A Study On REITs Financing In China

In 2007, the development of REITs becomes more and more rapid. And in consideration of the shortness of research on REITs Finance in China, this paper discussed the problem about REITs financing, capital cost and capital structure, with the method of literature analysis, quantitative analysis together with model derivation.The content of this paper are as follows: Chapter 1 introduced the paper's research background, literature review and the main content. Chapter 2 introduced the profile of REITs, including REITs definition, classification, origination, development and basic function mode. Chapter 3 analyze the problem of REITs financing in China, including fund origination, law, IPO and financing characters. Chapter 4 analyze the problem of capital cost and capital structure of REITs in China.The innovation was illustrated in two aspects. On the one hand, this paper calculated the WACC of REITs in China. On the other hand, this paper analyze the influence of REITs on debt to the REITs value by modifying the Jeffery model.