Research On The Value Evaluation Of REITs In Shenzhen Venture Capital Talents

China's real estate industry has difficult financing problems.Real estate companies are facing dilemmas such as the strengthening of government macro-control,the lack of financing channels,and the risk of mismatched financing terms.As a result,the traditional development model of the real estate industry is no longler applicable.The emergence of REITs provides the possibility for real estate companies to achieve asset-light development.Since the release of China's first private equity REITs in 2014,the REITs market has begun a rapid growth phase.REITs not only solve the financing problems of many real estate companies,but also bring high-quality investment products to the financial market.The value of REITs has also become a concern for both issuers and investors.This article takes REITs value evaluation as the research direction,introduces the value sources of REITs,the purpose of value evaluation and common REITs valuation methods.This article takes the “Shenzhen Venture Capital Anju Group Talent Rental Housing Phase I Asset Support Special Plan” as the case analysis object,the product characteristics and possible risks are described.And based on the operating cash flow discount method,the valuation model of the REITs was constructed,and the value of deep venture capital talents living in REITs was calculated.In addition,this paper also separately examines the multiples of the coverage of the REITs' distributable income on the expected return of priority asset-backed securities,the expected return of priority and intermediate-level asset-backed securities,and the results show that the divestment talents of Shenzhen Venture Capital have better ability to pay dividends and lower investment risk.Finally,this article summarizes and looks forward to the findings of the case study,pointing out that in order to improve the credit rating of asset-backed securities,REITs of Shenzhen Venture Capital has established a series of credit enhancement measures.The original equity holder Anju Group acted as the priority acquisition right holder and the balance top-up obligor,indicating that part of the income of REITs investors may come from the original equity holder rather than the cash flow generated by the underlying property.The core characteristics of REITs are the issuance of asset-backed securities based on the stable cash flow generated by high-quality real estate assets.The design of credit enhancement measures conflicts with the core characteristics of REITs to a certain extent.