| In recent years,the scale of online retail in China has been expanding,faster than the total retail sales of consumer goods.In 2019,online retail sales reached 1,0632.4 billion yuan,an increase of 16.5 percent over the previous year and 8.5 percentage points higher than the growth rate of total retail sales of consumer goods.In fact,as early as 2015,the national online retail sales(3808.5 billion yuan)have covered the added value of the total retail sales of social consumer goods(2903.4 billion yuan).This reflects an important signal: online retail sales can easily meet the total amount of new retail sales of social consumer goods.In this situation,it is worth thinking whether there is still room for increment in traditional retailing? The answer is self-evident,online retail has a huge impact on traditional retail.According to statistics,in 2019,the vacancy rate of retail properties in many cities in China exceeded the warning line of 6%.In particular,the commercial vacancy volume in the third tier cities is 10.892 million square meters,vacancy rates are as high as 28%.The traditional retail business model of seizing market share by expanding offline stores has been broken down.Few customers go to stores,choosing instead to shop online.Due to the high rent of stores and high labor costs,the traditional retail industry is trapped in the double dilemma of bottleneck of revenue growth and overcapacity,forming a large number of store assets precipitation,it is urgent to realize "asset light transformation".In 2016,the pilot work of REITs was included in the “Thirteenth Five-Year Plan” plan outline,REITs was regarded as an important channel to encourage real estate enterprises to transform into the mode of "asset-light operation" for the first time.In April 2018,the China Securities Regulatory Commission and Ministry of housing and Urban-Rural Development jointly issued the "Notice on Promoting the Securitization of Housing Lease Assets"(CSRC issue [2018] No.30),and REITs have ushered in the development window period.As of 2019,China has issued 48 REITs products,with a total amount of RMB 140.281 billion,and REITs has entered the fast lane of development.The REITs have the advantages of livening enterprise assets and realizing financing.As the domestic REITs market began to take shape,China's first commercial property private fund supported by commercial property rent,CITIC Huaxia Suning Commerce Asset-backed Securities(referred to as "Suning Commerce REITs")came into being.Firstly,this article summarizes the scale,quantity,laws and regulations,tax system arrangement of REITs market in major countries or regions in the world from both foreign and domestic perspectives;and introduces the representative case of asset-light transformation of China's retail industry after exploring the main policies and current situation of the domestic REITs market,The case introduces the basic situation,participants and basic assets of Suning Commerce REITs.Secondly,through the comprehensive application of quantitative and qualitative methods,this paper makes a detailed analysis from four aspects: motivation analysis,operation mode,risk control and transformation effect.The main characteristics of the REITs operation mode of Suning Commerce,there are five major transaction structure characteristics such as enhancing the stability of earnings with high-quality targets,increasing credit through the structural design,reasonably avoiding tax with the combination of stock and debt,avoiding risks with dual SPV,and obtaining long-term operation right through after-sale leaseback.Finally,based on the case of REITs of Suning Commerce,this article starts thinking and puts forward two major pain points such as the low rental return rate and heavy tax burden level in the domestic REITs market combining with the current operating environment and market situation,and puts forward specific suggestions in terms of tax incentive policies,special legislation,and encouraging the promotion of closed contract industrial fund models.this article attempts to provide operational experience and basic paradigm for Chinese companies to realize the asset-light transformation by using REITs. |
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