The Case Analysis Of The Like-kind REITs Operation Of Sf Industrial Park

As a bridge connecting the Real Estate industry and the financial industry,Real Estate Investment Trusts(REITs)have been fully developed in the United States and other developed countries or regions.In recent years,as China's real estate industry changes from the incremental era to the inventory era,the operation and management of the inventory real estate become increasingly important.Such an environment promotes the root and germination of REITs in China and their vigorous development.In addition,the continued control policy in real estate industry background and the deleveraging regulatory background,real estate enterprise financing a single,high asset-liability ratio problem dragged on,with the real estate enterprise assets operation,closely rely on bank loans,more related to its lack of financing means,and through reasonable use way of REITs financing,broaden the financing channels for real estate enterprises,light capitalization operation and reduce the asset-liability ratio is of great significance.Moreover,vigorously promoting the development of REITs in China is of great benefit to the sound development of China's real estate industry and financial industry as well as the construction of China's multi-level capital market.In this paper,the concept,types,characteristics and related theories of REITs,such as cash flow theory and credit enhancement theory,are briefly introduced by means of literature research method and case analysis method,etc.,and the development status quo and development dilemma of REITs in China are briefly reviewed.On this basis,the case study of sf industrial park REITs is introduced.Firstly,it introduces the basic situation of the case,including the design and issuance of the important participants,the underlying assets,the transaction structure and the asset-backed securities,etc.Secondly,it further analyzes the case,mainly from the aspects of project motivation,transaction structure design,credit enhancement mechanism,capital withdrawal and related risks.Through the analysis,it is believed that under the encouragement of the policy environment and based on the need of revitalizing its existing assets,sf holding adopted the financing method of REITs to achieve the objectives of revitalizing its existing assets and asset-light operation,and increased a large amount of working capital,which is conducive to the expansion of the business layout of the enterprise.Therefore,it is worthy of reference for similar enterprises.Finally,in view of thedifficulties faced by the development of REITs in China,such as the imperfect laws and regulations,the lack of tax incentives,etc.,relevant Suggestions are put forward.