Research On REITs Of Long Term Rental Apartment In Shenzhen

With the steady progress of reform and opening up,Shenzhen,as the origin of reform and open-ing up,has made remarkable achievements.But at the same time,many problems also gradually revealed.As a dynamic city of reform and opening up,Shenzhen attracts a large number of fresh graduates to develop in Shenzhen every year.However,in recent years,housing prices in Shen-zhen have risen rapidly.Graduates and young people who want to develop in Shenzhen are af-raid that they can not afford to buy houses because of the high housing prices,so they give up employment in Shenzhen,which has led to brain drain.Shenzhen is one of the first-tier cities in the country with the high cost of land.The development of long-Rent apartments and the estab-lishment of a housing system with simultaneous rental and sale were emerged as the times requi-re.However,in the process of researching long-Rent apartments,the high cost of obtaining hou-sing resources and the difficulty of financing have been controversial.The paper uses a case-analysis method by studying the transaction structure and the problems and risks faced by REITs of Biguiyuan Rental Housing,which is listed on Shenzhen Stock Ex-change in 10 billion scale.The first part introduces the research background,purpose,content and method.In the literature review,we mainly review the past research of Chinese and foreign scholars from the aspects of the background and difficulties of the long-Rent apartments and REITs and the operation mode of REITs.The second part mainly introduces the concept,chara-cteristics and theoretical basis of Real Estate Investment Trust Fund(REITs),the meaning of long-Rent apartment and its current development.The third part compares and analyses the ope-ration and development status of REITs at home and abroad,introduces the actual case of REITs in Biguiyuan Rental Housing,and reveals the existing problems and risks in China through in-depth analysis of the transaction structure,basic assets,bankruptcy isolation,credit enhancement and exit mechanism of Biguiyuan REITs.At last,the paper puts forward some countermeasures and suggestions for the development of REITs market in China from four aspects:perfecting laws and regulations,perfecting tax preferences,perfecting supporting systems and standardi-zing market environment.The fourth part is the conclusion and outlook of this paper.This part summarizes the unique REITs model of rental housing in China,points out the lack of quantita-tive analysis of the case,and puts forward two key points for the follow-up study of REITs of rental housing: return on investment and financing performance.This paper has a certain practi-cal guiding significance for the study of longterm rental apartments and the development and improvement of REITs.