A Case Study Of Penghua Qianhai Vanke REITs Investment Operation

Real Estate Investment Trust Fund(Real Estate Investment Trusts,(hereinafter referred to as "REITs")originated in the United States,due to its own product advantages and government policy incentives and market environment advantages,then in Australia,Singapore,The rapid development of Europe and other countries and regions has been favored by the government and investors.Although the development of REITs in China started later than that of the United States and other countries such as Europe,the development of REITs in recent years has also gradually accelerated.The number and market capitalization of REITs both have a certain breakthrough.In June 2015,Penghua Qianhai Vanke REITs was approved and issued,as the first public offering REITs,in China,its investment operation process and market performance has attracted public attention.By means of literature analysis,statistical analysis,case analysis,comparative analysis and other research methods,this paper makes a case study on the investment operation of REITs in Penghua.Taking Penghua Qianhai Vanke REITs as an example,this paper briefly introduces the background of the case,the main body involved and the investment operation mode of the fund,and analyzes the investment operation from four aspects: basic assets,organization form,investment income and market performance.It also finds out the shortcomings of Penghua Qianhai Vanke REITs in these aspects and puts forward some suggestions for improvement.Specifically speaking,first of all,the basic assets of Penghua Qianhai Vanke REITs have the problem of vague definition of property right,which leads to the problem that the fund can not obtain the real estate value-added income;Secondly,the contractual form of organization brings the advantages of flexible operation,tax avoidance and other advantages for the fund.But also lead to the formation of a certain degree of principal-agent risk;Thirdly,the singleness of investment income and the characteristics of excessive reliance on the capital market are contrary to the principles and significance of the establishment of REITs,and also make the fund more vulnerable to the risk of the capital market.Finally,according to the data of the daily closing price of the fund as of March 27,2019,it is found that the price of the fund has good stability.At the same time,the paper analyzes the profit-sharing level of the fund and its ranking in the same industry fund.It is found that Penghua Qianhai Vanke REITs also has a good performance in this respect,which is associated with a participant's drum of compressing self-interest and government policy.Encouragement and support have nothing to do with it.According to the case analysis of Penghua Qianhai Vanke REITs investment,the author puts forward some policy suggestions to improve the quality of basic assets,perfect the incentive mechanism and supervision mechanism,perfect the relevant laws and regulations,and optimize the structure of holding assets.In order to provide a real case for the future development of REITs in China,to promote the rapid and stable development of China's REITs market towards maturity.