Analysis On The Development Model Of Chinese Commercial Real Estate Using Real Estate Investment Trust(REITs)

Real Estate Investment Trusts(REITs)have grown rapidly since it originated in the United States in the 1960 s.It has the characteristics of diversification of real estate investment,making it more convenient,more stable income and higher liquidity.Besides,different from the high correlation between the growth of ordinary financial assets and the growth of asset markets,its growth is mainly related to the operation and appreciation of real estate,which can effectively diversify risks.Subsequently,other developed countries and regions have introduced REITs,so that the development of commercial real estate and REITs promote each other.After nearly 30 years of rapid development of domestic commercial real estate,the speed of development has been put off at present.Under the current economic situation,learning foreign advanced experience and introducing commercial real estate REITs can provide new blood for the standardization operation and rational development of commercial real estate in our country.This paper uses literature analysis method,comparative analysis method,case analysis method,interview method and other research methods,Firstly,it introduces the development process of commercial real estate REITs in the United States,Australia and Asian countries,and focuses on the analysis of the development model of commercial real estate REITs in various countries;This paper analyzes the current situation,favorable factors,development pattern and existing problems of Chinese commercial real estate REITs;And through a multi-angle comparative analysis of the first REITs in the real sense in China--Qianhai Penghua Vanke REITs and Singapore-listed Sasseur RETIs(based on our Sasseur Outlets),intuitively displays the development gap between our country and developed countries of commercial real estate REITs,analyzes the necessary conditions for the successful issue of commercial real estate REITs.On this basis,the establishment model of China’s commercial real estate REITs is proposed: The financing mode is public offering mode,the operation mode is closed operation mode,the trading mode is equity REITs,and the management mode is contract type mode.In order to ensure the development of REITs,at the national level,it is suggested to enact special legislation for REITs,set up preferential tax policies and information disclosure system,and attach importance to the training of professional talents.