Research On The Application Of REITs In The Field Of Logistics Real Estate In China

In recent years,the sustainability of e-commerce has stimulated the market demand for logistics real estate.It’s relatively simple operation mode and rapid construction cycle make the industry become a hot investment field for enterprises.Compared with the gradually cooling real estate market,logistics real estate is unique,rapid and efficient development.From the perspective of spatial distribution of logistics real estate,the scale of logistics real estate in the Yangtze River Delta is far larger than other regions in the country,followed by Beijing Tianjin region,Lianghu region,Sichuan Chongqing region and the Pearl River Delta region.The development of logistics in the Yangtze River Delta also explains the reason why Jiangsu,Zhejiang and Shanghai are belong to the exemption from postage area.On the whole,although the total economic volume is rising,it still fails to make up the huge gap between the domestic logistics real estate industry and the developed countries.Compared with the previous wild growth,the lack of funds makes the domestic logistics real estate seem to have reached a bottleneck period.At this time,the application of REITs in logistics real estate can make investors know how to operate to broaden the logistics real estate Domain’s financing channels,and provide long-term financial support for the follow-up development,it can pave the way for the future public offering operation.This paper uses the theory of principal-agent,bankruptcy isolation and credit enhancement,through the financing analysis of China’s logistics real estate industry and the application of REITs in foreign countries,explores the transaction structure and operation mode suitable for China’s REITs products,and analyzes the existing value and problems of China’s logistics real estate REITs based on the application cases of Shunfeng logistics real estate REITs,with the analysis of the causes of the problems,the final conclusion is that the nonstandard credit rating will increase the risk brought by the REITs target assets;the lack of liquidity of REITs products will lead to the inability of ordinary investors to participate;incomplete information disclosure will make the pricing of REITs products fuzzy.Finally,according to the analysis of the case,the following suggestions are put forward: standardize the credit rating system,reasonably evaluate the credit quality of the target assets;accelerate the development of REITs’ public offering,broaden financing channels;strengthen the disclosure of REITs’ product information,and accelerate the construction of credit system.