The Analysis Of The Issued Of CYPA Equity REITs

In recent years,in order to improve the living environment of residents,starting from 2015,the Ministry of Housing and Urban and Rural Development proposed to support real estate development enterprises to provide rental housing resources,and to the 19th CPC National Congress put forward the long-term mechanism design of"rent-and-purchase".Long-term rental apartment market has gradually become the transformation direction of many real estate enterprises.With interest rates on housing loans rising all the way,and the volume of new and second-hand housing trading shrinking,long-term rental apartments can better meet the needs of tenants because of fine management,standardized after-sales services,and branded operations.And have better development prospects.However,long-term rental apartments occupy a large amount of capital,narrow financing channels,and the long payback period,etc.The question limits the pace of its development.Therefore,the development of REITs has become the best mode to solve the long-term rental apartment funds.Based on the principal-agent theory,the bankruptcy isolation theory and the credit enhancement theory,this paper makes a deep analysis of the new type of REITs issue cases to put forward the enlightenment and suggestions of the long-term rental apartment REITs issue in our country by the method of case analysis.The results are as follows:(1)as the first type of REITs products in China,the new-style REITs has the same distribution pattern as the international REITs product,and is forward-looking.Seafu Real Estate Fund chose REITs as a financing channel,very flexible and efficient.At this stage,the long-rented apartment REITs should reserve the interface for its future public offering.(2)long-rented apartment REITs In the preparation stage of the issue of REITs,we should choose the rental of construction land and housing as the target property to reduce the cost burden,and appropriately expand the financing scale and adopt the way of storage price issuance,so as to realize the economies of scale.The introduction of real estate enterprises to operate the property to maintain the stability of property operation;in the stage of REITs sales to prevent cash flow mixing and security risks,and through value-added services to strengthen brand building,using the Internet model to broaden the cash flow;Internal and external additions are combined to facilitate the pricing of REITs.