Risk Assessment And Empirical Study Of Real Estate Investment Trust Fund

Since the beginning of the 21st century,China's economy is developing fast,however,the development of capital market has not been in sync.The capital market is facing the problem about the structure of risk,while some investors facing the problem about lack of investment channel.Real Estate Investment Trust,or REITs,is a securitized Real Estate Investment product,it also is a liquid asset.With the development of China's financial market,REITs in China is developing rapidly in recent years,it not only broadens the financing channels for real estate industry,but also provides more investment channels for investors.Compared with some other coutries,Chinese REITs started late and it is still immature.So it is very important for both investors and capital markets to clearly understand the risk value of REITs and the importance of its effective risk management.Therefore,this paper established a risk measurement model for REITs risk assessment.This paper selected 7 Hong Kong REITs,the peng hua qian hai vanke and huaxia Shanghai 50 etf and hua an Shanghai 180 etf to use VaR-Garch model to do the empirical research.The analysis results show that the investment risk of sunshine real estate fund is the smallest,and the lingzhan real estate fund is second,and the yuexiu real estate trust fund ranks third.The risk of Peng hua qianhai vanke is the biggest.Hua'an Shanghai 180ETF and huaxia Shanghai Shanghai 50ETF as the index fund of the mainland financial market,the risk is low,the performance is stable.VaR-GARCH model can effectively predict the actual risk of funds and provide effective reference for investors and capital markets.In addition,this paper analyzed why the REITs suffer risks,and provide some suggestions for investors to avoid the risk.