| Under the national tone of “housing to live without speculation”,governments at all levels have actively promoted the transformation and development of the housing rental market.At the same time,with the acceleration of urbanization and the expansion of young people’s demand for urban housing,the long-term rental apartment market has been welcomed since 2017.Here comes the opportunity for development.While the long-term rental apartment industry is developing,it has also encountered problems such as financing difficulties and industry chaos.With the practice of public offering REITs and the country’s emphasis on REITs in financial reforms,REITs,a financing tool,provide a new way for the financing of long-term rental apartments.This thesis contains the literature research method,case research method,expert investigation method and AHP.It summarizes the research status of REITs’ financing mode,financing risk and financing benefit,and takes the new style apartment special plan as the first long-term rental apartment REITs in China as the case subject.Firstly,it analyzes its financing model,analyzes the motivation of this REITs financing from the macro and micro levels,and then analyzes the main financing risks and analyzes the risks of the underlying assets.Market risk and other four first-level indicator perspectives,and use the analytic hierarchy process to evaluate risks within the framework of the system,and finally analyze the benefits brought by the financing of Xinpai apartment REITs based on the balanced scorecard perspective and the strategic value perspective.The research results of the thesis show that although Xinpai faces some risks in financing REITs,it provides strong financial support for the development of long-term rental apartments to build its own brand and provide typical experience.Finally,the paper provides suggestions for the problems faced by Xinpai apartments and the national promotion of REITs reform,in order to improve real estate financial system. |
PDF Full Text Request