| After the outbreak of the global financial crisis,the attitudes of a large number of lenders have changed.From the past willingness to provide large amounts of capital to the apparent reluctance to continue to provide capital with previous debt levels,and the rapid withdrawal of some market participants from debt markets,And the lenders have further increased their requirements on agreed matters and spreads,and many measures have had a huge impact on the real estate industry.Real estate companies ’financing methods are mainly through indirect financing of bank loans.With the implementation of China’s real estate industry regulation,the credit policy of the People’s Bank of China has tightened,and real estate enterprises’ indirect financing methods relying on bank loans have become increasingly difficult.At the same time,real estate companies account for a large proportion of bank loans,and the banking industry is deeply trapped.In order to ensure the liquidity of bank funds,banks also hope to get rid of them as soon as possible.The securities market relies on trust companies to issue some private equity real estate trust funds.However,its financing scale is small and channels are limited,which cannot meet the market demand of the real estate industry.Direct financing through the securities market accounts for a small proportion of its total financing amount.At present,China’s economic development is changing from high-speed development to high-quality development.The real estate industry accounts for a large proportion of the economy.After nearly 10 years of rapid development,the real estate industry in China has gradually slowed down and the property market has gradually cooled.How to effectively solve this A difficult issue became a priority.Real estate investment trusts(REITs)are a new direction for real estate companies’ financing channels,which have broadened financing channels for real estate development.The development of REITs will help break through the traditional real estate funding model and have a positive effect on the development of the real estate industry.REITs have been developed abroad for a long time and have a sound theoretical foundation.The establishment of a foreign REITs market system is very complete.It is the main learning goal and reference for the early development of domestic REITs.The operation modes of foreign REITs are mainly divided into the tax preferential mode in the United States and the special legislative mode in Asia.American laws and regulations are the most rigorous and perfect.The domestic operation modes are mainly the private equity fund model,QDII model and public offering REITs model.At present,the majority of domestic REITs adopt the private equity fund model.The public offering REITs model is the future development trend.Because domestic REITs have not yet formulated comprehensive laws and regulations,the private equity fund model is the most suitable mode of operation at the moment,which can reasonably avoid part of the duplicate tax burden and can minimize the financing costs of REITs to the greatest extent.Operation mode.Domestic regulators are stepping up the implementation of REITs pilots and preparing relevant documents for submission to legislative bodies.Laws and regulations applicable to China’s REITs are being accelerated.The subject of this case is the real estate investment trust fund issued by CITIC Securities and Huaxia Capital jointly with Jiangsu Sanpower Group.The target asset of the case study is Nanjing International Finance Center.This article elaborates the basic theories and concepts of REITs,introduces the development model of REITs in the United States and Asian countries,combines China’s national conditions and the actual situation of the current development of REITs,and uses case analysis,literature research,comparative analysis,and data analysis.And chart analysis.This article mainly analyzes the operation mode of CITIC Huaxia Sanpower Nanjing International Finance Center Real Estate Investment Trust Fund.It starts from the establishment of the fund,the investment operation of the fund,the risk management of the fund,and the evaluation of the performance of the fund.Compare the operation modes of foreign real estate investment trust funds and analyze their advantages and disadvantages.The analysis shows that the advantage of this case is that the target asset is a high-quality asset suitable for long-term holding;the target asset is located in the core business district of Nanjing and has a good geographical location.It is an office and commercial complex that is different from other REITs.The unity of types;the establishment of dual SPVs for risk isolation;the establishment of a sound risk management system,and the formulation of corresponding precautionary measures against potential risks;regular opening and exit,strengthening the fund’s liquidity and benefiting the fund The flow of funds from investors;the strength of relevant participating institutions is conducive to the issuance and promotion of REITs;the intensity of information disclosure and the transparency of the operation of REITs are high.Many of the advantages of this case are worthy of reference and reference by other asset management institutions,especially in today’s economically developed areas where there are many high-quality assets.How to effectively combine them with funds is a direction worthy of further exploration by real estate companies.But at the same time,there are deficiencies in the laws and regulations system,poor liquidity of REITs products,lack of effective supervision mechanisms,lack of professional management personnel,excessive reliance on the credit enhancement of original stakeholders and the need to strengthen information disclosure.Effective supervision,training of professionals,getting rid of reliance on the original creditor’s credit rating,increasing information disclosure,and constructing a healthy exit mechanism for funds make specific recommendations.The shortcomings of this case are important future directions for REITs research.It will play a positive role in the future development of REITs,which will help promote the in-depth research of REITs. |
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