| Under the background of the new economic normal,with the reform of the "supply side" gradually heating up, more and more measures are executed. As the important fundamental industry of national economy in our country, the real estate industry in the important role in the reform of the "supply side", Real estate industry healthy and persistent development will inevitably lead covered with its industry chain upstream and downstream of the industry. Especially the commercial real estate, it will be toward the depth of the cross-border cooperation, elaborating the deepening and financialization development operation direction in the future. But the operation mode of the heavy holdings weaken the energy industry development, increase the risk of the operation. REITs is the most innovative real estate financial instruments in the world, at the same time is also the industry research and frontier issues of concern. Its earnings stability, flexible architecture, can be perfectly combined with the characteristics of the operation of the commercial development, and provide scientific exit mechanism for the development of enterprises.It has important theoretical and practical significance to reduce operating risk industry, improve the quality of the commercial real estate operation and improving the real estate financial system.By comparing the mature countries issuing process and characteristics of REITs, the issue of REITs needs strong market maturity to support, only mature market development reaches a certain level, REITs issued to get support. And the national or regional social and economic development level and situation of real estate operation is the key to influence the REITs issue market factors.So How to determine the two market maturity is the key to demonstrate REITs issue whether it is feasible to.So far, Hong Kong has issued publicly listed 10 REITs products only, and the mainland still there has been no real REITs products accord with international standard, But most scholars believe that the Chinese mainland have the conditions of issue REITs, This paper cuts the research hotspot in the field of light spot but not yet in-depth empirical research, on the basis of predecessors’research of theory and practice to explore further.Judgment based on the theory of industry life cycle theory tools industry market maturity, in setting up a comprehensive measure of macro economy and real estate development market maturity evaluation system, with the help of based on the industry life cycle theory of the Logistic model to the United States in the 1990 s equity REITs issue when the macroeconomic and property operation of market maturity of judgment. Result shows that in the United States and presents the explosive growth of equity REITs listing, domestic social and economic development and commercial real estate in the industry life cycle into the second stage of the long growth period, and the commodity residential house has entered the industry life cycle of the fourth stage, namely the mature stage. In addition, real estate in China regional characteristics significantly, market forces will guide the city competition of talent, capital and other resources agglomeration caused by the consumption ability of ascension, make domestic has formed the different commercial city echelon. REITs in the mainland will select the most promising commercial city of high quality property management as the foundation assets, so in this paper, the domestic 17 big developed commercial city established to assess the potential commercial value of comprehensive index system, by using the method of cluster analysis to the most potential city into a category, and also build a multidimensional comprehensive evaluation index system for such issue REITs market maturity, empirical analysis and comparative analysis the market maturity promotion issue of REITs in China.Results show that as the core of the most potential business city in China, Beijing, Shanghai, shenzhen macro social economy and the growth period of commercial real estate has entered the industry life cycle, and accompanied by the total number of land supply and structure adjustment, commodity residential house gradually entered the mature stage of industry life cycle, and the United States issued equity REITs market maturity relatively fit. Based on the above conclusions, this article through the case analysis adopt extreme to REITs supporting the promotion from the microscopic distribution of commercial value, added perfected the theory about REITs impact on business value related research. |
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