基于REITs融资模式的物业价值评估

Research on Property Valuation Based on the REITs Financing Model

本文在房地产企业向轻资产运营模式转型的背景下,分析了房地产投资信托基金(REITs)对深化金融改革、引导社会资本投资方向、构建多层次资本市场体系的重要意义,总结了国内外对于REITs物业价值评估的方法和技术。考虑到REITs的不动产特征和金融属性,本文利用营运资金法对运营阶段的物业价值进行评估,并以汇贤产业信托为例,展示评估过程。

Under the background that real estate companies transforms to asset-light operation models,this paper analyses the significance of real estate investment trusts( REITs) to deepen financial reform, guide the direction of social capital investment as well as build a multi-level capital market system, and then summarized the methods and technologies for property valuation of REITs at home and abroad. Taking the real estate characteristics and financial attributes of REITs into account, this paper uses the funds from operations(FFO) method to assess the property value in the operating phase, and demonstrates the evaluation process through the case of Huixian REIT.