The Research On Case Of Xinpai Apartments REITs

With the promotion of rent and purchase Measures in China and the innovation of financial instruments,long-rent apartments have become a hot new field,providing a new development direction for real estate enterprises,and its rapid development has made countless investors to see opportunities.However,due to the singularity and narrowness of traditional financing channels,the financing and development of long-rent apartments are still facing various difficulties,how to use and choose new financial instruments has become a difficult problem in the current stage of development.Therefore,the analysis of existing distribution cases,help to broaden the way of China’s long-rent apartment financing channels,for the development of long-rent apartments to point out the direction.This paper adopts the method of case analysis and comparative analysis,and selects the first equity-type Xinpai apartments REITs to conduct research and compare it with EQR,based on principal-agent theory,bankruptcy isolation theory,the credit enhancement theory explores the most suitable model for the development of REITs in long-term rental apartments in China and proposes corresponding recommendations.This research found that: 1)The double trade structure and the reasonable exit method paved the way for the development of public offering REITs in China.2)we can learn from the development of the Xinpai apartments REITs and EQR,In the development of China’s long-rent apartment,we can select the contract form of organization,and closed-end funds in the open market of the financing method.In addition to building the basic assets,the double structure can also be optimized by referring to the UPREIT and DOWNREIT structures,and the credit enhancement mode can be changed through the reform of the transaction mode;the income distribution can be regularly distributed according to the contract.To promote the standardization and development of public offering REITs,it is necessary to conduct special legislation and supervision of REITs as soon as possible,and the main body of its approval,organizational structure,trade access rules are also stipulated.At the same time,the restrictive clauses of REITs should be improved;and long-rent apartment brands must strengthen their operational capabilities by providing convenient services throughout the process and improving information platform efficiency,to improve the profitability of revenue conversion.