Research On Financing Mode Of Public REITs For Yantian Port Warehousing Logistics

Since the reform and opening up,China’s economic growth is inseparable from the state and the government’s massive infrastructure investment and construction,and rely on bank credit support.However,it has also accumulated excess capacity and formed a large amount of stock assets of infrastructure for a long time.As a result,the debt ratio of government departments and enterprises keeps rising,and financial risks are amplified in the accumulation.How to effectively revitalize the stock assets of infrastructure and realize high-quality infrastructure construction has become an urgent problem to be solved.Asset securitization is a method to change the stock into increment,and Public Offering of REITs(Real Estate investment Trusts)can enhance the liquidity of the stock assets of infrastructure.Therefore,China Securities Regulatory Commission(CSRC)and National Development and Reform Commission(NDRC)jointly issued the ground-based document on infrastructure REITs,officially implemented the pilot work of Public Offering of REITs,and on June 21,2021,the first batch of Public Offering of REITs funds were listed and issued in The Shanghai and Shenzhen Stock Exchanges.In this background,this paper adopts case study method,comparative analysis method and literature research method to study the financing mode of Public Offering of REITs.First,based on the research status of infrastructure financing methods and REITs,and apply the theory of asset securitization and sequential financing,through the case of Yantian Port logistics warehousing infrastructure REITs,this paper analyses the characteristics of Public Offering of REITs financing mode,such as a new financing way,deal structure relative to simplify,stable cash flow source dispersion and participation in open investment.Then it analyzes the particular and general problem of the financing mode of REITs from the three aspects of basic assets,legal environment defects and liquidity,and finally puts forward targeted optimization countermeasures based on the analysis of the above problems.Through the case study,it is found that Public Offering of REITs is an important innovative financing mode,which can provide new ideas for the financing of infrastructure,thus realizing the circulation function of stock assets and improving the efficiency of resource allocation.However,there are still some problems in the financing mode of REITs that need to be further optimized.In addition,this paper takes the Yantian Port warehousing logistics infrastructure REITs project as a case study,which can provide practical and theoretical reference for the construction and development of China’s Public Offering of REITs market.