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.
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发表于 2010-11-25 01:29:51
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