基于REITs的商业地产机制分析与投资展望

Mechanism Analysis and Investment Prospect of Commercial Real Estate Based on REITs

在“房住不炒”政策调控下,国内房地产开发企业向商业地产商转型,但在融资与退出机制方面存在困难。改变长期以来依赖银行贷款的筹资模式以及物业销售的退出方式,需要将商业地产与新型金融工具相结合。REITs作为拥有稳定收益的资产证券化融资工具,一方面能盘活大宗商品、拓宽房企的融资渠道和投资者的投资渠道,另一方面将收益稳定化的优质商业资产通过REITs转为社会资金所持有,实现投资退出。因此,市场参与主体应确立资产估值共识;寻求优质资产;解决税收中性问题;培育多元化投资主体;形成商业不动产REITs的动力机制。

Under the regulation of the policy of“houses are for living in,not for speculation”,the domestic real estate development enterprises are transforming to commercial real estate developers,but there are difficulties in financing and exit mechanism.It is necessary to combine commercial real estate with new financial instruments to change the financing mode thathaslongrelied onbank loans and the exit method of property sales.REITs,as an asset securitization financing tool with stable income,can revitalize commodities,broaden financing channels for real estate enterprises and investment channels for investors on the one hand,and turn high-quality commercial assets with stable income into social funds through REITs to realize investment exit on the other hand.Therefore,market participants should establish consensus on asset valuation,seeking high quality assets,solving the problem of tax neutrality,cultivating diversified investment subjects,forming the dynamic mechanism of commercial real estate REITs.