The Research On The Investment Management Of Real Estate Investment Trusts

As the real estate develops rapidly with the deepening reform of the investment and finance system of the real estate, the developing environment for REITs is gradually improved in China. It has been approbated widely to activate and perfect the real estate financial market through securitization. The market REITs needed is gradually strengthened, in other words, the outside condition for REITs' development has already matured. Whether REITs will success depends on its inside ability in investment and management, and the inside foundation of REITs is week. However, there is little study on how to invest and administrate much less experience. Though there is various similar REITs in the market of China, these just remain in the surface of loan and finance, not realize REITs' essential feature—the functions of professional investment and management. So we must strengthen the wok in investment and management, making good preparation for further perfection in the reform of REITs system.This article associate study with practice, adopting modern portfolio theory, deeply analyzing the market of real estate and the feature of profits and risks in property, with mature method, doing system research on how to invest and manage REITs.This article falls into seven parts: the first chapter introduce the background , purpose, ideas, structure and plans of this study;The second chapter mainly introduce the theory how to combine modern portfolio with the investment and management of REITs;The third chapter mainly introduce how to establish the system of investment and management of REITs, concretely introduce the whole process of investment and management, discussing how to construct a perfect system of investment and management with the following eight aspect: investing purpose, investing policy, market analysis, investing strategy, optimizing combination, project choosing, performance adjusting and operation evaluation;The forth chapter mainly study how REITs practise portfolio macro - management, including market analysis, profits and risks prediction, how to estimate profits and risks function, and the strategy ofresource allocation;The fifth chapter mainly research how REITs make decision of optimizing investing combination, and how REITs choose resource, What kind of strategy REITs adopt, how REITs choose investing project and so on;The sixth chapter analysis some investing management cases of REITs in China. Introducing something about the REITs of KINGHING ShuangLong such as: investing ideas, investing orientation, investing strategy, financing allocation, mode of investing operation, risks management and so on;The last chapter summarizes the study of this article and gives some advice on the following research.