Analysis Of Public Offering REITs In China

As an economic hotspot in China in recent years,real estate has a bearing on the lifeline of the national economy and has an important impact on China's economic system.It is a capital-intensive industry with large capital occupation,long cycle and poor liquidity.Financing is subject to many restrictions.Real estate investment trusts(hereinafter referred to as “REITs”)have opened up a new financing model for real estate.It effectively collects large and idle private funds and participates in real estate investment,allowing many small and medium-sized enterprises.Investors participate in real estate investment projects.Compared with foreign countries,China's REITs are still in a preliminary stage,the laws and regulations they face are not perfect,the relevant institutional environment needs to be further improved,and the issuing procedures are also very different.There is no standardized procedure,so REITs are still in China.The government needs further regulation and guidance.Since the existence of REITs is in line with the current situation of difficult real estate financing in China,as long as it is properly regulated,its development prospects and importance in the financial market will be further enhanced.The REITs introduced before 2014 are China-based REITs.The Penghua Qianhai Vanke REITs issued in 2015 is the first public fund in China and the fund closest to international standards.It is of great significance to the development of REITs in China..This paper analyzes the operation mode and asset pool risk,investment risk and credit enhancement risk of Penghua Qianhai Vanke REITs,and studies some risks and shortcomings in the distribution process,with a view to the subsequent public offering REITs.These risks can be avoided in the issuance and promote the healthy development of REITs.This paper is divided into five chapters.The first chapter is the introduction.It introduces the research background and significance of the topic,expounds the related literatures at home and abroad and the innovation of this article,and explains the overall structure of the article.The second chapter first makes the REITs.A basic introduction,including its basic definition,classification and characteristics,and then a comparative analysis of its basic development at home and abroad,and then analyze its development conditions and necessity in China,and finally a risk to its A brief overview;the third chapter mainly analyzes the case data of Penghua Qianhai Vanke REITs,first analyzes its issuance,mainly including its release background and listing,and then introduces its trading situation,including the main parties.The transaction process and organization;the fourth chapter takes Penghua Qianhai Vanke REITs as an example,analyzes its operation mode and risk status by means of financial data analysis,and analyzes its asset pool risk,investment risk and credit increase.Level risk;Chapter 5 is conclusions and recommendations,based on the analysis above,summarizing the full text and addressing the risks analyzed above The relevant recommendations to avoid risks.Based on the analysis of the risks of Penghua Qianhai Vanke REITs,this paper finds that the source of the asset pool is single and the credit enhancement method is inefficient,and proposes specific countermeasures and suggestions on how to reduce such risks.The risk of asset pool can be reduced by establishing a cash flow monitoring system for the underlying asset pool,and the risk of credit increase can be reduced by learning from the experience of transaction structures in developed countries,improving the way of adding credit,and establishing an open and transparent system.