| As the first long-term rental apartment like-REITs in China,the successful issuance of China Young Professionals Apartments like-REITs marks further innovation in the field of real estate securitization in China.This not only provides a new business operation mode for “all-brand leasing operations + REITs exit” for various types of rental housing companies in China,but also broadens the scope of basic assets of domestic like-REITs products and enriches investment in China’s capital market.Firstly,based on the specific product structure of China’s long-rent apartment likeREITs,this paper uses REITs investment risk analysis theory to identify the investment risks of China Young Professionals Apartments like-REITs,and summarizes the main investment risks of China Young Professionals Apartments like-REITs.The analysis found that China Young Professionals Apartments like-REITs products have two prominent problems: the weak equity attributes and the high concentration of the underlying assets.Then based on the theoretical analysis of the long-rent apartment like-REITs investment risk identification and the specific situation of the China Young Professionals Apartments like-REITs,the investment risk assessment of China Young Professionals Apartments like-REITs is carried out.The risk assessment analysis of the operating income of the underlying assets found that the change in the rental growth rate had a greater impact on the average of the duration of the cash flow coverage multiples compared to the occupancy rate.At the same time,it is found that the new apartment apartment REITs have a certain degree of rental income shortage risk;the priority securities issuance rate is lower than the average level of the apartment sector and there is interest rate risk;if the underlying property price drops sharply,the equity holders will suffer risk loss..Finally,based on the investment risk analysis of long-rent apartment like-REITs with the case study of China Young Professionals Apartments like-REITs,the paper gives investment advice for long-rent apartment like-REITs from the perspective of priority securities investors and equity securities investors,based on investors.Investing in long-rent apartment-type REITs concerns,from the perspective of investors to give advice on the construction of long-rent apartment REITs market. |
