| China's real estate industry has always been a capital-intensive industry,and its operation and development need a lot of capital support.China's real estate industry is slowing down and the tightening of credit policy make it more difficult for the capital to turn over.It is imperative to innovate the financing method.Real Estate Trust and Investment Fund is a Way of Asset Securitization;As a new financing method,it can invigorate the stock assets of enterprises,alleviate the current capital predicament,and has its unique advantages in widening financing channels and controlling financing costs,so many countries promote it in succession.The Real Estate Trust and Investment Fund of China began in 2005.In the process of development,we need to make use of the experience of other countries to explore the progress constantly and difficultly,for some enterprises to solve the problem of underfunding.The relevant policies and laws of the state have been issued continuously,the real estate trust and investment fund of our country will have a broad prospect and a good space for development in the market.Firstly,combining the principal-agent theory,the cash flow theory,the bankruptcy isolation theory and the credit enhancement theory,this paper adopts the literature analysis method and the case analysis method,This paper introduces the basic concept and classification of real estate trust investment fund,analyzes the motivation of real estate trust and investment fund financing in real estate industry in China,and explains the development history and characteristics of real estate trust and investment fund in China at present.Secondly,it introduces the case of Poly Real Estate Trust and Investment Fund financing,including enterprise introduction,case background and case operation process of Poly Real Estate(hereinafter referred to as "Poly")in the title of some articles.Finally,the case of Real Estate Trust Investment Fund carried out by Poly Real Estate Co.,Ltd.shows that on the one hand,from the financing motive: Real Estate Trust Investment Fund has the advantages of meeting the enterprise's capital demand,innovating financing channels and reducing the dependence on traditional liabilities.On the one hand,from the aspect of financing characteristics: high-quality underlying assets,multiple credit enhancement and perfect bankruptcy isolation can guarantee the implementation of real estate trust investment funds.On the one hand,from the financing effect: First,the financial effect: The real estate trust and investment fund makes the enterprise's capital predicament alleviated,reduces the dependence on the traditional debt,obtains the funds with lower financing cost;Second,non-financial effects: The innovation of "shelf issue" mechanism of real estate trust and investment funds provides for public offering financing,and professional operation can enhance the impact of rental brands.Research on the Motivation and Development of Real Estate Trust and Investment Fund Financing in China;Combined with the case of Poly Real Estate,the paper draws the following conclusions: First,with the continuous innovation of real estate finance and the support of national legal policy,the conditions for the development of real estate trust and investment fund in China are ripe;The project of real estate trust and investment fund develops fast,involve big amount scale,property asset type diversification.The exploration of China's Real Estate Trust and Investment Fund has a bright future with the national conditions and characteristics of China.Second,the Real Estate Trust Investment Funds(REIFs)convert illiquid properties into existing funds through the sale of future rental and value-added income,which is an innovation in financing modalities that can expand access to finance.The implementation of the Real Estate Trust and Investment Fund also enables Poly Real Estate to optimize its management model,focus on its own management,acquire brand effects and help the sustainable development of enterprises. |
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