About REITs

equn

讲了好多年了，没什么太大动静。一些国内物业倒已经成为海外REIT的资产部分了，比如HK的GZI和SG的CapitaMall。

equn

另外，MSRE(D)基本都不在B-school，有的是multi-discipline的，有的是职业学院的，有的是建筑学院的，有的是规划学院的。B-school下有不少MBA都有RE方向。

equn

讲了好多年了，没什么太大动静。一些国内物业倒已经成为海外REIT的资产部分了，比如HK的GZI和SG的CapitaMall。

-- by 会员 equn (2010/11/30 2:17:35)

08年有一篇老论文：
Securitising China real estate: a tale of two China-centricREITsPurpose – There is currently no real estate investmenttrust (REIT) listed in China. As of date, only two REITs – GZI REITof Hong Kong and CapitaRetail China Trust (CRCT) of Singapore –have securitised Chinese property assets. The purpose of this paperis to examine the driving forces and the obstacles surroundingChina REITs, and evaluate REIT securitisation as an exit strategyfor Chinese properties.

Design/methodology/approach – The paper analyses theperformance of the two cross-border REITs and investigates whetherREITs holding Chinese assets outperform other listed REITs.

Research limitations/implications – CRCT outperforms GZIREIT as well as some of the other Singapore REITs, while GZI REITranked second lowest in terms of price performance when compared toother Hong Kong REITs. The limited history of CRCT suggests thatwhen a well-structured REIT holding Chinese assets can perform verywell. We also infer that performance is closely linked to portfoliocomposition and diversification, growth story and originatorreputation.

Originality/value – The study shows that there is indeed astrong local demand for China REITs, and that REITs can provide analternative source of real estate financing for Chinese developersand promote a better regulated Chinese real estate market.

equn

在REIT做了2年多，我进去的时候是在上升，现在萎缩的蛮厉害的，境外资金都很保守，而且现在主要都投在retail.

-- by 会员 sophiadc (2010/12/11 12:57:13)

LZ去的哪家REIT？我就在Retail。

equn

REIT 适合成熟物业，回报率稳定的物业。公司金融理论说，一个公司在成长期是用PE，长大了就IPO，稳定了就付DIV。
REIT 最适合HOLD物业，而不是开发。美国各大REIT在开发的时候也比较头疼，特别是较高风险的开发他们也成立JV FUND。
那么来看中国，中国目前获利机会比较多的是开发，那么REIT就没有太多土壤。而有些地方如特大城市（北京 上海）的一些办公物业和零售物业其实已经非常稳定（空置率稳定 现金流稳定），那么其实这些物业是可以做REIT的。