Download or read book Is China Ready for REITs written by Tianjin Luo and published by . This book was released on 2008 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the current absence of a REIT-styled vehicle in China, this thesis examines the potential opportunities and obstacles pertaining to the future introduction of REITs in China. The thesis provides a comparative analysis on major REIT regimes around the world, in terms of formation, structuring and operation guidelines, to identify their level of similarity and variance. The thesis then shifts its focus to China, examining the development background of China's real estate sector and analyzing China's market fundamentals and regulatory environment. Lastly, the thesis provides a closer look at the REIT sector in Singapore and Hong Kong and discusses their operational experience of the assets in China. The thesis finds that REITs are regulated differently among countries. However, a number of core criteria must be maintained to ensure the success of REITs in China. Commercial real estate, although accounts for a small share of the real estate market currently, has grown rapidly in recent years and is at the beginning of a boom as China continues to grow and mature as a market economy. On the capital side, the Chinese real estate companies are heavily dependant on bank loans to finance their development projects and there is a strong need for alternative and diversified financing vehicles for future growth. However, China also proves to be a complex market with a unique state-owned land system, with many social issues to confront as a developing country and with a constantly changing and evolving regulatory framework. All of these pose numerous challenges to the adoption of REITs in China. It is clear that a REIT-styled investment vehicle fits the current and future needs of the Chinese real estate sector. Although China is not yet ready to adopt REITs by international standards, China must pursue the experiment of such practice amid of the challenges. China's growth path in the past thirty years with its remarkable economic reform has just proved this point.

Download or read book Understanding China s Real Estate Markets written by Bing Wang and published by Springer Nature. This book was released on 2021-01-05 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s economy has been transforming rapidly over the last 25 years. As a result, Chinese conurbations have changed remarkably, with cities expanding both vertically and horizontally, and the physical environment acting as a medium for unprecedented urbanization. This has provided vast opportunities for investors, real estate developers, and service companies, but also presents huge challenges—as traditional city spaces have been reconfigured, environmental risks and the volatility of real estate markets increased. However, as engagement with China is becoming strategically important for many, forming a synthesized lens through which to read China across the vicissitudes of its real estate sector bears historic significance. By offering an insightful framework and structure for understanding China’s variegated real estate dynamics, players, and markets, Understanding China’s Real Estate Markets codifies the principles and practices of real estate development, finance, and investment in China and builds foundations for future academic research and practical knowledge in shaping and engaging the urban environment within China and beyond.

Download or read book The Use of REITs as an Alternative Source to Finance Senior Housing Development in China written by Yiming Cai (S.M.) and published by . This book was released on 2017 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: As China's elderly population grows at an accelerating rate, investors from a wide range of industries have entered the senior housing market and view it as a "sunrise industry" which can offer attractive returns for investors. Today, growth in China's senior housing market is presents both tremendous opportunities and challenges. On the other hand, due to the large capital required, long investment cycle and steady capital inflow toward the middle or the end of the projects, an alternative financing method is required to meet the rapid development of senior housing in China. REITs (Real Estate Investment Trusts), allowing anyone to invest in portfolios of large-scale properties through the purchase of stock, are a great alternative source for financing. This thesis reviews the background and current market of senior housing in China and discusses the key points in this industry, especially the ways of project to finance. Then, REITs are introduced in terms of history, pros and cons, valuation, and challenges. A case of a US leading health care REIT is conducted, with a comparison to the current quasi-REITs in China. Finally, the general strategy and structure of senior housing REITs are discussed. Based on this study, REITs clearly fit the current and future needs of senior housing sector in China. Although China's capital market is not completely ready to adopt REITs with international standards, China should pursue the experiment of such practice amid the challenges.

Download or read book REITs in China written by Nidhi Bothra and published by . This book was released on 2014 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt: The article is about developments of REITs in China. The article discusses how REITs regulations have been discussed over a period of time in China and how it could facilitate the commercial real estate financing market in China.

Download or read book A Comparative Analysis of Apartment REITs in US and China written by Zixiao Yin and published by . This book was released on 2019 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the past 2 years, Real Estate Investment Trusts (REITs) and the push to develop more rental housing in China have drawn lots of attention. REITs are expected to provide multiple capital channels for the development of rental apartments without continuously leveraging up the real estate industry, as traditional financing methods did. The mechanism of equity REIT can help cultivate and accelerate the formation of a sustainable rental housing market in China. This thesis explores the opportunities and obstacles for REITs to work in the rental housing market in China by exploring the reasons for introducing REITs in the Chinese real estate market from a macro and historical perspective; by examining some cases of the newly issued REIT-like companies in China; and by reviewing the framework and system of REITs in US markets so as to draw lessons for China from a comparative perspective. This thesis finds that equity REITs are still very immature and are not widely accepted by mass investors in China. The thesis puts forward three suggestions for apartment REITs in China: to streamline the REIT structure and avoid excessive complexity and opacity; to promote information transparency and regulated disclosure mechanism; to encourage and protect equity REIT investors by constraining REITs from taking on too much debt. Finally, the thesis concludes that REITs, as shown by US experience, should be regarded as a great opportunity to cultivate Chinese investors' confidence in the stock market with its very simple and plain-vanilla structure. With the Chinese government's strong ambition to increase housing affordability and to deleverage the economy, we foresee continuous legislative breakthroughs and more systematic improvements in the REIT field.

Download or read book REITs for Residential Rental Markets in China written by Sihang He and published by . This book was released on 2018 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: After decades of rapid development, China has entered an era with new opportunities and challenges. In its real estate markets, excessive housing demands exist in big cities while a large amount of stock assets are underutilized. In its financial markets, households accumulate wealth but do not have adequate investment channels. Together with expansionary credit policies, these factors have driven the housing price to an unprecedented level and thus created potential risks for the financial and social stability. To cope with these challenges, the Chinese government initiates several reforms in real estate and financial markets. First, it promotes the residential rental market to meet residents' housing demand. Second, it conducts supply-side reforms to transform the real estate industry and to utilize stock assets. Third, it performs financial system reform to provide more investment options and to increase residents' income from properties. By taking these reforms, the Chinese government aims to guide the housing price back to a reasonable level and to improve the stability of the financial system and whole society. Real Estate Investment Trusts (REITs), as a well-known financial instrument, have a significantly potential role to play in the above reforms. They can supply long-term capital and professional management to residential rental markets, provide new business models for the real estate industry to utilize stock assets, and widen investment channels for households. This thesis examines four typical cases in the current REITs pilot phase in China, identifies existing problems and proposes corresponding solutions, in order to improve REITs in China and help it fulfill its role in the ongoing reforms.

Download or read book Real Estate Investment Trusts written by Su Han Chan and published by Oxford University Press. This book was released on 2002-11-07 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book offers broad understanding and unique insights into the REITs industry. Its scope is to analyze and synthesize the existing scholarly research on REITs in a way that will enable managers to improve their investments decisions and the operating performance of their REITs. It also provides up-to-date original research on REITs based on the authors' own database, which is the most extensive data base available on REITs that is free of suvivorship bias. This book helps investors evaluate REITs and identify those with the greatest investment potential. Finally, it provides the reader with a detailed discussion of likely future changes anticipated for this unique invetment vehicle.

Download or read book Playing the REITs Game written by Dominic Whiting and published by John Wiley & Sons. This book was released on 2007 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Playing the REITs GAME. Asia's New real Estate Investment Trusts. A comprehensive guide to the history as well as detailing a thorough portrait of the fundamentals of the evolving REITs market in Asia. A wealth of information, this book highlights some of the winners, the losers, the shortfalls and the opportunities of this exciting and rewarding sector. It also provides an insight into the various regional markets and lists the REIT products available today. —Danny Mohr, Executive Director, REITs Asia, CB Richard Ellis REITs are fast becoming a growing force in Asia and this book explains what any investor needs to look for. Together with its well researched background to the evolution of REITs in Asia, it is also a fascinating read of industry professionals. —Guy Hollis, International Director, International Capital Group, Jones Lang LaSalle, Hong Kong A must-read for anyone interested in playing the REITs game in Asia. Well written, easy to read, comprehensive and yet concise. Case studies add color and flavor to the development of REITs in various Asian Countries. —Wen Khai Meng, Chief Executive Officer CapitaLand Commercial Limited CapitaLand Financial Limited The rapid growth of REITs has brought efficiency, liquidity and transparency to Asia's real estate markets. Dominic Whiting's book manages to capture the mood of investors and practitioners during this exciting period of change and gives a detailed blow-by-blow account of the story so far. Playing the REITs Game examines the sector from a wide variety of perspectives and will help introduce the sector to a wider audience. —Chris Reilly, CFA, Director of Property, Asia, Henderson Global Investors

Download or read book The Chinese Real Estate Asset Securitization Process written by Pingchuan Fu and published by . This book was released on 2015 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's real estate market has recently experienced a down turn after decades of exponential growth. High returns on new developments used to attract large capital inflow to the real estate market. Yet as the real estate market slumps and the profit margin drops, the real estate market is now experiencing a shortage of capital. The modem Chinese real estate market only started around the early 1990s. With just 25 years of history, it has grown to be one of the largest real estate markets in the world. Compared to the huge advancement in the development industry, the real estate investment market seems to have lagged behind. Domestic private equity investment in Real Estate only became popular around 2009. Currently, the majority of the developers in China are still relying on traditional bank loans and internal cash to finance their projects. While compared with their foreign counterparts, the Chinese developers do reserve lots of cash, the general trend is to employ less internal capital and rely more on external equity financing. As a result, the Chinese real estate capital market welcomes and demands financial innovation, particularly on the public side. Both public equity market and the public debt market are under experiment in China. This thesis first investigates REITs and CMBS in the US from a historical perspective. Then it directs its attention to China and investigates the opportunities and challenges lying ahead for the Chinese public capital market. The thesis concludes with a prediction of the characteristics of the first Chinese REITs and CMBS. It will try to answer the following questions. Does China need a securitized public market like the US? Is China fully prepared for such a real estate financial transformation? What current securitization products are out there in China? What regulations need to be further addressed to establish the Chinese REITs and CMBS markets? What would the first Chinese REITs and CMBS be like in the near future?

Download or read book Investigation Into the Use of Real Estate Investment Trusts to Finance Affordable Housing in Mainland China written by Yuxuan Huang (M.C.P.) and published by . This book was released on 2010 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mainland China's system of affordable housing provides housing for low and medium income groups. Housing for sale and housing for rent give residents two choices and also give two choices for municipal governments to provide affordable housing. Municipal governments play a mono role in building and financing affordable housing, so they tend to build housing for sale rather than for rent to collect back investment in order to finance more housing units. However, rental housing is more affordable to residents in China. Municipal governments lack a way to liquefy these rental properties and attract private investment. On one hand, municipal governments hold a lot of rental properties worth billions of money; On the other hand, they still lack funding sources to finance new affordable rental housing. No liquidity has made municipal governments stuck with holding properties, and reduced their ability to build more public rental housing for low and medium groups. Real Estate Investment Trust (REIT) is a financial vehicle that securitizes properties and allows private sectors to invest and trade securities of real estate. Mainland China plans to use this vehicle to securitize rental-housing units owned by municipal governments and help finance affordable housing through attracting private sector's investment. It has built up its structure of bond-like REIT, which is different from traditional equity REIT in the U.S. What should policy makers keep in mind in order to successfully implement the plan? This thesis answered this question by researching experiences from other countries and areas. It reviewed a mature market, REITs in the US, on its history and experience of REITs participating into affordable housing. It also studied a failure case from Hong Kong, which privatized its public housing properties by the Link REIT and generated social losses. This thesis also researched the bond-like REITs from the experience of Real Estate Asset Trust (REAT) in Taiwan. Based on these researches, the thesis found Mainland China's opportunities. It suggested that debt financing instead of equity financing by public listed REITs is important to preserve the safety of affordable statue of housing units. It also found that affordable housing is attractive to REITs during recession period with it steady and low risk of income. There are also other significant implications suggested that should be kept in mind for policy makers in Mainland which are included in the last chapter of the thesis.

Download or read book Financial Reforms And Developments In China written by Siwei Cheng and published by World Scientific. This book was released on 2013-11-01 with total page 614 pages. Available in PDF, EPUB and Kindle. Book excerpt: China has initiated and implemented its economic reforms for over 30 years, however, the comprehensive economic reforms and opening up is still unfolding. The author was a state leader, who has personally engaged in China's economic policy-making process from 1999 to 2008, and is an economist, who has deeply studied and thought over China's financial reform in various aspects. This book summarizes the results of the author's research on China's financial reforms, adopting the fictitious economy theory, in the past 10 years.Financial Reforms and Development in China focuses on the developmental process and main features of the fictitious economy; the essence and the law of the fictitious capital (including credit capital, knowledge capital, social capital, etc.); the relationship between the fictitious economy and the real economy. The book attempts to use the fictitious economy theory to analyze the chaos and self-organization of financial system, financial crisis, inflation and deflation, economic globalization, and knowledge-based economy and society.The book, comprising 12 chapters, covers all the main aspects of China's financial reform and provides readers with a practitioner's reading of China's financial markets, including financial globalization, the financial system and product innovation, financial crisis, financial security, financial regulation, universal banking, capital markets, money market, commercial banks, rural finance, futures markets, foreign exchange markets, financial derivatives, equity markets, insurance and so on.The book is invaluable from the perspectives of its contribution to economic theory, in developing an understanding of the actual workings of China's economic and financial reforms in the past decade, and in forecasting future developments in China's economy and financial markets. It will appeal to academics, undergraduate students, graduate students, professionals, general readers interested in finance, the financial reform and market in China, as well as China's development and the fictitious economy.

Download or read book The Reits Real Estate Investment Trusts written by Kim Hin David Ho and published by Partridge Publishing Singapore. This book was released on 2021-11-26 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 1 examines the significance of ‘green’ buildings on the operational and financial performance of REITs. The Chapter covers different direct real estate sectors, namely office, retail and residential, for the REITS concerned to evaluate the consistency of the results. Chapter 2 looks at the risk neutral and non-risk neutral pricing of real estate investment trusts in Singapore (S-REITs), via comparing the average of the individual ratios (of deviation between expected and observed closing price/observed closing price), with the ratio (of standard deviation/mean) for closing prices, via the binomial options pricing tree model. Chapter3 highlights that while the Markowitz portfolio theory (MPT) is popular in modern finance to model portfolios with maximum total returns (TRs) for a given systematic risk, the more flexible multivariate copula model is introduced that enables investors and portfolio managers to obtain the optimal portfolio. Chapter 4 looks at a value investing framework, in which a REIT and real estate comany investment operation is deemed to be one, where a “thorough analysis”, should promise the safety of a principal and an adequate total return. Chapter 5 examines the market reactions of Malaysia’s listed property trusts and property common stocks to corporate restructuring activities – direct real estate asset acquisitions and new listings. Chapter 6 reports the Monetary Authority of Singapore (MAS) consultations with the Inland Revenue Authority of Singapore (IRAS) and the Ministry of Finance (MOF), to introduce the Income Tax Act (ITA) amendments, and a new temporary relief measure for real estate investment trusts (REITs) in Singapore. The Chapter also looks at the proposal by the Asian Public Real Estate Association (APREA) to the MAS, to create a private REIT structure Chapter 7 looks at the key issues and notes on the valuation of the public real estate investment trusts (REITs) and the real estate companies, adopting several valuation metrics to value REITs on a stand-alone and a relative basis. Chapter 8 looks at the unique Asian REIT institutional environment, pertaining to the S-REIT, while cross referencing it to that of the CapitaMall Trust (S-CMT) and the Hong Kong HK- Link REIT. Chapter 9 summarises the book’s findings and highlights the contributions and recommendations made.

Download or read book The Economist written by and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book REITs Around the World written by Richard Stooker and published by . This book was released on with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: Claim Your Share of Real Estate Investment Trust (REIT) Profits From Around the World Ever since so many private real estate companies converted themselves into Real Estate Investment Trusts and held IPOs in the mid-1990s, and with the publication of the first edition of Investing in REITs: Real Estate Investment Trusts by Ralph L. Block, U.S. investors have been discovering the high dividend yields possible through investing in commercial real estate through publicly owned companies. REITs do not have to pay taxes on the income they distribute to unit holders -- and the government requires them to distribute at least 90%! This means they pay out a lot more money than ordinary corporations (who have to pay corporate taxes). REITs are cash cows. What's not so well known is that countries all over the world have been following the lead of the United States and creating their own versions of Real Estate Investment Trusts. Nearly 40 countries from Australia to Turkey have laws enabling some form of REITs, using the US as a model but ringing their own changes. By investing in foreign REITs you can: 1. Have a stream of income that's not dependent on the US dollar (or euro, or yen, or whatever your currency of residence is). By investing in foreign REITs, you get income in a large variety of other currencies, which may be going up in value as the US dollar falls. The two largest, oldest and most mature REIT countries in the world behind the US are Canada and Australia. Which two countries in the world have recently seen the value of their currencies go up dramatically? Canada and Australia. But Canadians and Australians needs apartments, office buildings and shopping malls just like everyone else. By buying shares of their REITs, you can get yourself some Canadian and Australian dollars. Two other kinds of dollars are going up in value -- both from busy and booming Asian port cities -- Hong Kong and Singapore. And both Hong Kong and Singapore have some great Real Estate Investment Trusts. 2. Have a stream of income from economic activity that may be up while your local area is down. Most people's jobs are dependent upon their local economy. However, when business is slow in your area, it may be great in Paris, Dubai or Kuala Lumpur. We also know that while the entire U.S. real estate market can be slow, real estate in other countries may still be booming. 3. Worldwide inflation protection Well run REITs will do all they can to increase their net incomes, including raise rents to keep up with inflation -- wherever they are located. Ever wanted to benefit from Japanese people paying rent for their apartments? Or from businesses paying for offices in prestigious districts of Paris? Or from tourists buying clothes in the trendy shops of Soho London? Or from jet setters tanning themselves at Mediterranean luxury resorts? Or from Australian wine vinyards? Or even from Bulgarian farmers renting land to grow wheat on? Or from drinkers having a pint in AB InBev's chain of European pubs? From the warehouses and shipping docks of China? Now you can! In the last chapter you learn the investments that you can tell your broker to buy for you to profit from REITs around the world. It's simple, easy and -- in this globalized world of international financial crises, a smart move to protect you and your family's wealth.