| Logistics real estate is an important branch of industrial real estate,as the carrier of professional modern logistics facilities,the construction of logistics real estate and the development of warehousing service play a significant role in the area of improving circulation system of commodities and services,improving efficiency of circulation,and realizing transformation of the mode of economic development.Since China joined WTO,GLP and other international giants that first proposed the concept and practice of logistics real estate have entered Chinese market,and then the field of logistics real estate in China has been developing rapidly.Yupei Company(set up in 2013)as the representative of China's private owned logistics real estate Company,making good use of the precious chance of China's rapidly development of logistics industry,achieving project layouts in major cities in China under huge pressure from international competitors,and initialing the IPO successfully in HK in 2016.But in the process,thedifferences between private enterprise and state-owned giants in financing mode and the management thoughts are gradually appearing,the original kind of extensive development mode and single financing channel unable to meet the company's further development.REITs is the relatively mature real estate financing tool in overseas capital market,through the issuance of standardized and high liquidity equity financing products,the problem of large sums of money demand in the real estate industry has been solved,while the ordinary investors have better chances to enjoy the real estate value-added benefits,avoiding the fluctuations of real estate price towards the real economy.A major characteristic of logistics real estate company is its large investment,long payback period,although the income is stable,the huge investment and long-term maintenance fund is a problem which logistics real estate companies have to face.A successful logistics real estate companies need a huge financial and operational supporting team,in addition to innovate financing channels,team work spirit is of great significance.However,this is the biggest difference between Yupei Company and international giants-GLP.This paper adopts the method of combining theory and practice,conducting the research of GLP Company's financing mode by case analysis,researching the fact that how the successful real estate company grasp the opportunity of innovative financing,combining entity with fund financing mode,and setting good examples for the sustainable and healthy development of real estate industry.At the same time,for example,Yupei Company is provided as a successful example to illustrate how to utilize the capital abroad and at home to develop rapidly.In the first part of this paper,author introduce the research background,current literatures reviews at home and abroad,research method of this paper and main innovations,the second part introduce the concept of real estate trust and investment fund,the typical characteristics and different types of REITs,as well as the development of REITs in foreign developed countries,introducing the equity investment model.In the third part,For example,GLP Company is taken as an example,introducing the equity financing mode which based on REITs fund to help GLP realize broad geographical expansion and scale expansion,as well as the main inspiration brought out by the model;The fourth part is the brief introduction of Yu Pei group,as well as logistics real estate industry development opportunities,by comparing with GLP,main problems and reasons of the current financing mode of YuPei group have been found.In the fifth part,the financing needs of logistics real estate industry and the rise of REITs is combined perfectly,by comparing the successful GLP model in REITs with the practical experience of Yupei group,the specially designed REITs financing mode of Yupei group is trying to set up,which aims to improve company's comprehensive financing ability,and the feasibility of this financing mode has been approved through empirical analysis.The last part in paper conduct an overall conclusion of this whole paper,pointing out the far-sighted,significant influence of adopting REITs abroad in order to figure out China's logistics real estate industry and other fields's financing problem,enriching China's capital market invest scope and types.In this paper,the use of real estate investment trusts(REITs)theory is analyzed,and by referring GLP company's experience,combining with the actual situation of YuPei group,Yu Pei Group's investment mode which based on real estate trust fund(REITs)has been established,during the analysis process,the feasibility of REITs conducting in Yupei is accomplished as well as the design principle,the type,nature,structure and other factors of the financing mode of Yu Pei group.Importantly,Yupei set up the internal group based on fund management,and determined the target capital structure step by step,for the purpose of financing structure adjustment.Consequently,the research results could promote the rapid development of Yu Pei group,realizing the aim of light asset with high turnover and high return dream.While setting up a good example for other logistics real estate enterprises(REITs),Finally,promoting China's real estate investment trusts(REITs)and having a positive effect towards China's market development. |
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