Analysis On Real Estate Investment Trusts Securitization Assets Value Evaluation

The successful practice of REITs in many countries in the world shows that REITs are financial products that integrate investment tools and real estate financing tools.As China's financial market and real estate market continue to advance,research on REITs related theories and practical cases are of great significance to the development of REITs.Based on the relevant theories of REITs and asset securitization,a systematic analysis was made of the asset pool quality,and assets pool value of the “Changjiang Chuyue-Zhongbai First phase”.The Monte Carlo simulation method was used to predict the future cash flow of the asset pool of the “Changjiang Chuyue-Zhongbai First phase”,and then the capitalization rate was obtained through the CAPM model and the future cash flow of the asset pool was discounted.The value of the asset pool was obtained,and on the basis of the asset pool value,a stress test was performed on the interest repayment multiple of the priority asset-backed securities of the “Changjiang Chuyue-Zhongbai First phase”.According to the case study of REITs for the“Changjiang Chuyue-Zhongbai First phase”,the issuer found that the issuer achieved a private equity amount through the " Private investment funds+ special asset support plan" contract-based approach to achieve a qualified investor through the trust plan.The method of issuance has made the object of financing no longer limited to a small part of private equity investors,expanded the scope of financing.In addition,through forecasting the cash flow of the asset pool,this article al ows investors of the REITs project to understand the future cash flow of the asset pool,so that investors can better grasp the potential business conditions of the investment target,and the future cash flow in the asset pool.Based on the forecast,the value of the asset pool is evaluated.The evaluation result of the asset pool value helps to determine the fund raising scale of the REITs project.The final part of the case analysis of this paper quantitatively analyzes the priority securities principal and interest guarantee level through stress tests.Quantitative analysis of the solvency risk of priority securities.At the end of the article,according to the research conclusions of the case study of the “Changjiang Chuyue-Zhongbai First phase” REITs,the paper proposes corresponding suggestions for the future development of REITs.