Research On The Operation Mode Design Of REITS In China’s Long-term Rental Apartments

With the introduction of real estate policies such as "housing and living without speculation" and "simultaneous rent and sale",the housing leasing industry has developed rapidly,but at the same time,the leasing market is unable to meet the housing needs of tenants,and the market development direction is also facing many challenges.Under this background In recent years,long-term rental apartments have emerged and developed rapidly in some large cities.Due to the large amount of funds required for the early development of long-term rental apartments,the existing ABS and CMBS models are difficult to support the rapid development of the industry,and real estate investment trusts(like REITS)have emerged.Based on current scholars’ research on long-term rental apartment models and similar REITS in the housing rental market,this article first explores the development status of long-term rental apartments in my country and the difficulties they face.There are mainly five aspects of law,taxation,market,talents,and investment entities.challenge.At the same time,combining the research of previous scholars,constructing indicators from four aspects:economic fundamentals,stock and bond market returns,real estate development,and REITS product structure to discuss the relationship with REITS yields,and calculating and demonstrating that REITS products have considerable future yields,Quantitatively analyzed the feasibility of REITS operating in long-term rental apartments;after that,it analyzed the current situation of China’s long-term rental apartment REITS operating mode from the aspects of transaction structure,organizational form,fundraising method,operation method,investment form and basic asset management method.At the same time,it analyzes the existing problems and the corresponding causes.Then,the specific operation model was discussed with the case of EQR in the United States and Xinpai Apartment in China,and relevant experience and reference were summarized.Finally,based on the previous analysis,suggestions for the optimization of my country’s long-term rental apartment REITS operating mode are given.Combining the combination of quantitative analysis and qualitative analysis,case study and theoretical research,the research conclusions of this article include:the use of REITS in long-term rental apartments in China is feasible,and the issuance of long-term rental apartment REITS products has good basic conditions and Prospects.The specific model design of long-term rental apartment REITS should be based on the checks and balances of the interests of different subjects,laws and regulations and tax policies,the current market situation and the business objectives of the enterprise itself.The diversified long-term rental apartment REITS should solve the problems and further improve them from the perspectives of policies and laws,strengthened operations,optimized mechanisms,and enhanced risk control based on corresponding problems and causes.In short,we need to clearly recognize that although long-term rental apartment REITS are feasible and favorable policies are gradually taking shape,the current institutional standards and legal systems in China still need to be improved.Mature long-term rental apartment REITS The design of the operating model is still insufficient and unfinished.It is proposed that the state should issue policy support and that enterprises should actively design the long-term rental apartment REITS operating model based on their own background and internal conditions.The recommended model for long-term apartment REITS is Exchange-type transaction structure,contractual organization form,public fund raising method,closed operation method,equity investment form,net lease basic asset management method,and appropriately optimized according to specific conditions.