Research On Product Structure And Operation Mode Of Real Estate Investment Trust

Since the reform and opening up,the real estate industry has flourished and has become a pillar industry of our economy.The long-term expansion of the scale has made the real estate industry enter the current over surplus situation.How to reduce real estate inventory become a major problem that the real estate industry is facing.Throughout the international market,the application of real estate investment trusts(REITs)provides a new idea to improve the liquidity of the real estate industry.The introduction of the development of REITs in the mainland market will help to promote the real estate market more mature,improve the function of the finance market,and improve the utilization rate of social capital.At present,there is still a certain gap between REITs products issued in China's mainland and other markets,which requires us to continuously improve the product structure of REITs by referring to mature products.In this paper,through literatureresearch and case analysis,to the brief introduction of the concept of REITs,and analyzes the features of different structure REITs have,REITs are classified,according to the organizational structure REITs type can be divided into corporate REITs and compact REITs,according to the investment way on REITs type can be divided into equity REITs and mortgage REITs and hybrid REITs,according to the way of raising REITs type can be divided into public offering REITs and private equity REITs.After that,this paper briefly describes the development process of REITs in the international market,and concludes that mature real estate market,sufficient capital supply and policy support are necessary conditions for the development of REITs.After entering the 21st century,gradually began to study of REITs in our country,especially in some Asian market develops its own REITs products,our country started from the policy level,promote the development of REITs period must have some twists and turns,in 2014 our country issued the first REITs products,REITs after growing,there are 32 different types of REITs successful listing.This paper selects the first standard REITs,Yuexiu REITs invested in China's mainland market as the case for analysis,hoping to get enlightenment from the analysis process to help the development of China's mainland market REITs.The REITs and listed in Hong Kong in 2005 has stable operating more than ten years,from the point of issue background,Yuexiu REITs issue when the company is in the capital structure adjustment,the market capital supply is adequate,with many real estate enterprises face at present stage in our country is similar.In terms of the structure of trade,Yuexiu REITs use compact type of public offering fund structure,by setting up special purpose vehicle indirectly holds the ownership of the property,by operating property rental income and paying dividends to investors,involved in the deal structure including and manager,trustee and custodian and lease the multiple principal-agent relationship between agents and property consultants,is the strength of the product also bring the product a principal-agent risk.Yuexiu REITs by issuing new fund share to realize scale expansion,use to raise funds to acquire special purpose vehicle to achieve investment in the property assets held by the special purpose vehicle,Yuexiu REITs since there are eight property.Later in this paper,the Yuexiu REITs are summarized,think Yuexiu REITs have excellent organizational structure,low operation cost,low investment target diversification,the advantages of low correlation with other financial products,at the same time with multiple principal-agent risk high,affected by the important related party and policies have a higher risk of problems.Later in this article,through the empirical analysis method,we examine the factors affecting Yuexiu REITs investment,prove Yuexiu REITs higher capital gains income and financial market relevance,relevance and dividend income and financial market is low,investors to invest in Yuexiu REITs capital gains revenues,need to consider the Yuexiu REITs fund share market price of systemic risk,if the investors to get Yuexiu REITs distributing dividends as the main investment objectives,the overall investment risk is low.Finally,this article summarizes the inspiration of Yuexiu REITs to the REITs products in the mainland market of China.It is considered that the REITs in the mainland of China is faced with the problems of imperfect legal system,poor product structure and higher tax burden,and in view of these problems,it puts forward the improvement of the external legal environment,the setting of tax incentives,and the encouragement of financial institutions.Related business development and training of relevant talents will help REITs development.