Research On Risk Management Of Poly Real Estate Trust Fund Operation Mode

Real estate industry is the pillar industry of national economic development with the characteristics of long cycle and slow capital recovery.The Nineteenth National Congress clearly put forward the system of "housing without speculation,rent and purchase simultaneously",requiring attention to the housing attributes of houses.The relevant policies also restrict the financing of real estate enterprises.Therefore,financing is difficult and the financing mode is single.It has become a hidden danger threatening the development of real estate enterprises.Real estate investment trust fund(REITs)is a new financing tool for real estate enterprises.It will play a significant role in solving the financing difficulties of real estate enterprises and improving the capital market system of our country.It is necessary to study the operating mode and risk analysis of REITs and to apply REITs in China.This paper summarizes the research results of REITs by literature analysis in recent years,and finds that the current research mainly focuses on the external risks and benefits of assets through empirical analysis.Therefore,it is of theoretical and practical significance to select cases and study the operation mode and risks of REITs.Baoli Real Estate Housing Rental REITs is the first single-shelf REITs in China.This paper takes it as a case study to analyze the operation mode and risk of REITs.In this paper,expert survey and analytic hierarchy process are used to carry out risk analysis from three aspects of risk identification,assessment and control.Firstly,through literature analysis and combined with this case,this paper designs the risk assessment system of Baoli Real Estate Housing Rental REITs,and invites 15 experts from relevant fields to score,obtaining the risk factors of Baoli Real Estate Housing Rental REITs.On this basis,this paper uses analytic hierarchy process to analyze the risks faced by Baoli Real Estate Housing Rental REITs.The risk control measures adopted by Baoli Real Estate Housing Rental REITs and the measures still needed to be taken are summarized.The following conclusions are drawn: firstly,REITs can flexibly respond to the financing needs of real estate enterprises;secondly,REITs has certain risks;thirdly,a complete risk control system should be established;fourthly,real estate Enterprises should be cautious in dealing with policy risks when using REITs financing.Finally,according to the conclusion,the paper puts forward the policy suggestions for the development of REITs in China and the principle that real estate enterprises should adhere to the principle of "housing does not speculate" when issuing REITs financing.To sum up,REITs can flexibly respond to the financing needs of real estate enterprises,but there are also certain risks,especially policy risks.The use of REITs for financing not only requires management companies to establish risk control system and cope with risks including policy risks carefully,but also requires the state to promulgate relevant policies to promote and monitor the development of REITs in China.