Research On Pension Investment In Pension REITs

China is experiencing the aging process with the largest scale,the fastest speed and the longest duration in the world.Due to the 930 policy in 2016 and the issuance of 2018 new asset management regulations,real estate financing is limited,housing enterprises are eager to find new financing channels,and the securitization of real estate assets is expanding.REITs began to develop gradually in the mainland of China,especially in the area of long-term apartments,with the emergence of multiple REITs and REITs-like products.REITs' good liquidity and its own characteristics of high dividends are naturally consistent with the attributes of low-cost and long-term pension.Therefore,this paper proposes to solve the problem of funds for the development of old-age real estate by investing in old-age REITs and old-age REITs,and to promote its standardized development,while finding new channels for pension allocation and maintenance and appreciation.Firstly,the article has learned about the development of old-age real estate and old-age REITs through literature research,and has demonstrated the necessity and feasibility of introducing REITs into old-age real estate.Then it analyzes the product structure,transaction structure and credit enhancement measures of the first old REITs involved in mainland China through case analysis,and puts forward the general design model of REITs based on the case.That is,a double SPV transaction structure is designed with the asset support special plan as the channel,and it is graded in priority and inferior level.And after the relevant laws and regulations are improved in the future,the exchange will launch public offering REITs and then switch to the mode of public offering REITs for listing.At last,the article puts forward the concrete ways of pension investment in REITs: pooling funds at the plan level and investing in the priority of asset-backed special plans through the establishment of pension products.