| As China’s financial system reforms deepen,the real estate industry is gradually entering a bottleneck after a golden period of rapid development.Meanwhile,land prices are rising and housing prices remain high.On the other hand,traditional funding channels are tightening,and many real estate companies are running out of funds.Commercial real estate is even more difficult to finance due to high investment costs and long cycles.Promoting the sustainable development of commercial real estate is therefore an important scientific challenge.After commercial real estate lost support from traditional financing channels,real estate investment trusts(REITs)provided the real estate industry with a new financing channel.As an asset securitization financing vehicle that generates stable returns,they provide a rational transaction structure,introduce professional management mechanisms,increase value-added returns on assets,and effectively reduce potential risks.At the same time,it will facilitate investors’ entry into the real estate investment sector and provide a new investment vehicle with low risk and stable returns.Against this background,this thesis develops a financing model for commercial real estate REITs and conducts corresponding research and analysis.By sorting out the relevant domestic and international research results of REITs and the current situation of domestic development,the thesis summarizes the reasons for the issuance of Capita Land and REITs by combining the basic elements of Capita Land REITs,the situation of original equity holders,the construction of transaction structure and the operation of underlying assets;secondly,it analyzes the issuance effect of Capita Land and REITs by combining its financial performance before and after REITs financing,and summarizes the successful experience of Capita Land REITs according to its special strategic initiatives China’s national conditions and promotes the successful development of China’s economy and commercial real estate industry. |
