Research On The Poly's REITs Operation Mode And The Performance Of Poly Real Estate

In order to improve China's housing system and financing methods,the state has begun to vigorously develop the housing rental market and promote real estate investment trust funds.Poly Real Estate is the first state-owned enterprise in China to issue rental housing REITs,and it is the first time to adopt shelf distribution in products.This has a great impact on real estate enterprises and has great research significance.Therefore,this paper takes Poly Real Estate Rental Housing REITs as an example,and combines with relevant theories,focusing on the analysis of the operation mode of Poly Real Estate Rental Housing REITs and the impact of the issue of rental housing REITs on Poly performance,and draws corresponding conclusions and inspirations,hoping to provide reference for other housing enterprises to issue rental housing REITs in the future.This paper uses case analysis method,which is divided into four parts: introduction,real estate investment trust theory,case and summary.In the case part,the first part is the introduction of the case,which introduces the background of Poly Real Estate and Poly Rental Housing REITs financing,and then introduces the basic situation of the REITs.In the case study part,the focus is on the operation mode of the REITs and the impact of financing on the performance of Poly.In the study of the operation mode,this paper from the participants,basic capital.The production pool,product structure,the issuance and exit mechanism of REITs and the subsequent management of property assets and REITs are introduced.The characteristic parts are analyzed.In the financial performance,we mainly evaluate the solvency of Poly and use DuPont analysis method to make a horizontal and vertical comparative analysis of the financial indicators of Poly.Through analysis,this paper draws the following conclusions: REITs is an innovative financing mode to meet the requirements of national policies and economic development,and to broaden the financing channels of enterprises.REITs achieves risk isolation through dual SPV operation,and ensures rental income through market-oriented rental mechanism to reduce risk.REITs can improve the shareholders' wealth.REITs can improve the operational capacity of enterprises,optimize the allocation of resources,and promote the development of real estate business.The following enlightenments are drawn: REITs is an innovative financing measure adapted to macro-control policies.The government's strong support has promoted the rapid development of real estate investment trust funds.REITs need to be supported by high-quality property assets.REITs need to do their best to reduce risk.Using shelf issuance to raise funds for enterprises in time and prepare for REITs issuance by public offering in the future.The innovation of this paper lies in: Poly Real Estate Rental Housing REITs is the first state-owned enterprise rental housing REITs product issued by shelf issuance mode in China,which has a great demonstration role in real estate enterprises.China's REITs is in its infancy.There are relatively few literatures on the use of case studies to study REITs.Taking Poly Real Estate as an example,this paper focuses on the analysis of its operation mode and financing performance,hoping to be complementary.