Research On The Application Of REITs In Long-term Rental Apartments In China

Looking at the development process of China’s economy from a global perspective,China’s real estate market is gradually moving from the era of incremental housing to the era of stocking housing.The 19 th National Congress of the Communist Party of China,based on the development characteristics of our country’s economy and society at the current stage,advocates the establishment of a housing system with both rent and purchase,emphasizes the residential rather than speculative nature of houses,and lays the policy keynote of "houses are for living rather than speculation".If the real estate market and the national economy are to develop in a healthy and high-quality direction,it is necessary to revitalize the properties currently in stock for sale as soon as possible,and long-term rental apartments provide a solution for this,which has become a trend in the transformation of real estate enterprises.However,there are many obstacles to the development of the long-term rental apartment industry,such as unblocked financing channels and low profit level,and the alleviation of these obstacles can be realized by applying REITs to the long-term rental apartment industry.On October 23,2017,the first state-owned rental housing REITs—— in China with a storage-type distribution structure-"Zhonglian Qianhai Kaiyuan-Poly Real Estate Rental Housing No.1 Asset Support Special Plan" was approved.On the evening of March 13,2018,Poly announced its official release.This has played a positive demonstration effect on speeding up the construction of the long-term rental apartment market in China and issuing REITs products.Therefore,the article takes Poly Rental REITs as a case study,based on summarizing the current development of domestic long-term rental apartment REITs,to study its operation characteristics,application effects and shortcomings,hoping to contribute some experiences and lessons to the design and launch of subsequent related products.The article is mainly divided into five parts: The first part is the introduction,which is mainly about the research background,research significance,research status at home and abroad,research content and research methods of the article;The second part briefly combs the definition,classification,advantages and disadvantages of long-termrental apartments and REITs,and analyzes the applicability of long-term rental apartments REITs from four aspects: feasibility,significance,existing problems and application.The third part briefly introduces the basic situation of Poly Real Estate and Poly Leasing REITs products.The fourth part focuses on the analysis of the operating characteristics,application effects and deficiencies of Poly Leasing REITs,and makes a brief summary of the case.The fifth part summarizes the content of the article and puts forward reasonable suggestions from four aspects: policies and regulations,relevant markets,enterprises themselves and investors.