Research On The Application Of Rental Housing REITs In China

Under the background of the development of real estate enterprises in China,the siphon effect of capital and capital emerges as the times require.In order to make the real estate market develop healthily and smoothly,it is urgent to activate the stock of housing and increase the ratio of rent to sale.As an important part of the long-term mechanism of real estate,the housing rental market has been widely concerned about every step of its development,especially in 2017,a series of government and market initiatives to promote the development of the rental market into the fast lane,leading housing enterprises to scramble to enter the market.And with our real estate market from the past Incremental era into the stock era,coupled with increasingly tight monetary policy,the traditional financing methods to obtain more difficult to obtain funds,financing costs increased,real estate market regulation and control of the tightening of real estate enterprises to make financing worse,so China began to explore the development of REITs markets to establish a long-term mechanism to promote the development of the real estate market.The real estate investment trust fund(Real Estate Investment Trusts,hereinafter referred to as "REITs"")began to sprout in our country in 2014,and then developed rapidly in our country with many advantages of this product.As of December 2019,China has issued 68 single REITs products with a total scale of 140.281 billion yuan.On August9,2018,China's first private housing rental storage shelf-type REITs--Xuhui leading apartment REITs pushed forward It is not only of great significance to promote the development of housing rental market,but also provides guidance and reference for thecapital market to serve the real economy.On the basis of comprehensive domestic and foreign related research,this paper adopts the method of combining case analysis and comparative analysis,draws lessons from the relevant experience of international REITs,and combines with the actual situation of our country,and studies the special asset support plan of Gaohe Chenxi-Ixin Securities No.1Linyu No.1(which belongs to the REITs of private enterprise's first single housing rental and shelf type equity),analyzes its REITs issuing motivation,product plan,financing influence and risk in detail,and then summarizes the enlightenment and relevant experience.This paper can be divided into three parts: the first part is a case introduction.Starting from the industry background,the housing rental industry The development overview was sorted out,and then the main participants in this case —— Xuhui shares in the housing rental business strategic deployment and financing difficulties,as well as Xuhui Group in order to promote the development of real estate financial innovation business,the holding company Xuhui apartment for the media to issue REITs products financing,and then Xuhui apartment product distribution overview,mainly including participating institutions,product trading structure,underlying basic property assets,credit enhancement measures and exit mechanism.The second part is case analysis,but also the focus of the article.A detailed description of the product of REITs No.1 of Xuhui To analysis.The first is to satisfy the strategic plan of "one body and two wings" in the new development stage of the enterprise,the second is to make the housing leasing business out of the financing predicament,and the last is to make the brand value of Xuhui apartment be enhanced,so that enterprises can keep up with the development of housing leasing business;the second is to analyze the distribution plan,REITs design and innovate reasonably in the transaction structure,and to make the property compensation stable.Debt security arrangements are also more effective,the overall scheme set up better,for other enterprises have a higher reference significance;finally from the financing channels,financing efficiency and financing costs to analyze the financing impact of REITs products issued.While the REITs,of Xuhui REITs as the first single housing rental and shelf equity category of private enterprises has important reference significance for other real estate enterprises to finance through REITs products,there are still a series of problems in its issuing process and laterstage of financing,such as policy and regulation risk,liquidity risk and term mismatch risk.The third part is the case conclusion and enlightenment.First of all,this case the research is summarized,and then the corresponding suggestions and enlightenment are put forward to the relevant subjects.in order to promote the application of REITs products in the real estate market of our country,it provides practical reference for the issuance of REITs from the perspective of regulatory layer and issuer,respectively.First of all,under the background of rapid development of housing rental in China,but the housing rental business is limited by financing channels and financing scale,REITs is undoubtedly a new and effective financing method for housing rental enterprises with high quality commercial real estate,and it is also a safe and effective investment product for investors.However,REITs the use of housing leases remains inadequate,Mainly in the REITs related policies,laws and regulations are also in the continuous introduction and improvement,at the same time,REITs products in our country are not really standard REITs products,all just stay in the class REITs level,and can not be publicly transferred through equity in the secondary market before the product expires,hindering the liquidity of funds.