Application Of REITs In Logistics Real Estate Industry

The rapid growth of personal consumption promotes the rapid development of the e-commerce industry,which further enhances the strong demand for logistics warehousing.At the same time,due to the construction needs of rail transit,high-speed rail stations and start-up industrial parks,China's logistics real estate industry is in an excellent development era,but the problems it still faces are large investment,long recovery cycle and weak liquidity.Real estate trust and investment funds(hereinafter referred to as REITs)specially invest in real estate projects by pooling the funds of ordinary investors.REITs can effectively link and integrate the industry,and promote the operation of the real estate industry from "heavy assets" to "light assets".Logistics real estate is a favorite type of industry by REITs.At the same time,the industry also needs REITs as a new financial tool.However,the development of REITs in China's logistics real estate industry is very slow.In this paper,case analysis,comparative analysis and literature research methods are used to study the first single logistics real estate storage shelf REITs product "Huatai Jiayue-Shunfeng Industrial Park Phase 1 Asset Support Special Plan"(hereinafter referred to as Shunfeng Industrial Park REITs).First,the basic concepts and related theories of REITs and logistics real estate are elaborated,and REITs in logistics real estate are analyzed.The industry has good prospects and development space.This paper puts forward the development problems of REITs in China's logistics real estate industry and analyses the reasons.Then it deeply analyses the financial situation,underlying assets,transaction structure,risk isolation means,credit enhancement measures and exit mechanism of the original stakeholders of REITs in Shunfeng Industrial Park,and puts forward the innovation and existence of REITs in Shunfeng Industrial Park.Problems and reasons.Finally,combined with the mature experience of REITs in Singaporean logistics real estate industry,this paper puts forward some solutions to the problems encountered by REITs in the development of China's logistics real estate industry,with a view to providing suggestions for China to accelerate the development of logistics real estate REITs,and draws the following conclusions: first,storage shelf issuance mode is suitable for integration with logistics real estate REITs;second,individual investment is exempted;Income tax measures such as REITs dividend sharing can solve the dual tax problem and improve the tax system.Thirdly,increasing government support and formulating REITs special laws and regulations can promote the rapid development of REITs.Fourthly,a sound credit system and investor structure are conducive to the development of REITs.