Substantial Evidence Research On The Hong Kong Public REITs

Real Estate Investment Trusts (RTITs) is a form of real estate securitization, real estate industry and financial markets to the mature stage of the development of modern financial produce innovation. REITs enhance the real estate investment assets mobility and the stability of earnings, thereby to national real estate market and the capital market has played a dual role in promoting development.The article firstly introduces the basic concept of REITs. Then starts from the market environment of the Hong Kong REITs market, make analysis on the enterprises,financial market,policy and laws of the Hong Kong REITs. Then it makes demonstration analysis on the market performance of the seven public trading REITs, including the issue circumstance,managing structure,price motion,investment income and risk. . . Etc. In the meantime, it makes use of substantial evidence and norm method to carry on relativity analysis between the Hong Kong Hang Seng Index,Hong Kong Hong Seng real estate index and the REITs, and does a judgment and evaluation on the Hong Kong REITs market. Finally, we make a theoretical thinking for the Hong Kong REITs market, and then provide reference and suggestion for the mainland to build REITs market.This article dissertates the issue step by step. In addition to chapter 1 introduction, the text part is divided into 5 chapters:Chapter 2 introduces the definition and classification, characteristics and advantages, origin and development of REITs.Chapter 3 is from the REITs creation, development and expansion in the international community of beginning, introduces the establishment circumstance of the Hong Kong REITs market; then carry on a research to real estate business enterprises and financial environment, law environment of Hong Kong, analysis the special establishment condition of REITs market in Hong Kong. Chapter 4 introduces the public offerings of the Hong Kong RETIs firstly, then carries on a substantial evidence research to the performance of Hong Kong REITs, including managing structure,relativity analysis between the stock market and the REITs,the stock price motion of the fund and investment income etc. The research discovers the inborn problem of Hong Kong REITs in managing structure, lower relativity with stock market and the violent motion because of the hedge fund and speculation etc.Chapter 5 makes an introduction on the development of the budding mainland REITs market. In the foundation of experience and lessons of Hong Kong REITs market, we put forward a reference for the mainland to build the REITs market, including managing mode,construction of the law system and the supervise system etc.Chapter 6 refines the main points of the article.