Research On The Circulation Mode Of Rural Homestead Under The Background Of New Urbanization

Housing system reform is an important part of China's economic system reform.Since the implementation of housing system reform in 1998,the real estate industry has developed rapidly.At the same time,the development of the real estate industry needs strong support from the financial industry.As a popular investment tool and product,real estate investment fund has relatively lower investment access threshold and risk than general real estate projects.At the same time,REITs products have better performance in liquidity and liquidity.In addition,REITs has greater advantages in the proportion of income distribution.REITs,because of its remarkable advantages,is increasingly accepted by investors,and has gradually become an investment product that can replace real estate assets.Therefore,the introduction of real estate investment trust fund will be of great significance to improve the real estate financial system and make it the only way to integrate the real estate industry with the financial industry.Since the advent of REITs,foreign scholars have made fruitful research results around REITs,while the research on REITs in China is not very rich either in theory or in practice.In this context,this paper reviews the development process of three major real estate trust and investment funds markets in Japan,Singapore and Hong Kong,China,and draws its successful experience in implementing REITs products.Secondly,36 REITs of different property types in Japan,Singapore and Hong Kong,China are selected to evaluate their performance level during the observation period by using data envelopment analysis(DEA)and Malmquist index.It is concluded that REITs of different property types have different performance in business performance.The research finds that:first,proper operation mode,preferential tax policy and perfect market supervision system are the main reasons for the successful implementation of REITs;secondly,REITs in Asia need to improve resource utilization and expand its scale appropriately;thirdly,comprehensive REITs have the best performance,while REITs with a single property type have better performance stability;fourthly,Japan,Singapore and Hong Kong,China.REITs products in the market have the problem of weak performance sustainability,and their market advantages and market competitiveness need to be improved.Fifth,technological progress has played a great role in improving the performance level of REITs.According to the research conclusion,we can draw lessons from the experience of promoting the landing of REITs in mainland China.First,we should adjust the resource utilization structure and improve business performance for the existing REITs-like products in China.Second,we should choose the appropriate investment strategy portfolio and innovative investment concepts and management modes when implementing REITs products in the future.The third is to overcome the problem of double taxation and promote preferential tax policies.The forth is to improve the legal system and enhance the ability of market supervision.