Research On Regional Investment Portfolio Of Commercial Real Estate Based On REITs

From the twenty-first century,with the rapid advance of urbanization in our country,the development and construction of modern Commercial Real Estate are now in full swing in cities of our country.Commercial Real Estate starts late in our country,the problem of its single financing channel and depending too much on bank loan have also restricted its sustainable development.In recent years,with the change of market structure of the real estate and the adjustment of government policy,the development trend of real estate in our country have eased somewhat,it's high time we figured out the problem of funds shortage of Commercial Real Estate development operation.Real Estate Investment Trusts(REITs),as an innovative way of financing,has its own unique advantages and provides a new approach of solving the problem of Commercial Real Estate fund shortage in our country,so it has a bright future in our country.First,this article introduces the basic concept of REITs and Commercial Real Estate qualitatively,analyze their own characteristics,development patterns and other basic components,discussing the feasibility and necessity of the combination of Commercial Real Estate and REITs in an empirical way and that is the direction of this article.In order to describe the risk and benefit of investment of Commercial Real Estate REITs in a quantitative way,After reading a lots of references,based on the classic Markowitz portfolio theory,this article use the means and variances of investment process to evaluate the result from investment.Because the risk of Commercial Real Estate REITs comes from both systematic risk and unsystematic risk,to further illustrate this problem,this article uses beta coefficient to measure systematic risk.Meanwhile,this article analyzes the correlation of different choices of investment,constructs the mean variance optimization model legitimately,to search under fixed benefits,the risk-minimizing investment portfolio.Then,this article analyzes the risk and benefit of regional investment portfolio of our country's Commercial Real Estate REITs.REITs fund is used to invest our country's Commercial Real Estate REITs,different investment options have different forms,based on the connotation and way of investment portfolio,this article selects the investment portfolio of regional Commercial Real Estate as the research object of empirical analysis research.After sifting,selects Bei Jing,Shang Hai,Guang Zhou and Wu Han as sample city,using data from 2010.1 to 2015.12 of Sou Funcom,CREIS and other real estate index system and using relevant auxiliary computing tools(such as LINGO,EXCEL etc.).analyzes the optimal investment strategy when the regional investment risk of Commercial Real Estate REITs is minimum,under the expected return level.