| With the acceleration of China’s housing reform system and the deepening of financial system reform,the real estate industry has gradually entered a bottleneck period from high-speed development after ushering in the golden period of rapid development.On the one hand,land prices have risen and house prices remain high;on the other hand,traditional financing channels have tightened credit,a large number of Housing enterprises are short of funds,commercial real estate financing is more difficult due to the large amount of investment,long cycle and other reasons;in addition,the high threshold of the real estate industry,so that ordinary investors have no chance to enter,and a large number of personal funds in the market can not find suitable investment channels.Therefore,how to promote the sustainable development of commercial real estate has become an important issue of widespread concern.Real estate trust and investment funds(REITs)provide a new financing way for the real estate industry after losing the extensive support of traditional financing channels.As an asset securitization financing tool with stable returns,it establishes a reasonable trading structure,introduces professional management mechanism,enhances asset value-added returns and effectively reduces potential risks;at the same time,it helps investors enter the field of real estate investment and provides new investment tools with less risk and stable returns.REITs has long been recognized by many countries in the world and has been used in more than 30 countries and regions.At present,Chinese scholars have also expressed great concern and wide recognition for this financing mode.In this context,this paper focuses on the construction of REITs financing model of commercial real estate,and carries out corresponding research and analysis.Through combing the relevant research results and development status of real estate investment funds at home and abroad,combining with the analysis of domestic success and failure cases,this paper further provides effective suggestions for the application of REITs model in commercial real estate in China,hoping to build a REITs model suitable for China’s national conditions and promote the sound development of China’s economy and real estate industry.The main contents of this paper are as follows:Firstly,the overall framework of commercial real estate investment funds(REITs)is sorted out: the concept of REITs,influencing factors of issuance success,income and risk are analyzed in order to have a comprehensive understanding of the new financing mode of REITs.Secondly,the development status of REITs at home and abroad is elaborated: on the one hand,the development status and characteristics of REITs in the developed countries(the United States,Japan,Australia,the Netherlands,Singapore,etc.)are discussed;on the other hand,the development status of REITs in China is discussed,and the status quo is analyzed.Thirdly,case study of commercial real estate: Select one typical case of successful and unsuccessful issuance in China.Through the analysis of case background,transaction structure and cost accounting,summarize the problems of REITs of commercial real estate in China,and propose the elements of successful issuance.Fourthly,it puts forward some suggestions on the development of REITs in China: based on the research results of the legal basis,tax system,transaction structure and mode selection of REITs development,it puts forward some suggestions on the establishment of REITs suitable for China’s national conditions,and gives some policy suggestions on perfecting the issuance standard system,strengthening legal risk prevention,establishing tax preferential system and establishing the termination system. |
