| With the continuous development of China's economy,the real estate industry is playing an increasingly important role in China,and even it has become one of the pillar industries of China's current economic development.With the real estate industry entering the era of stocks,coupled with some restrictions on the real estate sector,financing in the real estate industry has become increasingly difficult.In such a context,how real estate companies obtain funds is a difficult problem for real estate companies.According to foreign experience,REITs can provide financial support for real estate enterprises at the financing end.At the same time,REITs can also enrich investors' investment channels,allowing investors to invest in real estate in a lower threshold and gain real estate industry development.Bring the bonus.Studying the development of REITs in China is of great significance for solving the financing problems of the real estate industry and allowing investors to invest in the real estate industry at low cost and enrich investors' investment varieties.The first part of this paper mainly expounds the background,research significance and research methods of REITs in China.The second part firstly sorts out the definition,classification,characteristics and development process of REITs,and classifies the REITs products currently issued in China,and summarizes the characteristics,characteristics and functions of REITs products in China.The third part is mainly the analysis of the case.The author first introduces the basic situation of the case,and then the feasibility of issuing the REITs of Yili Ecological Plaza from the perspectives of basic assets,cash flow forecasting,trading structure,issuing interest rate and investment risk.The significance is analyzed and compared with Penghua Qianhai Vanke REITs,and the advantages and disadvantages of Yili Ecological Plaza REITs are compared and analyzed.The fourth chapter of this paper summarizes the references and defects of Yili Ecological Plaza REITs,and puts forward corresponding improvement suggestions,which provides the direction for the development of future REITs.It is true that Yili Ecological Plaza REITs is not a perfect product.It also has “real-name debts”,too much investment targets,double taxation,etc.There is still a gap between foreign standard products,but it is also a Financial innovation products in the existing environment provide a large amount of funds for the real estate industry and enrich investors' investment channels.The series of REITs represented by REITs in Yili Ecological Square are inseparable from the current objective environment in China.For example,if the rental ratio is too high,the operating income of investment real estate is not ideal,and there is no REITs.Regulations and non-tax incentives and the difficulty of individual investors to participate in REITs investment are important factors that hinder future REITs in China.In view of these existing problems,this paper puts forward some aspects that should be improved in the future REITs,such as “fixed income + partial real estate value-added income”,enriching investment targets from the perspective of investment assets and types,improving relevant laws,expanding investor scope,etc.In order to find a direction for the further development of REITs,and to provide suggestions for improvement in the future to promote more mature REITs,and effectively enrich the financing channels of the real estate industry and the investment varieties of investors. |
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