Research On REITs Design Of Long Rental Apartments In China Under The Background Of Renting And Selling Simultaneously

Since 2016,domestic major cities have successively introduced residential land in part or in whole.The self-sustaining plots that developers have obtained are a difficult problem facing major housing companies.Since 2017,the state has successively introduced multiple policies to encourage the development of the housing leasing market,actively building a housing system for the simultaneous purchase of rents,and satisfying multiple levels of housing demand.China's housing leasing market is coming to an end.Commercial long-term apartments must be one of the directions for the transformation of real estate companies in the future.With the substantial increase in residential leasing business,the new financing model will also focus on targeted innovations in leasing.In the future,self-sustaining projects will be packaged into real estate investment trusts(REITs),which may become an effective way for developers to speed up the withdrawal of funds and reduce the risk of land acquisition.This paper first summarizes REITs research and rental housing financing research by domestic and foreign scholars through literature analysis.Combined with the current development status and business model of long-term rental apartments in China,the existing financing channels and financing methods of long-term rental apartments are summarized.Based on an in-depth study of the basic theories and practices of REITs,this paper summarizes the advanced experiences of foreign countries by analyzing the typical cases of EQR(rental apartments in the United States).Then it discusses the feasibility and obstacles of the development of long-term apartment REITs in China,in order to consolidate the theoretical basis for REITs applied to long-term rental apartments in China.Finally,for the participating entities of the long-term rental apartment REITs,providing detailed REITs-based operating procedures for long-term apartment financing in China,the key factors in building long-term rental apartment REITs are brought out,and the operation mode design of long-term apartment REITs in China is designed,and determining specific modes of operation such as organization form contract type,closed operation type,public offer type of fundraising type,mixed investment type,and proportion of income distribution,it also proposed sound laws,tax incentives,talent training and other countermeasures,and has certain reference and reference significance for all parties to actively explore and try new financing models.