| With the continuous increase of floating population,the gradual rise of house prices and the strong support of the central and local governments,the housing rental market has ushered in a new opportunity of "explosive" growth.As an important part of the field of rental housing,long-term rental apartments,which are more professional in all aspects,have also attracted much attention.In recent years,with the support of capital and the encouragement of policies,the long-term rental apartment industry has developed rapidly,and the financing events have gradually increased,reaching the peak in 2019.However,the existing financing methods still can not keep up with the development of enterprises.Due to the special development mode of the industry and the continuous tightening of the financial environment,problems such as high financing costs and financing difficulties have slowed down the development of the industry.At present,the successful application of real estate trust and investment funds(hereinafter referred to as REITs)shows the applicability of this new financing channel to the long-term rental apartment industry.In recent years,all parties have actively paid attention to the financial support housing mechanism and responded to the call of the 19 th National Congress of the Communist Party of China on "housing without speculation".REITs financing mode has developed for many years in the real estate industry and gradually matured.Long rent apartments can also learn from experience,introduce funds into the channel of income property,and use its characteristics of strict constraints and professional operation and management to attract social capital.The development of REITs is conducive to broaden the channels of long-term rental apartments in the traditional financing mode,alleviate the shortage of enterprise funds,optimize the financing structure,form a stable cash flow and reduce the operating risks of operators.At the same time,REITs has been applied late in the field of long-term rental apartments in China,and it has been less applied in recent years.All enterprises are learning from the experience of other countries and constantly exploring the REITs model suitable for China’s financial market,in which there may be a series of risks.In order to make REITs products contribute to the development of long-term rental apartments,risk control should run through the whole process.However,at present,there are relatively few studies on the financing risk of REITs application in the long-term rental apartment industry.Therefore,the application of REITs to the financing risk management of long-term rental apartment market is of certain significance from both theoretical and practical perspectives.China’s first cooperative long rent apartment storage rack REITs issued by Langshi and Ping An provide a reference for other operators to increase financing channels to jointly issue REITs.Compared with the frequent explosion of "asset light" long-term rental apartments,Langshi long-term rental apartments with the mode of "asset heavy + asset light" have lower business risk,and its combination of light and heavy assets may become the mainstream in the long-term rental apartment industry with unstable development in the future.Although this financing channel helps it solve its financing needs,and enterprises have also made some countermeasures to reduce uncertainty in the project,there are still some risks.This thesis studies the financing risk of Ping’an Langshi REITs model.Through literature analysis and expert interview,this thesis modifies and improves the financing risk factor indicators of REITs,and uses analytic hierarchy process to evaluate the policy and legal risk,operation and management risk and project risk in the financing process.After the cause analysis,in order to effectively reduce the future application risk of other long-term rental apartments and realize the coordinated development of REITs and long-term rental apartments,it provides suggestions on improving laws and policies,strengthening supervision,controlling principal-agent risk,improving supporting mechanism,strengthening talent team construction and adjust the development rate of long rent apartments. |
