Research On The Effect Of REITs In The Financing Of SF Holdings

In recent years,with the popularization of online shopping,the demand for logistics real estate in the market has become increasing.Compared with the gradually cooling property market,the logistics real estate industry business model is relatively single,the construction speed is also relatively fast,with these two advantages,logistics real estate to take the lead,rapid and efficient development and growth.The regional distribution of logistics real estate in China has spread throughout the country,of which the Yangtze River Delta region has the widest distribution scale,and the Two Lakes region,the Pearl River Delta region and the Beijing-Tianjin region also have a certain scale layout.Macro point of view,although the total economic volume of the logistics market continues to increase,but there is still a large gap between the domestic logistics real estate industry and developed countries,in the country to promote the reduction of leverage,debt reduction in the macro background,the rapid expansion of the logistics real estate industry led to a sharp increase in demand for funds,and the industry financing methods are less,financial risks are larger,it can be said that it is facing great financing difficulties.SF Holdings draws on the relevant experience of financing in the real estate industry before,and tries a new financing channel,namely real estate investment trusts(REITs),to alleviate the difficulty of financing,through the issuance of REITs can raise funds for the construction of logistics parks,on the other hand,it can also revitalize corporate assets,promote asset-light operations,and promote the sustainable and healthy development of logistics real estate enterprises.SF Holdings is not only one of the first batch of enterprises to apply for and obtain approved logistics real estate REITs in China,but also the amount of applications for the issuance of REITs is also large,and the use of the "shelf" model is very representative and typical.Therefore,understanding the application of SF Holdings Logistics Real Estate REITs projects can not only enable other enterprises and investors in the industry to understand the operation mode of REITs projects,but also study whether REITs can become a new financing channel in the field of logistics real estate,provide a new idea for the financing of other logistics real estate enterprises,and also lay a certain foundation for the future public offering of REITs.This paper takes the issuance of REITs projects by SF Holdings as an analysis case,on the basis of collating relevant research literature at home and abroad,deeply analyzes the research status of REITs,and then elaborates on the relevant concepts and theories involved in the paper,and the selected research objects are the "Huatai Jiayue-SF Industrial Park Phase I Asset Support Special Plan" issued by SF Holdings in three parts,from the background,process and motivation of the issuance of SF Holdings’ issuance of REITs projects for financing.Analyzing the financing operation mode of SF Holdings,using relevant theories,through the study of the relevant experience of foreign application of logistics real estate REITs and the financing background of China’s current logistics real estate industry,combined with the application cases of SF Logistics Real Estate REITs projects,the effect of SF’s use of REITs financing is analyzed from three aspects: market effect,financing cost and financial risk,and corresponding feasibility suggestions are put forward for the application of REITs in the financing of logistics real estate industry for the research results of this paper.It is hoped that the research in this paper can make SF better use of REITs as a financing tool,and also provide some practical experience for other logistics real estate enterprises to apply REITs products,so that REITs can be widely used in the logistics real estate industry.