Study On REITs Operation Mode Of Chinese Rental Housing

The high housing prices in some of the first and second-tier cities in China have greatly increased the cost of living for the ordinary working class.However,the livelihood problems such as housing,employment,health care and children education are closely related to the purchase of housing,which further aggravates the loss of life.In order to carry out the policy of "houses are used for housing,not for speculation" in the report of the 19 th CPC National Congress,cities in the construction of rental housing guarantee multi-channel supply of housing,but also advocate rental housing and buy housing to enjoy the same rights.However,the traditional rental housing operation yield is low,capital operation cycle is long,the issue of rental housing REITs has become an effective magic weapon to solve this problem.However,there are still shortcomings in the operational model of the issued rental housing REITs,which is unable to meet the requirements of future development.Therefore,it is the starting point of this paper to analyze the operation mode of rental housing REITs and how to solve the shortcomings of these operation modes.In this paper,first of all,using the literature analysis,the existing domestic and foreign rental housing REITs operation mode research is analyzed,and from the foreign domestic rental housing REITs operation mode comparison of the status quo,This paper analyzes the main problems existing in the operation mode of "contract private placement" of rental housing REITs in China at present,and studies the direction of its transformation into "contract public offering" mode.This paper designs the transaction structure and implementation guarantee of the operation mode of REITs "contract public offering" in China,and verifies its feasibility and effectiveness in theory and case studies.Finally,some suggestions on operation,investment and risk management are put forward to solve the problems in the implementation of "contract public offering".It is hoped that it will be helpful to the issue of standardized rental housing REITs in China and to the internationalization of REITs in China.Finally,it is concluded that under the current policy conditions of leasing housing REITs in China,the operation mode of "contractual public offering" is applied,the contract type is chosen in the organizational form,and the structure of the "asset support special plan public fund" is used in the transaction structure,which is closed-ended operation.The investment strategy should carry out the active investment mode.The possible innovations in this paper include the first systematic study on the operating mode of rental housing REITs,the first risk measurement of American EQR,and the first analysis of the operating hypothesis of "contract public offering" for a project in Xi'an.It is hoped that the research in this paper can enrich the operating mode of domestic rental housing REITs and have certain reference significance to the financing and public offering of REITs.