| After decades of development,real estate industry in China has become an important part of our country's economy.But,as the industry cycle into the mature stage,along with the control in macroscopic policies to real estate industry,the increment compression in land supply,and the increasing in costs,it becomes more difficult for the real estate developers to make financing,and the industry competition is more intense,so real estate developers face serious difficulties.However,the improvement of urbanization level,the improvement of residents' living needs and the change of family structure put forward higher requirements for the business model of real estate developers.The business model of real estate developers relying on bank loans and land acquisition to get value-added is facing constraints,and the traditional rough management cannot meet the requirements of the future real estate market.Therefore,the upgrading transformation for real estate developers is an inevitable trend.The transformation of real estate developers needs to solve the following key problems: developing financing channels,revitalizing inventory assets,reducing corporate debt and improving operating conditions.However,REITs have financing functions.The securitization process of REITs is the process of converting real estate assets into cash assets,which can open up financing channels for real estate developers,accelerate the destocking process,and reduce corporate liabilities and weaken business risks.This paper focuses on the role of REITs in the transformation of real estate developers.Through literature research,this paper expounds the functions and principles that RETIs can facilitate the transformation of real estate developers.Through analysis with case,the specific performance and limitations of REITs boosting transformation are thoroughly analyzed and summarized.based on the principle of REITs.In this paper,Funds from Operations(FFO)discount model is applied to evaluate the value of the REITs,so as to analyze and judge the factors affecting REITs property value.And to deduce that the overall value of REITs can be improved by reasonably improving these factors.Finally,drawing lessons from the transformation of foreign real estate developers and the development experience of foreign REITs,this paper summarizes the enlightenment in real estate developers transformation.The property asset that can generate stable cash flow is a qualified RETIs target,which requires developers to pay full attention to the operation and management of the target property.The public offering of RETIs products can realize the large participation of social capital,which requires the establishment and perfection of relevant laws,regulations,fiscal,taxation systems,evaluation systems and information disclosure systems in our country. |
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