Research On REITs Of Poly Real Estate Rental Housing

In July 2017,the Ministry of Housing and Construction issued a notice to accelerate the development of the housing rental market,clearly pointing out that we should actively promote the development of Real Estate Investment Trust Fund(REITs).In the same year,the Nineteenth National Congress report also proposed to speed up the establishment of a "rent-purchase" housing system.With the encouragement of the national policy,the housing rental market has ushered in new opportunities for development.However,problems such as high investment cost and long payback period have been hampering the development of the housing rental market.REITs is a trust fund which collects investor's funds by issuing stocks or income certificates,manages real estate investment by special management institutions,and distributes investment income to investors in a certain proportion.As a way of real estate asset securitization,REITs can activate real estate stock assets,increase financing channels of enterprises and help enterprises realize light assets transportation.In the current context of financing difficulties,high house prices and low rent return for real estate enterprises,REITs provides new ideas and solutions for business transformation and upgrading of real estate enterprises and housing rental enterprises.Therefore,the major domestic real estate enterprises and housing rental enterprises began to generally try to develop rental housing REITs.In March 2018,China Lianhe Qianhai Kaiyuan-Poly Real Estate Rental Housing Phase I Asset Support Special Plan(REITs)was issued on the Shanghai Stock Exchange.It is the first single-housing enterprise to rent housing REITs in China.It has a positive and far-reaching impact on the housing rental market and the REITs market.However,as the domestic rental housing REITs are still at the initial stage of exploration,compared with other REITs at home and abroad,there are still some problems in the process of issuance and operation of Poly Real Estate Rental Housing REITs.Analyzing its causes and putting forward suggestions for improvement are of great significance to the subsequent issuance of Poly Real Estate Rental Housing REITs and the development of domestic rental housing RIETs.In view of this,this paper chooses Poly Real Estate Rental Housing REITs as the research object,uses the methods of case analysis and comparative analysis to analyze the existing problems of Poly Real Estate Rental Housing REITs in the current stage,starting from the issuance status and operation mode,such as excessive agency links in the transaction structure,excessive credit enhancement of the main body,high operating costs,insufficient liquidity,low returns and so on,and then from the outside.The causes of these problems are analyzed from two aspects: environment and internal operation.Finally,according to the current national conditions,suggestions are put forward from the two dimensions of government and issuer to improve the relevant laws and regulations,promulgate tax preferential policies,optimize the transaction structure,gradually weaken the main credit enhancement,and open the secondary asset-backed securities to investors,with a view to improving the subsequent issuance and promotion of REITs for Poly Real Estate Rental Housing.The rapid development of domestic rental housing REITs makes REITs play a greater role in the housing rental market.