Penghua Qianhai Vanke Real Estate Investment Trust Structure Analysis And Optimization

PengHua Qianhai Vanke REITs launched in June 2015,which is the first public offering REITs in China.From the private REITs to the public REITs,REITs has been greatly developed in China.The study first can study the operation of public offering REITs in China;Second,the paper can study whether China's macroeconomic environment is suitable for the development of REITs or not,find out the obstacles which restrict the development of REITs in China;Finally,putting forward some suggestions which has guiding significance for the future large-scale development of REITs in China.This paper hopes to achieve the following goals:1.Testing the actual performacne,profitability ability and risk control ability of PengHua Qianhai Vanke REITs;2.Finding out the logic of its structure design and the obstacles which restrict the development of REITs in China;3.Proposing optimization suggestions for further REITs development.In order to achieve the goals above,the following four parts were carried out.1 Analyzing the architecture design of PengHua Qianhai Vanke REITs,find out what is meaningful and what is meaningless.2 Analyzing the performance of PengHua Qianhai Vanke REITs,comparing its return with market benchmark;Making valuation of it to test whether it is worth investment;Analyzing its correlation with other assets to test its risk dispersing ability;3.Finding the reasons for architecture design of PengHua Qianhai Vanke REITs,finding out what is the main consideration of designer and the obstacles which restrict the development of REITs in China;4.Providing some pieces of advice which is useful for the further development of chinese REITs.Through the study of the whole article,this paper draws the following conclusions: 1.Penghua Qianhai Vanke REITs' investment proportion does not meet the requirements of standard REITs,its fixed income securities investment proportion is too high and the exit mechanism is not perfect;Not holding asset's property,unable to obtain property's value-added benefits;but its guarantee mechanism to ensure product yield,which is meaningful to guarantee the issue.2.Penghua Qianhai Vanke REITs' yield is better than the market average level,but its risk control ability is weak.3.Product yield is the mian points which designer consider.Both a large proportion of investment in fixed income securities and the establishment of a performance guarantee mechanism are to improve the product yield,which is also the main obstacles that restricting the development of REITs in our country.Aiming at the above problems,this thesis propose that selecting high-quality properties in big city(such as high-end shopping malls and office buildings),holding the property for rent and other value-added benefits;It also can set yield guarantee mechanism to ensure products' yield;Second,to make the real estate merchants know more about the characteristic of REITs of financing channels,so that it can let REITs are widely used as the financing channel;Finally,focusing on the real estate investment,reducing its correlation with other assets,to enhance the ability of risk diversification.