构建中国房地产业的新型融资方式——房地产信托投资基金探析

2008年以采，中国房地产业面临着巨大的资金压力，急需建立多样化的融资渠道，因此房地产投资信耗基金的推出已经显得十分必要。文章在概述房地产信托基金内涵和特征的基础上，分析了我国目前房地产信托产品存在的主要问题，以及与房地产投资信托基金之间的差异，进而提出了发展我国房地产信托投资基金的主要措施。     

美、德、日房地产信托的启示

基于信托业的房地产信托在我国还是处于刚刚起步阶段.本文在简单介绍美国、德国、日本三国的房地产信托的基础上,从房地产信托的法律环境、监管制度等方面提出了启示思考.     

信托兑付“下一棒”警钟

房地产信托的浮华背后,困境也无处不在。2012年房地产信托项目兑付的"洪峰"已安全过境,但暗处的"管涌"依然令人忧虑。随着首例房地产信托项目走向拍卖,随着地产信托兑付高峰的持续,并购基金开始发力。     

鹏华美国房地产基金：开启全新海外投资之旅

房地产基金在海外非常流行，其核心配置品种REITs（房地产信托凭证）具有风险低于股票等高风险产品、收益稳定且高于债券平均回报率的特点，一直在海外被投资者所追捧，得到了迅速发展。在美国，REITs的市值已经超越了房地产上市企业市值的总和。     

李伏安:地产融资问题在于能否建立稳定供给体系

日前,2006中国地产金融年会在北京开幕,中国银监会业务创新监管协作部主任李伏安在会上做主题演讲时表示,房地产融资当前的主要问题不是融资资金短缺的问题,不是房地产融不到资金的问题,问题关键在于建立一个稳定的房地产金融融资渠道、融资结构,从而形成一个稳定的、长期的可持续的供应体系的问题。建立多元化融资渠道李伏安指出,我国的房地产信托跟国际上的房地产信托基金(REITS)是两个概念,是有中国特色的房地产信托。用信托法分析一下,房地产开发信托,什么意思呢?信托公司找到一个开发公司,合作开发一个项目,发一个信托基金,就是几个…     

安检5类信托——房地产类信托产品

房地产类信托产品在目前已发行的信托产品中最为普遍。尤其是当2003年9月中国人民银行下发121号文件之后，商业银行不能再对四证（土地规划许可证，国有土地使用证，建设工程规划许可证和建设工程施工许可证）不齐全的房地产项目发放贷款，导致全国很多房地产开发商的建设奖金短缺，一时间信托投资公司门前车水马龙，登门借款的开放商数不胜数，     

房地产信托火爆的背后

一边是房地产信托的火爆,一边是监管层对其风险的关注,如何控制风险,是投资人必须谨慎对待的事项。11月7日,银监会发布的通知给火热的房地产信托市场提了一个醒,通知警示信托公司不得违规操作,放大行业风险。而在此之前,这一市场确实火爆得异乎寻常。     

房地产信托:走可持续发展之路

日前,一纸被称为银监会212号文的《加强信托投资公司部分业务风险提示的通知》给原本不平静的房地产市场再掀一波调控风浪。“通知”规定,新发行的房地产信托计划必须过三关:“自有资金比率35%以上”、“四证齐全”、“二级以上开发资质”。这些关卡比起银行“自有资金比率30%以上”、“四证齐全”的贷款条件还要严格。目前不少正在酝酿的房地产信托计划不得不胎死腹中,开发商们又一次紧张了,信托公司也大呼利空。其实,212号文是调控的自然延续,2003年央行的121号文给房地产信托留下了政策空白点,如今全面宏观调控自然会把缺口堵上,况且当前房地产信托隐藏的风险已经开始显现,因此,出台一定的规范措施是及时的、必要的,短期的利空总比长期的毁灭好得多。在这风浪尖上,房地产信托到底该如何发展,向左走?向右走?只有认清形势、发挥优势,房地产信托才有望走可持续发展之路。     

拓展房地产信托融资渠道

房地产信托的涵义在当前宏观调控的大背景下,依靠传统的商业银行信贷资金支持之外,房地产企业要选择一种灵活、机动的融资模式,信托可谓是一种不错的选择。所谓信托是指委托人(一般指投资者)基于对受托人(即信托企业)的信任将其财产权(一般指资金或其他形式的财产)委托给受托人,由受托人按委托人的意愿以自己的名义,为受益人的利益或者特定目的,进行管理或者处分的行为。     

中国房地产信托产品模式应实现多元化

一、引言房地产信托作为一种切实有效的金融工具,近年来得到迅速发展。发展房地产信托具有两大重要意义:(1)房地产信托作为银行信贷资金的重要补充,可以有效减少银行体系所承担的巨大金融风险,可以分流部分银行储蓄资金,以减轻银行系统的经营负担,对居民的消费也会起到一定的刺     

对我国发展房地产投资信托的思考

我国房地产正出于飞速发展时期，巨大的投资需要造成了庞大的融资需求，而近来房地产信贷门槛的提高导致房地产融资成本提高。房地产行业迫切需要银行外的融资渠道，以解决开发和经营的资金问题。从房地产投资信托定义和基本原则入手，将房地产投资信托与其他融资方式进行比较，分析其优势，探讨其运营模式，并提出相关建议。     

Market Microstructure and Real Estate Returns

This paper examines the Real Estate Investment Trust (REIT) market microstruc-ture and its relationship to stock returns. When compared with the general stock market, REIT stocks tend to have a lower level of institutional investor participation and are followed by fewer security analysts. In addition, REIT stocks that have a higher percentage of institutional investors or are followed by more security analysts tend to perform better than other REIT stocks. Our results seem to confirm Jensen's ( 1993 , p. 868) proposition that ownership structure (that is, who owns the firm's securities) affects the value of the firm. Our findings also have implications about the well documented phenomenon that the financial performance of Commingled Real Estate Funds (CREFs) is better than that of REITs.     

Asset Pricing Information in Vintage REIT Returns: An Information Subset Test

REIT return data prior to the new REIT era offer important asset pricing information. At issue is whether empiricists should focus attention on returns series covering only the new period. We use a generalized asset pricing and information subset test to disentangle REIT information from information available in several benchmark series. Results indicate that REIT returns are informative about the discounting process during the pre–new-era period. Thus, the distribution of vintage REIT returns is not fully explained by either broad market indexes or from size-based anomalies. This study should be viewed as a useful empirical precedent for those studying REIT data preceding the new REIT era.     

Institutional Investors' Preferences for REIT Stocks

This article investigates the determinants of real estate investment trusts (REIT) portfolio investment and institutional REIT ownership using multivariate Tobit regressions. We contend that many institutional investors take larger positions in more liquid assets like REIT stocks, as compared with private real estate equities, because of liquidity considerations. Consistent with this contention, we find that liquidity constraints are significantly related to REIT portfolio investment by institutional investors. We also find that institutional investors have different preferences for REIT stocks than do other investors; they generally prefer larger, more liquid REIT stocks.     

The Dynamics of REIT Capital Flows and Returns

This study examines the effects of capital flows into the REIT sector on REIT returns and, simultaneously, the effects of REIT returns on subsequent REIT capital flows. The dynamic relation between REIT capital flows and returns is estimated using vector autoregression (VAR) techniques. Unlike static regression techniques, our dynamic model produces estimates of the short-run relationships, long-run relationships, impulse response functions and forecast variance decompositions. We find evidence that REIT equity flows are significantly positively related to the prior quarter's flows and negatively related to flows from two quarters ago. The evidence on the responsiveness of flows to prior returns is time-period specific. In the important post-1992 subperiod, REIT returns do not significantly affect REIT flows in any of the VAR model specifications. Simultaneously, REIT capital flows do appear to have a significant influence on equity REIT returns.     

Liquidity, Return and Order-Flow Linkages Between REITs and the Stock Market

This article represents the first exploration of liquidity and order flow spillovers across New York Stock Exchange stocks and real estate investment trusts (REITs). Impulse response functions and Granger causality tests indicate the existence of persistent liquidity spillovers running from REITs to non-REITs. Specifically, REIT liquidity indicators are forecastable from non-REIT ones, at both daily and monthly horizons. I also provide evidence of a liquidity premium inherent in REIT returns. While REIT prices appear to be set efficiently in that neither REIT nor non-REIT order flows forecast REIT returns, I find that order flows and returns in the stock market negatively forecast REIT order flows. This result is consistent with the notion that real estate markets are viewed as substitute investments for the stock market, which causes down-moves in the stock market to increase money flows to the REIT market.     

Asset Location,Timing Ability and the Cross‐Section of Commercial Real Estate Returns

This study examines the sensitivity of equity REIT returns to time‐varying MSA allocations of REIT property portfolios. Using a large sample of individual commercial property holdings, we find significant cross‐sectional and time variation in REIT geographic exposures and the ability of these exposures to explain the cross‐section of REIT returns. We further find evidence consistent with REIT managers being able, on average, to time allocation decisions ahead of MSA outperformance. This effect is most prevalent in non‐gateway markets, varies significantly across MSAs and over time, and is concentrated in financially flexible firms with a more diversified geographic portfolio.     

REIT Stock Market Volatility and Expected Returns

We study the relation between REIT stock volatility and future returns, focusing particularly on the financial crisis period of 2007–2009. There is ongoing debate about whether stock volatility can forecast future returns. Our findings suggest that REIT‐implied volatility is negatively related to contemporaneous stock returns; there is a significant positive relationship between REIT implied volatility and future stock volatility; and there is a significant negative relation between REIT implied volatility and future stock returns. Lastly, we develop trading rules based on REIT implied volatility to test whether these relationships are exploitable. The result suggests a potentially profitable trading strategy.     

Measuring and Explaining Changes in REIT Liquidity: Moving Beyond the Bid–Ask Spread

This paper investigates changes in REIT liquidity since the REIT boom of 1993. We use trade-by-trade data for REITs traded on the major U.S. exchanges to estimate and compare Kyle's (1985) measure of inverse liquidity for the 1993 and 1996 time periods. For our full sample of equity REITs, there is a significant increase in REIT liquidity in terms of the median price impact of trades. The increasing importance of the self-advised, self-managed organizational structure is found to be a major factor driving increased REIT liquidity. Our results imply a decline in the asymmetric information faced by market-makers. Our investigation of the changes in the size distribution and resulting price impacts of REIT trades over the 1993–1996 period yields evidence of increased importance of informed traders to REIT price dynamics. Our findings of increased liquidity indicate that the increase in adverse-selection costs due to the presence of more informed traders is more than offset by the increase in market thickness as a result of an increase in the number of uninformed (liquidity) traders.     

Changes in REIT Structure and Stock Performance: Evidence from the Monday Stock Anomaly

It is well documented that REITs in the 1990s experienced significant changes in their structure and attracted greater institutional participation. This article finds that REIT stocks with higher institutional holdings perform better on Monday than REITs with lower institutional holdings during the 1990s, but not in the 1980s. Furthermore, REITs that went public in the 1990s are the ones associated with the shift in the Monday return pattern. Our study supports the claim that the change in REIT structure and the increase in institutional participation in the REIT market in the 1990s make REIT stocks behave more like other equities in the stock market.