Research On The Financing Applications Of REITs In Real Estate Industry

As a capital intensive industry,Real estate companies have faced huge difficulties in financing since the beginning of 2018.At the same time in the''deleveraging,destocking"policy background,these enterprises have a strong desire to transform to"asset-light and operation-light".This paper takes exsampie of"Hengtai Haorui-Caiyunzhinan hotel special asset management plan”as the research object,which is the first and the largest financing scale in China.Using literature research method?case study method?comparative analysis method and other research methods.This paper makes a systematic analysis of "Hengtai Haorui-CaiYunZhiNan Hotel Special Asset Management Plan"and puts forward corresponding Suggestions.First,this paper summarizes the research achievements at home and abroad from the three aspects of real estate enterprise financing,asset securitization and real estate trust fund,this paper summarizes the basic theories and principles of REITs as well as the financing characteristics and current situation of China's real estate enterprises.Then,this paper introduces the case from three aspects:the basic situation of the product,the reason of the product release and the scheme design,especially this paper focuses on the case of the basic assets?underlying assets?transaction structure?cash flow as well as credit enhancement method and exit mode.Lastly,this paper analyzes the risk and impact of REITs product financing from the perspective of issuers,and puts forward some Suggestions on how to issue REITs.This paper obtains the enlightenment of REITs to the real estate industry and puts forward the policy suggestions for the development of REITs.