Factors Influencing Return Of Real Estate Investment Trusts(REITs)in China

Real Estate Investment Trusts(REITs)is a typical form of securitization of real estate asset,which mostly occurred at the mature stage of real estate market and finance market.REITs have been vigorously developed in international market mainly due to which have advantage of high fluidity,stable return,high dividend ratio and low taxation.Under the background of steady economic development and adjustment of industrial structures in China nowadays,REITs could help us not only inspire inventory assets,but also broaden financial channel and reduce financing cost for real estate developer.It will pay an important role in promoting the development of real estate market and finance market.This paper elaborates on the development status of international REITs and China REITs.Furthermore,the case about REITs' return impact assessment of CapitaRetail China Trusts has been analyzed by collecting CRCT's annual report from year 2007 to year 2015.Results show that significantly opposite correlation between REITs' return and asset's operating income,asset's operating profit,asset's yield,asset's occupancy rate.At the end,propose the way to improve the return of REITs is to acquisition assets with high quality,enhance asset's financial and operating performance and improve the management level for asset plan.