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Study on Real Estate Investment Trust

Author: XuKe
Tutor: ZhangRong
School: Chongqing University
Course: Industrial Economics
Keywords: REITs Yield Risk Investment portfolio Securitization
CLC: F293.3;F224
Type: Master's thesis
Year: 2008
Downloads: 194
Quote: 0
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Abstract


Real Estate Investment Trust is a typical form of real estate Securitization, which is a modern financial product innovation when the real estate industry and financial markets have improved and matured. REITs have played a dual role in the development of the real estate market and the capital market. At present, China’s economy is in a phase of rapid development. The booming real estate market has a strong demand for innovative financing channel, on the other hand, investors have an urgent need for product innovation and investment channels. The both demands make the Chinese government actively promote the process of financial deepening reforms gradually, and accelerate the process of financial innovation as quickly as possible to consider the introduction and development of REITs.The article deals with the characteristics of REITs, using lots of relevant REITs data to demonstrate their tax, yield and risk, and portfolio advantages. Then the article finds a solution to optimize the real estate project portfolio problems based on Modern Portfolio Theory. Then the empirical analysis based on Zhongfang Indexes gets a good result to support the validity and feasibility of the optimization models, and proves the project portfolio can really reduce the risk of real estate investment. The data dates from 1999 to 2004, not to 2007, because of its accessibility. The whole set of data needs a large amount of money, which I could not afford to collect. The models provide a feasible guide to the practical real estate investment decisions.The other advantage of REITs is that it can expand the channel of real estate financing, and has a positive influence on the development of real estate industry and the China financial deepening reforms. The article analyzes the inevitability and feasibility of developing REITs in China, and explores Hongkong Link REITs to conclude that China should gather high quality properties to IPO equity and close-ended REITs for its sake.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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