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.作者: Qme 时间: 2010-12-5 21:55
我个人非常喜欢RE，今后也想在这个领域发展，一个关系较好的朋友（她有很多地产客户）跟我说REITs是中国地产行业发展方向，她比较看好国内REITs的发展。作者: sophiadc 时间: 2010-12-11 12:57
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.作者: stjmz 时间: 2010-12-11 23:14
REITs在现行的税收政策的情况下IRR太没吸引力了作者: equn 时间: 2010-12-12 00:43