The Case Analysis Of Investment Operation Of Penghua Qianhai Wanke Real Estate Investment Trusts

By the end of 2016,there are more than 800 REITs in the global market,more than 36 countries or areas with REITs,and the global market for REITs have exceeded $ 1.7 trillion.Financial innovation related to REITs continue to advance.Real estate investment trusts is an important bridge in connecting the real estate industry and the financial industry.In today’s real estate industry regulation and control,bank lending amd bond issuance difficulties hinder the real estate business financing,and real estate investment trusts is a financing channel by which policy encourage enterprise.Real estate investment trusts(REITs)is important in China’s sound multi-level capital market exploration.The country is countinuing financial innovation and reform as Shenzhen Qianhai as a pilot.With the national plan and related departments support,Penghua Fund and Wanke in 2015 cooperate to promote China’s first public offering REITs listed.This paper,from foreign and domestic two aspects,firstly introduces the market scale and quantity of REITs,the laws and regulations of REITs,the arrangement of tax system,the successful experience of REITs in the world’s major countries or regions,and then introduces the exploration of domestic REITs,which introduce the case of Penghua Qianhai Wanke REITs.It introduces the participation subject,basic assets and investment operation process of Penghua Qianhai Wanke REITs.Then,by the combination of quantitative and qualitative methods,it analyzes from the mode of operation,asset allocation,investment income,leveraged investment,risk control five aspects of investment operation.According to the analysis,it summarizes the characteristics and shortcomings of investment operation of Penghua Qianhai Wanke REITs.The characteristics are the asset securitization of PPP(Public-Private-Partnership)and the low investment gate.The shortcomings are fund equity distribution structure to be improved,high performance comparison benchmark,facial shares instead of real debt,the uncertain mode of equity investment,unreasonable property asset allocation.According to the characteristics and shortcomings,based on investment operation of Penghua Qianhai Wanke REITs it proposes decentralizing asset allocation,strengthening information disclosure,establishing and improving laws and regulations,establishing and improving REITs regulatory system and self-discipline system,introducing high quality property assets into REITs market,cultivating professional and compound talents,and promoting multi-party funds to invest in REITs.