疫情下的美国REITs市场及对我国的启示

American REITs amid the Covid Pandemic and China’s Experience

本文通过考察美国REITs市场在疫情防控期间的表现,证明中国REITs市场拥有巨大发展前景且不会受到疫情防控常态化的影响,尤其观察到目前拟定的重点支持行业在疫情防控期间美国REITs市场的表现,无论收益回报、市值还是增发情况都好于疫情前。另外通过对比目前美国REITs市场主流外部融资手段,提出形成REITs扩募细则将是我国公募REITs市场发展的必要条件。

This paper aims to demonstrate the growth potential of the REITs market in China and the relatively limited impact of COVID by tracking the performance of the U.S. REITs market throughout the pandemic. The critical sectors likely to receive support from the Chinese government have in particular seen better outcomes during the pandemic in terms of market performance, market capitalization, investment returns, and the amount of capital raised. By studying the mainstream fund-raising channels in the U.S., this paper concludes that a rollout of detailed guidelines on secondary offerings is imperative to the advancement of the REITs market in China.