
The Preserve & Protect Program remains open to additional investment, with a first close scheduled for December this year. Under the Program, VCIB will hold funds from investing organizations in a VCIB Impact GIC that will be used to guarantee a loan to the NLT for the acquisition of at-risk properties.
About Vancity Community Investment Bank (VCIB)
VCIB is an Ontario-based schedule 1 federally chartered bank and a subsidiary of Vancouver City Savings Credit Union (Vancity). As Canada’s first values-driven bank, VCIB partners exclusively with organizations that drive social, economic, and environmental change. The bank is committed to connecting these visionary enterprises with financial solutions that allow them to create, grow, and foster change. VCIB’s primary focus is lending for social purpose real estate (affordable housing, co-op housing, co-working spaces, green and heritage buildings), as well as meeting the needs of non-profit organizations, foundations, and social enterprises. For more information, visit vcib.ca, tweet us at @BankVancity and connect with us at Facebook.com/BankVancity.
About Parkdale Neighbourhood Land Trust
Parkdale Neighbourhood Land Trust (PNLT) is a community land trust in Parkdale led by a group of residents and organizations trying to protect the social, cultural and economic diversity of Parkdale by redefining how land is used and developed. The Neighbourhood Land Trust is the charitable arm of the PNLT. Through the community land trust model, PNLT and NLT will acquire land and use it to meet the needs of Parkdale by leasing it to non-profit charitable partners who can provide affordable housing, supportive housing and community economic development.
About Atkinson Foundation The Atkinson Foundation is a Canadian charitable foundation committed to social and economic justice. We are part of a global movement that believes income, wealth and democractic inequality are not inevitable. As a grantmaker, investor and advocate, we work alongside community organizers, workers, policy innovators and investors who are creating more decent work and a fair economy.
City Launches Investment Map To Show Where Money Is Being Spent – windsoriteDOTca News
The new tool shares information on projects ranging from neighbourhood sidewalk improvements to master plans that impact the entire city, and all of it is conveniently mapped out so users can see exactly where the investment is located.
“We take great pride in the number and variety of investments undertaken in our community each year,” said Windsor Mayor Drew Dilkens. “This web portal and the mapping you see are our latest efforts to provide information on many of those investments. And while these are by no means all of the investments laid out in the City’s annual capital budget or all of the assets funded, we hope you’ll find it an easy way to explore some of the great work being done in our community.”
Key investment categories targeted for the launch of the new mapping tool include parks, facilities, art, culture and sidewalks. With just a few clicks, users can search the entire city or zoom in on their neighbourhood. Filters can be applied to focus on specific categories, or the map can be viewed without filters to include the entire investment picture.
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Canada makes largest federal investment in Tecumseh's history to protect the Town from future flooding – Canada NewsWire
TECUMSEH, ON, Oct. 26, 2020 /CNW/ – The safety and well-being of Canadians remains the Government of Canada’s top priority as the COVID-19 pandemic continues. The federal government is taking decisive action to support families, businesses and communities, and continues to look ahead to see what more can be done. Investing in infrastructure to create jobs and strengthen local economies is a key part of these initiatives.
In recent years, the communities of Tecumseh and Windsor experienced catastrophic storms that caused significant flood damage to local residences and businesses. Now more than ever, communities need help adapting to these intensifying weather events caused by climate change.
Today, Irek Kusmierczyk, Parliamentary Secretary to the Minister of Employment, Workforce Development and Disability Inclusion and Member of Parliament for Windsor−Tecumseh, on behalf of the Honourable Catherine McKenna, Minister of Infrastructure and Communities, and his Worship Gary McNamara, Mayor for the Town of Tecumseh, announced significant funding to reduce the impact of severe storms and flooding in the Town of Tecumseh.
The Government of Canada is investing $10.7 million in this flood resiliency project through the Disaster Mitigation and Adaptation Fund (DMAF). This is the single largest federal investment in Tecumseh’s history. The Town is also contributing more than $16 million to complete the project.
The work involves the construction of and improvements to four infrastructure assets: decommissioning of the St. Mark’s Pump Station; construction of a new consolidated Scully and St. Mark’s Pump Station; improvements to the PJ Cecile Pump Station and; improvements to the storm sewers at two locations to move storm water runoff to the consolidated Scully and St. Mark’s pump station.
This investment is just one of many regional flood-related projects recently funded by the Government of Canada, including a historic $32,090,691 investment in flood mitigation for Windsor in 2019.
“On my very first day as MP for Windsor–Tecumseh, I met with Mayor McNamara to discuss key priorities for the Town of Tecumseh. With severe weather events on the rise, funding from the Disaster Mitigation and Adaptation Fund was outlined as a critical need. I am proud of the terrific collaboration between our federal government and the Town to deliver this important investment for the residents of Tecumseh. Once complete, the Tecumseh flood resiliency project will protect residences and businesses from the severe effects of flooding.”
Irek Kusmierczyk, Parliamentary Secretary to the Minister of Employment, Workforce Development and Disability Inclusion and Member of Parliament for Windsor−Tecumseh, on behalf of the Honourable Catherine McKenna, Minister of Infrastructure and Communities
“Flooding continues to be the most frequent and costly natural disaster in Canada. By investing in infrastructure, the Government of Canada is helping communities, like the Town of Tecumseh, increase their resiliency. The DMAF helps protect Canadians by reducing the risk of climate change and the long-term costs associated with replacing infrastructure following natural disasters.”
The Honourable Bill Blair, Minister of Public Safety and Emergency Preparedness
“My Council colleagues and I have heard from residents that more needs to be done to protect them from flooding and flood mitigation is a vital priority for our Council. This funding will assist in building our town’s resiliency and keeping our community and its residents safe.”
His Worship Gary McNamara, Mayor of the Town of Tecumseh
- Windsor and Tecumseh have received over $50 Million to fund 16 projects related to flooding and wastewater.
- The Disaster Mitigation and Adaptation Fund (DMAF) is a $2-billion, 10-year program to help communities build the infrastructure they need to better withstand natural hazards such as floods, wildfires, earthquakes and droughts.
- To date, more than $1.7 billion has been announced through DMAF for 60 large-scale infrastructure projects that will help protect communities across the country from the threats of climate change.
- DMAF is part of the federal government’s Investing in Canada plan, which is providing more than $180 billion over 12 years for public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and rural and northern communities.
- To support Canadians and communities during the COVID-19 pandemic, a new stream has been added to the over $33-billion Investing in Canada Infrastructure Program to help fund pandemic-resilient infrastructure. Existing program streams have also been adapted to include more eligible project categories.
- The COVID-19 Resilience Stream will help other orders of governments whose finances have been significantly impacted by the pandemic by increasing the federal cost share for public infrastructure projects.
- The Canada Healthy Communities Initiative will provide up to $31 million in existing federal funding to support communities as they deploy innovative new ways to adapt spaces and services to respond to immediate and ongoing needs arising from COVID-19 over the next two years.
Disaster Mitigation and Adaptation Fund
Disaster Mitigation and Adaptation Fund projects in Ontario
Investing in COVID-19 Community Resilience
Investing in Canada: Canada’s Long-Term Infrastructure Plan
Investing in Canada plan project map
SOURCE Infrastructure Canada
For further information: Contacts: Chantalle Aubertin, Press Secretary, Office of the Minister of Infrastructure and Communities, 613-949-1759, [email protected]; Lesley Reeves, Manager Strategic Initiatives, Town of Tecumseh, 519-735-2184 ext 150, [email protected]; Media Relations: Infrastructure Canada, 613-960-9251, Toll free: 1-877-250-7154, [email protected]
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