The Case Study Of Wanxin Media Real Estate Investment Trusts

Real Estate Investment Trusts have developed rapidly in the world.Under the environment that China's relevant regulations and tax system for REITs have not been perfected,China has established a number of "REITs-like" on the basis of standardized REITs.However,because of the shortage and problems of REITs-like products,the development of standardized public offering REITs is the future trend and an important measure to realize the strategic transformation of light assets,the transformation of real estate financing mode and the diversification of investment varieties of Chinese enterprises.Based on the combination of theory and practice,this paper introduces the development of REITs at home and abroad,contrasts the similarities and differences of REITs products at home and abroad,combines the in-depth research and analysis of the case of Anhui Wanxin Media REITs,puts forward the deficiencies of China's REITs development,gives suggestions on the development of REITs and looks forward to the future development direction of REITs.First of all,combing the relevant research literature of REITs at home and abroad,summarizing the research status at home and abroad from REITs mode,law,taxation and other aspects,laying the foundation and direction for the case analysis of the following article.Then it gives an explanation of the meaning of REITs,classifies REITs systematically,and tells the operation mode of REITs which lays a solid theoretical foundation for further research on REITs financing.Next,it analyzes the development and operation characteristics of REITs at home and abroad,points out the difference between China's similar REITs financing and foreign standardized public offering REITs,and points out that the development direction of China's REITs is the transformation from similar REITs financing to standardized public offering REITs.Taking Anhui Wanxin Media REITs as an example,the paper introduces the basic situation of financing of Anhui Wanxin Media REITs,such as transaction structure,basic assets,cash flow distribution mechanism,tax treatment and so on and makes a detailed analysis focusing on the transaction mode and tax treatment of financing of Anhui Wanxin Media REITs.Due to the imperfection of relevant laws and tax policies of REITs in China,REITs have designed complicated transaction structures and tax treatment methods in order to realize legal standardization and perfect tax avoidance.The paper summarizes the characteristics of financing of Anhui Wanxin Media REITs,analyzes the difficulties and solutions of financing,and summarizes the deficiencies of developing REITs in China from the case of Anhui Wanxin Media REITs financing which are precisely due to the imperfect legal and tax systems and the low rent-to-sales ratio in China's real estate market.Aiming at these deficiencies,this paper puts forward feasible development suggestions and prospects and develops the transformation of China's REITs market to standardized public offering REITs.