| Since 2005,the real estate industry has maintained a high growth rate,which is due to the central bank maintaining a low interest level and a relaxed macro-environment of bank credit policy.In order to restrain the overheating of the real estate market and the excessive housing prices.In 2016,the State Council and local governments regulated the real estate industry,and the real estate market began to cool down gradually.According to the data of the National Bureau of Statistics in December 2018,real estate enterprises have 16.59 trillion yuan of capital in place,including 2.4 trillion yuan of bank loans,down 4.9% from the same period last year.Because of the large scale and capital intensive of the real estate industry,it is inevitable to encounter the difficulties of capital bottleneck under the adjustment of national policies.How to use financing tools is related to the survival and development of enterprises.REITs,as an innovative financing tool,uses asset securitization to transform immovable real estate assets with poor liquidity into financial securities assets with strong liquidity.It opens up a new financing mode for real estate enterprises,which can effectively aggregate large-scale and idle private capital and participate in real estate investment,and enable individual investors to make use of their idleness.The scattered funds participate in the investment of real estate projects,effectively improve the liquidity of real estate assets and provide mature investment channels for real estate assets to investors.Investors in the international financial market invest 35% in real estate through financial markets,such as Hong Kong's REITs.REITs was introduced into China late.Due to the restrictions of policies,laws,regulations and taxation,REITs are still at the stage of development.The products issued today are similar to REITs created by private equity with Chinese characteristics,which are still different from the international REITs market standards led by the United States.Poly REITs approved by the Shanghai Stock Exchange On October 23 th,2017 in China,became the first single-housing enterprise to lease housing REITs and issue REITs on the first single-housing shelf.It opened a new chapter in the securitization of rental housing assets.Poly REITs is the most close to international standards of REITs products so far in China,which has great significance for the development of REITs in China.This paper is mainly divided into four parts: The first part introduces the background of the topic,research ideas and research methods,and summarizes the research results at home and abroad.The second part introduces the main role of REITs,analyses the financing channels and environment of domestic real estate industry,and expounds the development status of REITs in China and the United States.The third part introduces the operation process of Poly REITs,which is divided into three stages: preparation,transaction and observation.This paper analyses the risk concerns in the three stages of preparation,trading and observation of Poly REITs.The fourth part aims at the main risk points of the three stages,the risk control measures adopted by Poly Group and Poly Real Estate to prevent the risks arising in the operation process.Finally,I analyze the measures of the operation process of Poly REITs,and conclude that the comprehensive credit enhancement measures,clear property rights and effective decentralization of Poly Group can effectively control the risk of product operation.Due to the late start of REITs in China and the difficulty of data collection,the comprehensive study on risk control of REITs needs further development and accumulation. |
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