香港新加坡REITS市场及其上市中国地产REITS分析

发布时间：2018-05-14 01:26

本文选题：房地产投资信托基金 + 中国地产REITS　；参考：《上海交通大学》2013年硕士论文

【摘要】：中国房地产市场伴随中国经济的高速发展，在过去十年里也经历着一轮高速发展。房地产融资具有对资金需求量大和融资周期长的特点。目前，我国房地产市场融资手段主要仍为以银行贷款为主的间接融资手段，另外，项目的退出手段也较为单一，在国家对于房地产调控日渐严厉的背景下，融资渠道风险更为明显，建立创新的直接融资体系，有利于投融资风险分散，也有助于市场的规范化。另一方面，Real Estate Investment Trusts (REITS)，即房地产投资信托基金，，是房地产投资证券化的一种方式。其以房地产项目租金收入和可能的增值为依托，通过分配法律规定的利润比率给投资者，并像普通股票一样的上市交易，为中小投资者提供了参与房地产投资的便捷通道，也为开发商项目退出提供了新的渠道。亚洲REITS市场近几年发展迅速，目前主要国家和地区，包括日本、新加坡、香港、台湾等均开设了REITS市场，新加坡和香港目前已有四只中国地产的REITS上市交易，均受到投资者的欢迎。本文通过对新加坡和香港两个REITS市场收益特及风险性分析并通过与发达市场美国对比，认为不同国家REITS市场的特性既存在相似性又存在特殊性。其与股票、债券及直接房地产投资的相关性在不同市场的表现不尽相同。再通过重点分析上市超过一年的三只中国地产REITS，发现构架良好的中国地产REITS确实可以表现优异，并将此归结为良好的自身资产和多样性、增长性及管理者的专业程度。最后结合目前我国发展REITS市场的主要壁垒，对于未来REITS市场规则的制定及欲上市的REITS的管理者提供有意义的借鉴。
[Abstract]:With the rapid development of China's economy, China's real estate market has also experienced a rapid development in the past decade. Real estate financing has the characteristics of large demand for capital and long financing cycle. At present, the financing means of our country's real estate market is mainly indirect financing means based on bank loans. In addition, the exit means of projects are also relatively single. Under the background of the country's increasingly strict regulation and control of real estate, The risk of financing channel is more obvious. The establishment of innovative direct financing system is beneficial to the diversification of investment and financing risks and to the standardization of the market. On the other hand, Real Estate Investment Trusts is a form of real estate investment securitization. Relying on the rental income and possible appreciation of real estate projects, it provides a convenient channel for small and medium-sized investors to participate in real estate investment through the distribution of profit ratio stipulated by the law to investors and the listing of shares like ordinary stocks. Also provide new channel for developer project exit. The Asian REITS market has developed rapidly in recent years. At present, major countries and regions, including Japan, Singapore, Hong Kong and Taiwan, have all opened up REITS markets. Singapore and Hong Kong have now listed four Chinese real estate on the REITS market. Are welcomed by investors. By analyzing the special and risk of REITS market in Singapore and Hong Kong and comparing it with the developed market, this paper concludes that the characteristics of REITS market in different countries have both similarities and particularities. The correlation with stocks, bonds and direct real estate investments varies from market to market. Through the analysis of three Chinese real estate REITSs which have been listed for more than a year, it is found that the well-structured Chinese real estate REITS can really perform well, which can be attributed to its own assets and diversity, growth and professional degree of managers. Finally, combining with the main barriers to the development of REITS market in our country, it provides a meaningful reference for the future REITS market rules and the managers of REITS who want to be listed.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F293.3;F299.23;F832.51

【相似文献】