A Study On Infrastructure REITs GLP For Risk Identification

In April 2020,the notice on the pilot of real estate trust investment funds(REITs)in China’s infrastructure sector was officially announced,marking a new level of financial development in China and a new direction for investors’ investment paths in the real estate sector.China’s infrastructure market has the characteristics of a large stock of market value,with a market value of over 100 trillion yuan of underlying real estate as of the end of 2020,a rich assortment without a lack of cash flow stable assets.With such a huge stock,there is ample room for the development of REITs.The REITs market is also feared to reach trillions of yuan after considering the discount in all aspects.The paper mainly uses literature research method,case study and other research methods.Firstly,organize and summarize the theories related to enterprise risk assessment,asset securitization and the results of literature in the field of REITs.Secondly,it summarizes the characteristics of REITs,introduces several common REITs structures in different economies,and introduces the structure of ABS + public fund in China.Finally,the risks faced by REITs are studied from the perspective of the first seven public fund REITs,and CICC-GLP REITs are selected as the subject of study for in-depth research.We briefly introduce the basic information of REITs,and then analyze quantitative and qualitative information from the macro level of logistics industry,project manager,underlying real estate and operation manager.The analysis found that: China’s logistics consumer market is still in the rising space,the intelligent logistics equipment industry is developing rapidly at this stage,and the deep combination of manufacturing and logistics is favorable to the logistics market,but the demographic changes will also bring a certain degree of adverse impact;the underlying real estate is of high quality and in good operating condition;the credit risk level of the operator is close to the healthy threshold,but still needs to pay attention to the financial situation in the subsequent fiscal year The project company has excellent solvency,and its operating capacity is still to be improved due to factors such as diversification of service customers’ industries.