The Analysis And Application Of Revenue Model About REITS In Hong Kong

REITs (Real Estate Investment Trust, REITS) are a specific form of the asset securitization, the product of financial innovation when the real estate industry and financial market develop to a certain stage. REITS will be realized through the long cycle, a large amount of funds and illiquid real estate assets and publicly traded securities to improve the liquidity of real estate investment and income stability. On the one hand, it charge the way from the original single financing from banks to the diversified financing from the capital market changes. On the other hand, the real estate asset provides a convenient channel for majority investors to enter the real estate market and get income from real estate investment.REITS originate in the business trust set up in Boston in the mid-19th century. Since then, as the most dynamic an organizational structure in real estate market, REITS are graduate introduced to Australia, Europe and Asia, many countries and regions. After forty years of development, REITS can expand the financing channels of real estate development and spread the risks in some extent. REITS, as a investment products whose benefits and risks is between stocks and bonds and its income has relatively low correlation as well as stock and bond yields ,can meet small and medium investors who demand a lower risk of structured products, and expand investment channels.Therefore, as a fund product, forthcoming only in China, REITS is attracting a lot of theoretical and practical researches and focus. However, most previous studies in China is still on the basis of previous studies, discussing the feasibility and mode selection, introducing REITS, for example, why China should establish REITS market, or the rule and law in the West on REITS. In view of prediction, I choice REITS as a research topic, studying the development of Hong Kong REITS situation and the scale of the organization on the basis of previous studies, so as to compare and analyze the internal structure, organization and revenue of REITS listed in Hong Kong, and then forecast the internal rate of return interval from the revenue mode of REITS after being listed.From the perspective of trying to REITS investment feasibility solves two problems: first, the yield of Hong Kong-listed REITS interval; Second, the continent's future rate of return interval REITS. Hong Kong-listed REITS on the data, empirical analysis of the yield range of REITS. Rate of return from the size of the premise, based in Hong Kong REITS yield model to the mainland next REITS analysis of the yield.This progressive approach taken by layers of paper, in addition to the first chapter introduction, the body part is divided into five chapters.REITS first chapter summarizes the relevant theory, its concepts, feature advantages, the theoretical basis for detailed analysis and description.The third chapter analyzes the pattern of Hong Kong REITS, the course of its development, the basic structure, operation of the mode of in-depth analysis and description.Chapter Four is also the focus of this center. This chapter begins by affecting the rate of return investors to set up theoretical models of factors, followed by Hong Kong-listed REITS financial statement data as the basis for model regression testing, come to Hong Kong-listed REITS yield model. Finally, the variables that affect the average rate of return test and yield models come with Hong Kong-listed REITS rate of return interval.Fifth chapter is the application of revenue model. REITS first introduced the status of the mainland, and Hong Kong and the mainland REITS costs involved in running a comparative analysis of Hong Kong REITS yield the final model of the continent's future REITS analysis of the yield rangeFirstly, the basic concepts of the theory about REITS were introduced, and then from the introduction of the model development process about Hong Kong listed REITS, the Hong Kong-listed REITS empirical analysis yields, combined with the differences about the mainland China and Hong Kong tax law, to discuses and analysis the yield of the next issue of The Mainland China REITS。...