Research On Income-Producing Real Estate Sale And Leaseback

With the continuous development of real-estate market in recent years in our country, commercial real-estate market grows rapidly too, meanwhile, a new operating mode incorporating sale, finance and management of real estate comes into being and booms which is named Real Estate Sale and Leaseback (RESLB), in which a large property right is partitioned into many small pieces and sold to many buyers, then they all are leased back and managed as a whole. RESLB promotes the development of income-producing real estate, but many problems occurs yet, so it is worth studying very much.In this paper, RESLB is discussed from the view of leasing, financing, pricing and risk. Firstly, the concept of RESLB is set up and classified based on the theories relevant to lease and the practices at home and broad. The validity, rationality and attribute of RESLB as a financing method are analyzed subsequently, also its strength and weakness are recognized and then it is compared with other financing methods. After the particularity of real-estate price and the relations between selling and leasing prices of real estate are identified and the pricing motive, tactic of RESLB are discussed, then the pricing formula of RESLB is derived according to expectation theory, consequently the relation between pricing and financing is elucidated quantitatively. Finally, the operating risks and countermeasures are analyzed, also the prospect of RESLB developing in our country is drawn.