Analysis Of Investment Value Of Penghua Qianhai Vanke REITs

REITs(real estate investment trusts)as a new financing way of real estate.It has a long history in Europe,the United States and other countries.The REITs market has developed very mature,and the Asian region is also accelerating the development of the REITs market.China’s REITs started late.Since 2005,all relevant departments of the society began to conduct in-depth research and actively promote the construction of China’s REITs market.By the end of 2018,43 REITs products had been issued.Among the many REITs products issued,most of them are private placement,which still lags behind the international standard REITs.In June 2015,Penghua Fund Management Co.,Ltd.signed a contract with Vanke Enterprise Co.,Ltd.to jointly issue the first public REITs in China,marking a breakthrough in the development of REITs in China and providing good reference experience for the large-scale development of public REITs in the future.This paper introduces the background of the establishment of Penghua Qianhai Vanke REITs,the participants and functions of all parties,basic assets,raising methods and exit mechanism,and summarizes the differences between Penghua Qianhai Vanke REITs and other "similar REITs" in China.Focusing on the combination of quantitative and qualitative methods,the investment value of the fund is analyzed in detail from four aspects of asset allocation,operating performance,income level and market valuation.According to the comprehensive analysis,the problems still exist in the operation process of Penghua Qianhai Vanke REITs are summarized.Referring to the mature international experience,the reasons behind these problems are mainly product structure design There are five aspects: lack of consideration,heavy tax burden,lag of laws and regulations,information asymmetry and lack of compound fund management talents.Finally,based on the value performance and existing problems of Penghua Qianhai Vanke REITs,some suggestions are put forward.Through the analysis of the investment value of Penghua Qianhai Vanke REITs,we can understand the value and market performance of the first public REITs productin China more intuitively and clearly,which is a new investment choice for investors and a better summary of experience for fund managers,so as to improve the ability of managing funds and obtaining income.Penghua Qianhai Vanke REITs,as the first public REITs in China,analyzes them,summarizes experience and improves deficiencies,which is helpful to promote the construction and development of China’s standard REITs market.