Research On Risk Prevention And Control Of Endowment Real Estate Financing Based On REITs

Since the 21 st century,the aging situation in China has become increasingly serious.Large aging population base and rapid growth are the main characteristics of the aging problem in China.At present,the elderly care service industry in China is still immature(especially the elderly care real estate industry),so the quality of the elderly care service required by the rapidly growing elderly population cannot keep up with the demand.The construction of old-age care real estate funded by the government or relying on the traditional family way of old-age care not only increases the burden of government revenue and expenditure,but also fails to solve the current problem of old-age care supply and demand balance.Therefore,it is urgent to guide some private capital to participate in the development of old-age care real estate.However,pension Real Estate development currently faces many problems,such as large capital scale demand,long Investment recovery cycle,single target group structure and narrow financing channels.Therefore,it is necessary and feasible to introduce the Real Estate Investment Trusts(REITs)into pension Real Estate for financing.As a new financing channel for real estate development under the current stock market,REITs are of significance to relieve the financial pressure of government departments in investing in the construction of old-age care real estate,and reduce the investment threshold of real estate developers and the risks brought by investment.Because old-age care real estate projects involve many participants in the development process and face many unclear risk factors,the primary task of REITs financing mode old-age care real estate project development is to carry out comprehensive risk prevention and control research.The introduction of REITs financing mode in old-age care real estate is an attempt for domestic old-age care real estate development enterprises.There will undoubtedly be more or less unforeseen risks when the new financing mode is introduced.In view of the large number of participants in old-age care real estate and the diversified risks they may face,it is of great significance to effectively identify,evaluate,and prevent and control risks of old-age care real estate under this financing mode.It also has positive significance and social value for the long-term and stable development of old-age care real estate in China.From the perspective of private capital,based on a large number of domestic and foreign experts and scholars on the research literature on the financing risk of old-age care real estate REITs,this paper makes a summary,analysis and summary.Starting from the three basic theories of old-age care real estate,REITs financing mode and risk prevention and control,the research was carried out in connection with the actual research background,research trends at home and abroad,current main problems,main technical routes and main research methods.Firstly,the risk indicators are divided and identified by the risk checklist method from the perspective of factorable dimension,and the final set of risk occurrence indicators is obtained.Then the expert questionnaire was used to sort out and analyze the feedback sample data,and a list of the risk impact size was obtained.Then the grey-fuzzy comprehensive evaluation method is used for qualitative analysis and quantitative evaluation of the risk checklist list,and the grey-fuzzy comprehensive evaluation matrix is obtained.Finally,the overall risk level of the development project is obtained and reasonable risk prevention and control Suggestions are given.An example of an old-age care real estate REITs project in CC city was introduced to verify the reliability and accuracy of the comprehensive evaluation method.In order of the influence of risk factors,Suggestions on risk prevention and control sharing and management in the actual development of an old-age care real estate REITs project in CC City were put forward.Finally,through the research,it is hoped that the research on risk prevention and control of old-age care real estate projects under the financing mode of REITs in China in the future can be promoted.