Research On The Factors Influencing Return Of REITs In China

With the further opening of the financial market,the financing channels of the domestic real estate industry are changing,and the industry has begun to explore a variety of financing tools,and REITs have received much attention.On the one hand,China’s real estate industry has more stock assets that are not conducive to corporate capital flows,and REITs can just incorporate these stock assets into liquidity in the form of securitization to meet the real estate business’ s demand for financing.On the other hand,in 2016,the government issued a policy to encourage the reduction of stock assets and expand investment and financing channels to stimulate people’s confidence in the development of REITs.In 2018,the government’s regulation of the real estate market forced real estate developers to find new financing exports,thus REITs.The demand has once again increased.Therefore,in the context of these two aspects,REITs are gradually developing.Firstly,This paper expounds the basic characteristics of REITs products,analyzes the development status of REITs at home and abroad,and analyzes the differences between different REITs in the market.It summarizes the factors affecting macroeconomics,interest rates and rental income.Then,taking the first overseas REITs listed in China as an example,through the relevant data of the 2007-2017 annual report,the three aspects of operating income,operating profit and return on investment of basic assets are discussed in detail.factor.The case study found that the operating income,operating profit and return on investment of basic assets are positively correlated with the return on REITs.Operating income and operating profit are directly related to REITs income sources,while return on basic assets investment and dividend income from REITs.The rate is related,so all three will have an impact on the revenue of REITs.At the same time,this paper provides suggestions for adding high-quality basic assets and improving operational management level for REITs product market pricing,and provides promotion and reference significance for future pricing of REITs in China.