Research On The Application Of REITs In Real Estate Leasing Financing In China

After decades of development,China's real estate industry has begun to slow down.Real estate assets also entered the "stock" era.How to digest the stock and realize the light asset of the stock has become a common problem faced by real estate enterprises.The existing financing forms of real estate have exposed various disadvantages.First,the financing channels are relatively narrow,mainly relying on domestic loans and bond issuance.Secondly,the financing cost is high and the financing process is long.Thirdly,there are few financial products related to real estate,which cannot effectively realize the effective accumulation of idle funds for real estate development enterprises.In recent years,in order to restrain the real estate asset bubble and realize the effective convergence between the real estate asset value and the real estate price,the Chinese government has put forward the idea of "housing speculation",which has effectively restrained the speculative behavior of real estate enterprises.In addition,in order to effectively prevent and defuse systemic financial risks,the state introduced various new regulations on capital management,which further narrowed the financing channels of real estate enterprises.How to effectively expand the financing channels and financing scale boundary,real estate enterprises are facing a common problem.As a typical representative of real estate asset securitization,REITs have both real estate asset attributes and financial attributes,and can reduce the leverage and financing costs of real estate enterprises,becoming the fourth major real estate financing method after bank loans,equity financing and debt financing.REITs,which have been developed for many years in developed capitalist countries or regions,are innovative financial products that have been proved by practice to help real estate enterprises out of financing difficulties and revitalize their stock assets.Therefore,the market development of REITs in China has a good prospect.This paper reviews the development of REITs at home and abroad,and analyzes and forecasts the design principles and market performance of REITs products based on the financing difficulties of Chinese real estate enterprises and the case of "zhonglian qianhai open source--country garden rental housing no.1".Through the analysis,it is found that although there are still some urgent problems in the development of REITs,it is an innovative financial product that can help real estate enterprises to solve the financing difficulties.This paper provides a reference for the further development of REITs in China's financial market.