| The real estate industry has been an important industry in China's economy,which contributes to economic growth and the prosperity of many industries.After nearly two decades of development of domestic real estate enterprises,the domestic market has been unable to meet the demands.At the same time,there are many problems in the domestic real estate market,such as the high asset-liability ratio and excessive use of bank loans and other financing,which is related to the unreasonable rise in real estate prices.And the real estate operators burdened with heavy cost pressures,It is bad for the real estate industry development.So the rise of overseas investment in real estate business has provided an effective solution.In general,the expansion of the real estate project area is usually accompanied by the transformation of the operating model.Domestic real estate operators use financial and professional operating mode for the transformation of light asset operations.This thesis examines the international REITs operating model and the elements to summarize current situation of REITs in China.And the thesis studies the economic and political factors such as the operation method of REITs in domestic market,the domestic land system,tax system and market environment.Then the thesis analyzes the meaning and transformation effect of domestic real estate companies by choosing REITs.The thesis uses the comparison of the operation mode of Vanke Group in domestic and foreign investment projects,which studies the dilemma and concrete operation method of REITs in China.Based on the comprehensive study of the two types of REITs,this thesis puts forward the localized REITs suitable for the domestic environment,which not only provides an efficient operation mode for the overseas investment of real estate enterprises in China,but also provides experience and suggestions for the domestic real estate market of REITs operation. |
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