关于推行廉租房REITs融资模式的SWOT分析

文章利用SWOT模型对廉租房REITs融资模式的优缺点、面临的机遇和威胁进行了系统分析,提出推行廉租房REITs融资将对目前廉租房建设资金短缺、商品住宅价格非理性上涨等问题起到缓解作用.最后建议应该及时地推出相关的法律和配套政策,加快人才培养以及提高资产池收益率等.     

中国发展REITs的路径选择——本土上市及海外融资的比较分析

目前,我国引入REITs主要有两种路径可供选择：一是在我国房地产投资信托发展基础上直接培养本土化REITs在我国境内上市;二是国内不动产以REITs形式进行海外融资。本文将比较分析这两种发展路径的优势与障碍,最终得出中国房地产发展REITS路径选择一些结论。     

我国保障房融资模式中引入REITs的障碍因素分析

为了更好地借鉴和引入国外比较流行的房地产融资方式REITs,识别出我国在保障房融资模式中引入REITs的障碍因素,并用层次分析法对这些障碍因素进行分析,确定影响我国保障房融资模式中引入REITs的关键障碍因素,进而根据分析结果提出相应的对策建议,以利于REITs在我国保障房融资模式中顺利实施。     

Real estate sentiment as information for REIT bond pricing

For corporate bond investors, credit ratings have been found to be informationally insufficient due to their limited timeliness and accuracy. This paper investigates the information content of forward-looking commercial real estate investor sentiment for pricing decisions of US REIT bond investors. Using an unbalanced panel data-set for the post-crisis period (2010–2013) and Prais–Winsten regression correcting for contemporaneous and serial correlation, sentiment is found to have a negative effect on REIT bond yields irrespective of S&P index inclusion or credit rating. The effect of sentiment, however, is larger for REITs that are not included in S&P indices than for S&P REITs. Explanations for this finding include institutional investor and REIT characteristics.     

Futures markets and real estate public equity: Connectivity of lumber futures and Timber REITs

This paper investigates connectivity between lumber futures contracts, Timberland REITs, the FTSE NAREIT U.S. REIT index, spot prices, and timberland capitalization rates, and contributes to this tranche of research by empirically linking the price discovery process of Timberland Real Estate Investment Trusts to lumber futures. We employ VEC and GARCH models, providing evidence that lumber futures have a positive significant long- and short-run equilibrium relationship with publicly traded Timber REIT prices, connecting a specific futures commodity with its theoretically entwined real estate equity index. As such, exogenous factors that influence Timber REIT prices are documented leading to possible diversification/risk reduction strategies.     

Uncertainty premia in REIT returns

We provide a systematic study of how financial and real estate uncertainty affect the aggregate return performance of the U.S. REIT market from 1994 to 2017. A temporal causality analysis reveals a negative uncertainty impact on REIT returns. The asset pricing analysis confirms the predictive relation and suggests that REITs are statistically significantly exposed to changes in market-wide uncertainty, for which investors require a return compensation. We also identify economic state variables to explain time-varying uncertainty exposures as well as periodic hedging characteristics of REITs. Finally, we find evidence that the source of uncertainty matters for compensating expected REIT returns.     

Spillover and connectedness among G7 real estate investment trusts: The effects of investor sentiment and global factors

This paper examines the dynamic spillover interconnectedness of G7 Real Estate Investment Trusts (REITs) markets. We use the spillover index of Diebold and Yilmaz (2012), the time-varying parameters vector-autoregression (TVP-VAR) model, and the quantile regression approach. The result show that REITs network connectedness is dynamic and experiences an abrupt increase in the first wave of COVID-19 outbreak (2020Q1). We also observe a substantial abrupt decrease in connectedness during the success of vaccination programs (end 2021). The connectedness among assets is much stronger during COVID-19 than before. The REITs of Japan and Italy are net receivers of spillover and those of US and UK are net transmitters of spillovers before and during COVID-19. Conversely, the REIT of Canada and Germany (France) switches from net receivers (contributors) of spillovers before the pandemic to net contributors (receivers) during the COVID-19. Finally, we show that News Sentiment index, Geopolitical Risk index, Economic Policy Uncertainty index, US Treasury yield, and Stock Volatility index influence the spillover magnitude across quantiles.     

发展REITs,完善房地产金融体系

房地产业是典型的资金密集型行业，对金融有很强的依赖性，因而建立房地产金融支持体系就显得至关重要。目前，房地产业任何一个环节都离不开银行信贷的支持。仅靠银行信贷支持房地产业一方面会增加银行体系的脆弱性，并且极有可能成为银行业危机爆发的源头，另一方面也会导致房地产业发展的不可持续，呈现一种间断性发展势头。完善房地产金融体系，引入REITs房地产基金可以说是上乘的选择。文章以美国为例分析国外REITs的发展状况及特点和我国发展PEITs的重要意义，并针对我国PEITs发展现状提出对策。     

论不动产投资信托的消极属性

不动产投资信托的消极属性是指一个国家或地区的不动产投资信托立法将不动产投资信托的主要收入限于消极来源以及为实现这一目的而对其交易行为或业务范围进行一定的限制。我国未来的不动产投资信托立法也应当坚持这一属性,并且要明确界定不动产投资信托的收入来源,也要对不动产投资信托能否买卖、开发和运营不动产以及能否向不动产承租人提供服务和获得收入等问题做出回答。     

Asset-light strategy and real estate risk of lodging C−corps and REITs

The asset-light strategy has been gaining popularity among practitioners for its virtues in lowering capital investment burden and allowing efficient expansion. Meanwhile, arguably the greatest advantage of the strategy—a mitigating effect on the real estate risk exposure—has yet to be validated. To empirically test this effect, this study adopts a comparative approach, utilizing data on both lodging C-corporations and real estate investment trusts (REITs). Yearly firm-level real estate betas are estimated through an augmented Fama-French asset-pricing model for all lodging firms and REITs between the years 2002–2016, and further used for a second-stage analysis on their relationship with real estate ownership and liquidity. Findings reveal that 1) lodging firms are significantly less exposed to real estate risk than REITs, 2) lodging firms may still be conditionally exposed to real estate risk under liquidity constraints, and 3) certain unique characteristics of REITs render differences in the effects of liquidity.