Research On Risk Management Of REITs Financing For HT Pension Real Estate

With the arrival of the aging society in China,the demand for pension services is increasing.As a carrier of pension products and services,pension real estate has received widespread attention of investors.However,pension real estate is different from ordinary commercial,industrial and residential real estate.Its social welfare and non-short-term profitability determine that the industry only relies on its own funds and bank loans,which is not enough to support the development of pension real estate financing in China.In China,Real Estate Investment Trusts(REITs)as a new financial tool,provides a low threshold investment product for small and medium-sized investors to invest in real estate industry,and provides an effective financing model for real estate developers.Therefore,it is necessary and feasible to introduce REITs financing mode into China's pension real estate projects and construct REITs financing mode for pension real estate.At the same time,risk management of REITs financing mode for pension real estate needs to be done well to promote its healthy development.Based on the research results at home and abroad,this paper summarizes and clarifies the related concepts of pension real estate,real estate investment trust fund and risk management,and fully demonstrates the necessity,feasibility and risk of promoting REITs financing mode of pension real estate in China through literature research.Specifically,the risk factors of REITs financing mode of pension real estate are identified by using risk decomposition structure;the weights of risk indicators are calculated by Delphi method,questionnaire survey method and ordinal relationship analysis method to clarify the risk level;the evaluation matrix is constructed by using questionnaire survey method and fuzzy comprehensive evaluation method to evaluate risk factors;finally,through empirical research,HT pension real estate REI is established.Suggestions on risk sharing of high-risk factors in Ts financing mode are put forward,and countermeasures are put forward.The ultimate purpose of this study is: based on the background of the accelerated development of population aging,in view of the related risks existing in the financing mode of REITs in China's pension real estate,the risk management process of the financing mode of REITs in pension real estate is analyzed by combining quantitative and qualitative methods,so as to promote the healthy and orderly development of the financing mode of REITs and pension real estate in China.