Research On Portfolio Performance For Commercial Real Estate Investment Trusts

Large-scale commercial real estate development project needs a steady stream offunds to guaranteed,The existing financing channels and management mechanismcontrast of rapid urban development slightly lagging behind, Learn from thecommercial real estate development "business model and financial model" to thesuccess of REITs operating mode, Creating premium, build sustainable expansiongrowth path, enlarge business advantage. While want to introduce commercial realestate REITs mode, which needs to solve the problem of optimal portfolio ofcommercial real estate, in order to realize the performance of REITs invest incommercial property, namely asset investment yield increase and dispersed risk.Draw lessons from the U.S. commercial real estate REITs successful operationexperience, combined with the domestic commercial real estate market environment andthe characteristics of REITs, to explore suitable commercial real estate REITs operatingmodel in China, and the commercial real estate portfolio of REITs to do detailedresearch, optimizing the REITs portfolio in order to improve investment performance.Based on the comprehensive consideration of modern portfolio theory, CAPM,management methods and so on, build suitable REITs commercial real estate portfolioperformance evaluation model and the quantitative analysis of investment performanceindicators, put forward regional combination, the combination of the formats andcombined the three types of portfolio strategy, the dual dimensions of the formats, choseBeijing, Shanghai, Shenzhen and Chongqing, whose real estate various types of CREISas sample data for empirical research, explore the portfolio changes to the impact ofcommercial real estate REITs performance, in order to diversify risk and ensure themaximization of investment performance. Test the effectiveness of the portfolio modelempirical research results, comparative study of three portfolio strategy, found thatregional portfolio strategy to promote the role of portfolio investment yields stronger,business portfolio strategy portfolio diversification effect is obvious. Recommend thatinvestors should be comprehensive consideration own expertise, resources, advantagesand competitiveness on the basis of the choice of appropriate asset portfolio strategy.