Research On Risk Assessment And Prevention Of C-REITs Financing Mode

In recent years,Chinese REITs products have developed rapidly.In 2019,the type of property held has been expanded many times,and the asset type of basic assets has been added with a total of 24 REITs products issued.Infrastructure,as the basic support for the smooth operation of a country’s economy,can directly reflect the regional production and living standards.Expressway is the lifeblood of regional development,and the construction level of expressway has become an important indicator to measure the development level of a country and a region.Expressway needs more capital support because of the need of a large number of early investment capitals and the long period of capital return.The problems such as the enlarged gap of toll revenue and expenditure and the unreasonable structure of investment and financing are serious.In this case,it is necessary to introduce the Chinese REITs to expand the financing channels of expressway.The Chinese REITs can help the government to ease the pressure of lending to expressway projects,turning stock assets into flow,and plays a leading role in the transformation and upgrading of the economy.This paper makes an in-depth analysis of the first infrastructure Chinese REITs-"Zhonglian Fund-Zheshang Asset Management – Hu Hang yong Huihang Expressway Asset-Backed Plan".First of all,starting from the concept of REITs and C-REITs,combined with the development characteristics of foreign REITs and the comparative analysis of the differences of REITs models at home and abroad,this paper makes a comparative analysis,looks for the existing problems in the investment and financing of China’s expressway field.Then it introduces the case in detail,focusing on the basic information,transaction structure and credit enhancement methods of Huihang expressway C-REITs project.Through the prediction analysis and sensitivity analysis of the net cash flow of project operation,it calculates the cash flow coverage ratio of the project under normal and pressure conditions to determine whether the setting of the basic assets of the project is reasonable.At the same time,using the analytic hierarchy process,it builds the risk identification and risk index system of Huihang expressway C-REITs financing cases.Combined with the results of expert survey and scoring,the project risk assessment value and risk weight value are calculated.Credit risk,basic asset risk and liquidity risk are the top three risk factors faced by the project,which belong to the general risk level.Finally,in view of the major risk factors,this paper puts forward countermeasures and suggestions for risk prevention,hoping to provide some reference value for the establishment and operation of other infrastructure REITs projects in the future.