REITs,as a more available instrument to invest in real estate assets,have been growing up quite fast in developed financial markets in recent decades.Because of the lack of suitable insititution to form a standard REITs market,there arenot available REITs yet in mainland capital market.To propose the H-REITs or S-REITs to invest in mainland properties,I study the H-REITs and S-REITs markets and find some constructive conclusions.I,firstly,make a research on the available but costly financing channels for property companies and investing channels for investors,and suggest that it might be a better way to financing in Hong Kong or Singapore markets based on the study on the both two.To support this suggestion,secondly,I make an empirical study on the asset pricing difference between REITs and private trading market and stock market.The empirical study concludes that REITs can price higher on assets than private markets do because of its liquidity,and price higher on net assets than listed property companies do because of high dividend rate and low leverage ratio.Thirdly,I make a feasibility analysis on the issurace of H/S-REITs,and make some policy suggestions at last. |