| The continuous advancement of urbanization and high housing prices have stimulated residents' demand for rental housing.However,the traditional housing rental model is difficult to meet the demand for high-quality,high-quality housing.Long-term rental apartments with high housing quality and comfort,clear The price tag,specialized operation and quality service are better suited to meet the high quality demand of the renter and become an emerging industry.However,long-term rental apartments face bottlenecks such as narrow financing channels and high financing costs.As an important financing method for long-term rental apartments,real estate investment trusts have become the implementation of rental and sales,and the innovation of multi-channel development model is being piloted.Based on the analysis of the status quo and dilemma of REITs in long-term rental apartments at home and abroad,this study compares the financing path of long-term rental apartments and validates long-term rents by analyzing the case of REITs in Xuhui.The feasibility path of apartment operator financing,combined with the current environment and the future development of long-term rental apartments,builds a REITs model for long-rent apartments suitable for China's development,proposes a standardized development path for REITs in China,and provides long-rent apartment operators in China.Develop ideas to better meet the rental needs of residents in the new era.The study found that:(1)strong consumer demand,the dividend of the national housing supply side reform,the wide participation of investors is rental apartments,but financial services supply is still insufficient,and financing platform risks are extremely high.The land limits the sustainable development of long-term rental apartments;(2)REITs in US long-rent apartments have stable returns,high liquidity,which have good reference for long-term apartment financing in China(3)The REITs of long-rent apartments in China should adopt the following mode: the selection of the underlying assets should focus on long-term,high-rent,high-return,long-term,centralized,heavy-asset apartments,and contractual REITs.The mode selects the internal and external combination mode,and adopts dual SPV structure + credit enhancement arrangement on the transaction structure,and adopts private placement and listing transaction in the recruitment mode;the long-rent apartment operators of different categories adopting equity-type REITs in the investment scope should combine their own situation and environment.Build products that match your own REITs with appropriate adjustments.(4)The REITs of Xuhui's apartment are the first long-rent apartment storage equity type REIT in China.The double-transaction structure of “special asset management plan + contractual private equity fund” realizes the equity of the target asset holder project company.The acquisition and debt investment fully separate the underlying assets from the original equity holders,do not rely on the strong subject,completely detached from the subject credit,enriched the real estate securitization model,and strongly supported the housing leasing institutions to institutionalize,brand,and marketize.development of.All parties work together to effectively examination and approval,and innovative financing channels reduce the cost of capital.The exit mechanism reserves the interface for the listing of publicly-recognized REITs.The innovation of the underlying assets is the main factor for its success.The quality of the portfolio is affected by fluctuations in the rental income of the property,the risk of the industry is large,and ordinary investors cannot participate.(5)In order to promote the sustainable development of REITs in long-term rental apartments,it is necessary to formulate and introduce legal and regulatory systems for REITs,improve the REITs tax policies and subsidies for long-term rental apartments,and strengthen long-term rental real estate.Investment trust fund credit rating construction,training a group of long-term apartment real estate investment trust professionals,and strengthening the risk assessment of long-term apartment real estate investment trusts and other measures. |
