| In order to speed up the development of my country’s housing rental market,solve the problems of difficulty in renting and expensive renting caused by the increase of floating population and rising housing prices.The emergence of long-term rental apartments has solved the various drawbacks of the traditional rental model in the past,and realized the pursuit of high-quality life by tenants.However,the financial problems faced by real estate operators restrict the development of the housing rental market,which also makes innovative financing models and lower financing costs the sustainable development path for the current long-term rental apartment industry.In recent years,some real estate companies in my country have begun to explore the way of asset securitization of long-term rental apartments,and Real Estate Investment Trusts(REITs)is a commonly selected asset securitization method.Due to the relatively short development history of REITs in my country,the application in the long-term rental apartment market is not mature enough,and the system and mechanism construction of REITs is not perfect enough,etc.,which lead to frequent market risks.In this case,CIFI Residence REITs is the first domestic shelf-type equity REITs.The mechanism of one-time approval and multiple issuance simplifies various processes in the financing process and improves the efficiency of financing.It is the first long-term rental apartment enterprise in my country.Beneficial exploration of capital markets.This paper selects the long-term rental apartment REITs issued by CIFI Group as the research object,analyzes its securitization motivation,securitization plan,risks and effects,etc.,and summarizes relevant experience.Conclusion:(1)The development of long-term rental apartment REITs cannot be separated from the government’s policy guidance and support.(2)The long-term rental apartment brand under CIFI Group issued REITs products to meet the requirements of the company’s development strategy,enhance brand value,and broaden financing channels.(3)The transaction structure design of CIFI Residence REITs is relatively reasonable.(4)Issuing REITs will affect the financial status,financing costs and financing risks of enterprises to a certain extent. |
