| After years of development,our country’s urbanization process has entered the late stage of rapid development,the growth rate of the real estate industry has declined,and it has gradually moved towards the inventory management stage.At the same time,the increase in the number of migrants、 the acceleration of migration and the changes that have taken place in the main rental groups all put forward higher requirements for the construction of our country’s housing rental market.However,due to the characteristic of the rental housing business,real estate companies face many challenges in the process of expanding the rental business.First,the lease business realizes fund recovery through rental income,with a long payback period and inefficient use of funds.Second,the leverage of real estate companies is much higher than other industries.How to find a financing method that can simultaneously meet the capital needs of the leasing business and ensure that the risks are controllable is another problem that real estate companies need to solve urgently.Third,the operation of the leasing business requires specialized institutions to operate to ensure the sustainability and growth of profitability.In recent years,the state has frequently introduced policies to promote the construction of rental housing market REITs.In 2002,the domestic real estate trust was born.After nearly 18 years of development,China’s real estate asset securitization has begun to take shape,but no standardized REITs have emerged.Therefore,this article selects REITs products issued by Poly Real Estate as the case study object in order to draw valuable suggestions and conclusions.First,from the supply side,demand side and policy side,the current status of my country’s rental housing market is analyzed.After comparing China’s REITs and standardized REITs,the general situation of asset securitization in our country’s real estate industry chain is combed.Secondly,on the basis of the preliminary introduction to the issuance of Poly Rental Housing REITs and product design plans,the case is further studied from the perspectives of motivation analysis,plan analysis,economic effect analysis and risk analysis,and summarized the shortcomings of the product design.Finally,the following conclusions are drawn.First,Poly Real Estate has the motivation for financial innovation.Firstly,the financing strategy transformation is imminent;secondly,our country’s urbanization growth rate is declining,and housing companies urgently need to innovate the monetization model;thirdly,the rental housing asset securitization can effectively realize the revitalization of rental housing asset funds;fourthly,reduce corporate financial risk.Second,the comprehensive use of the principles of risk isolation and asset reorganization can achieve the recombination of risks and benefits and the isolation of risks.Poly Real Estate screens property assets,selects high-quality and appropriate basic property assets,establishes a basic asset pool that can generate stable cash flows,and enhances the attractiveness of products.Third,Poly rental housing REITs use internal and external credit enhancement measures,but the basis of credit enhancement mainly depends on the credit of the main body and its shareholders.Judging from the mature REITs market standards,it is the underlying property assets that should play a leading role Quality and its future benefits.Fourth,Poly Real Estate leased housing REITs use the "special plan + private equity fund" transaction form,and through the construction of "equity + debt" to a certain extent,reduce tax burden.Fifth,Poly Rental Housing REITs is the first domestic storage shelf distribution type REITs product.It has flexibility in the timing of issuance.The disadvantage is that although a certain degree of expansion is achieved,it is still far from the real expansion mechanism.In essence,this single product is still not a truly standardized REITs product. |
