A Case Study On The Operation Mode Of REITs In Sf Group Industrial Park

The booming B2C e-commerce market in China has generated a huge demand for modern logistics real estate services,and various policies and plans have been issued at the national level to strengthen the infrastructure construction of the logistics industry,improve the level of warehousing services,and promote the high-quality development of the warehousing industry.Therefore,logistics real estate has become a rare growth field in the real estate industry,and the shortage of storage land at the supply side,the long payback period under the asset-heavy operation of logistics companies,the single financing channel and other problems have also led to the logistics real estate has become a scarce resource,greatly restricting the development of the logistics industry.Logistics enterprises,on the other hand,the hand held by a large number of high-quality logistics estate cannot cash,because the domestic real estate market is not developed at the same time,compared with the developed markets abroad formed the reverse price formation mechanism,the new opening price-existing property prices-rent,the price formation mechanism for the operation of the stock of logistics property is very bad,for a large number of property assets of financial institutions also exists certain risk.As an innovative financial tool,REITs can directly convert the property assets with poor liquidity into monetary funds,which can effectively solve the contradiction between the company's high-debt operation and its holding of a large number of high-quality assets,helping the enterprise to achieve the goal of "from heavy to light" and achieve "asset-light" operation.Therefore,the REITs with logistics storage as the underlying assets will be an important direction for the development of the domestic asset securitization market in the future.Based on the domestic first single reservoir distribution logistics estate REITs as an example,first with the keywords,REITs collecting and combing the research progress both at home and abroad,summed up the current academic research of three directions: the developing mode of REITs,risk prevention and control problems and legal policy issues,and some research achievements and shortcomings.Secondly,the concept,general operation mode and relevant theoretical basis of REITs are summarized to provide theoretical support for the case analysis in the following article.Thirdly,the paper introduces the issue,basic assets,participants and transaction structure of the REITs of sf express industrial park,in order to grasp the key points from the essence of the project.Then,based on the analysis of the project motivation,risk prevention and control,operation structure and financing effect,it is concluded that sf express chose the financing method of REITs mainly because of the need of current economic transformation and development and the urgent need to revitalize its large stock of assets.Finally from case analysis concluded that the underlying asset quality is the key project issued success,and complex structure design can improve the financing cost,at the same time,the company's risk control mechanism needs to be adjusted,also have different financial performance and market performance of problems,according to the analysis of the problems to provide some Suggestions,for subsequent domestic REITs project propulsion.