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金沙城官网开户:Finding the best soil for the sprouting of REITs

时间:2018/5/28 18:34:59  作者:  来源:  浏览:0  评论:0
内容摘要: Judging from the current policy environment in China, REITs are very much in line with many policy guidelines at the national level, such a...

Judging from the current policy environment in China, REITs are very much in line with many policy guidelines at the national level, such as serving the real economy, preventing and controlling financial risks, promoting high-quality development, and implementing supply-side structural reforms. They can also assist in the implementation of the “Three Goes and One Down” policy. The macroeconomic policy of "supplementing" will revitalize all kinds of real estate in stocks and reduce the financial leverage of governments and enterprises. As a long-term investment tool with a high percentage of dividends and a low correlation with stock market bonds, the development and construction of REITs market is of great significance for deepening financial reforms and building a multi-level capital market system.

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However, from the history of the development of REITs in various developed economies, the time of its eruption was, without exception, in the period of long-term downturns in the market of real estate . For example, in the 1990s, Japan experienced a long period of economic recession after the asset bubble, and the real estate market was in a long-term downturn. To boost demand for real estate, Japan chose REITs as a source of funds for new commercial real estate development projects, and promoted the capital flow into the real estate market.

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Therefore, from the perspective of market environment, after a sustained and rapid increase in real estate prices in China, the return on assets is at a relatively low level, the return on assets of commercial real estate in first-tier cities is 4% to 5%, and the return on assets of residential real estate is only 2%-3%. The relatively low return on investment naturally can not cause the enthusiasm of investors and become the biggest pain point for publicly funded REITs. So we can see that so far, the real estate REITs issued by the market are all called REITs, and most of them are used as financing tools for leading housing companies.

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Zhongrong Fund's innovation business department comprehensively analyzed and compared all cash flow industries, including infrastructure, real estate, warehousing, data centers, and photovoltaic power generation. Through comprehensive considerations such as availability principle, investment return rate, operation and maintenance cost, operation and maintenance technical difficulty, and cash flow stability, we believe that logistics real estate is the most likely soil for publicly-funded REITs in China's current economic environment.

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Logistics real estate is one of the rare areas in the real estate industry that still has high growth. Benefiting from the rapid development of e-commerce, the demand for warehousing and logistics is very strong. Compared with the United States, there is huge room for growth in future high-quality logistics and warehousing facilities. The original Singapore listed company Prologis (acquired by the Chinese consortium) occupied nearly half of China's logistics real estate industry. Its rapid development model is to obtain low-cost financing and rapid turnover of assets through REITs. Its successful mode of operation is being imitated by the domestic housing giants.

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For public investors who invest in REITs, the net return on real estate investment in first-tier cities can reach 6%-8%. The return rate in second-tier cities is even higher, although the stability is slightly weaker. Therefore, compared with other industries, logistics real estate and publicly funded REITs have the highest degree of agreement.

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In addition, the introduction of publicly-funded REITs still seems to have many obstacles, such as the construction of the legal framework and business rules for publicly-funded REITs, the clear supervision of publicly funded REITs, and giving tax incentives.

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The Zhongrong Fund's innovation business department believes that the government's top management should not underestimate the importance of publicly-funded REITs. Liu He, director of the China Finance and Finance Office, said earlier that "China will use the opportunity of the 40th anniversary of reform and opening up to launch new, more vigorous reform and opening up measures," and the general requirements for high-quality development that have been clearly put forward at the central level. The launch of publicly-funded REITs is in line with the thinking of the government's top management, and supervision has recently indicated that it is necessary to study and promote REITs and raise REITs to a strategic level.

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The soil is ready. We are optimistic and actively prepare for the war. We are waiting for the arrival of the public REITs.


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