Abstract
REITs, as unconventional real estate financial tools, are considered to be the most advanced productivity representatives in the real estate industry. With the issuance of the “Notice on Promoting the Pilot Work of Real Estate Investment Trusts (REITs) in the Infrastructure Sector”, the establishment of China’s real estate investment trusts (REITs) market has become a frontier issue that academia, real estate and financial industries are most concerned about. This article mainly uses the comparison method to analyze the average return rate, FFO growth rate and dividend rate of US and Singapore REITs from 2019 to September 2020. The study found that: when the COVID-19 pandemic and the overall economic environment is unstable, all REITs have varying degrees of negative impact, especially for hotel REITs and retail REITs, the adverse impact is more serious, and the adverse impact on logistics REITs and digital computer room REITs is small. The results show that US and Singapore REITs can better resist risks by adopting the diversified portfolio theory. Based on the comparison of the performance of US and Singapore REITs, this study suggests the future of China: First, pay more attention to the central and western regions and thirdand fourth-tier cities to achieve geographic diversification; second, pay attention to the bright future of logistics REITs and new infrastructure REITs.
Highlights
1.1 Research statusReal Estate Investment Trusts (REITs) is a kind of securitization of industrial funds in the real estate industry
Scholars from various countries have conducted a lot of research on REITs and made important progress, but up to now, China lacks research on the development of REITs in third- and fourthtier cities and the central and western regions, as well as research on logistics REITs and new infrastructure REITs
This article analyzes the average income of US hotel REITs, commercial REITs, and the impact on these two REITs when the overall economic environment is unstable
Summary
Real Estate Investment Trusts (REITs) is a kind of securitization of industrial funds in the real estate industry. Scholars from various countries have conducted a lot of research on REITs and made important progress, but up to now, China lacks research on the development of REITs in third- and fourthtier cities and the central and western regions, as well as research on logistics REITs and new infrastructure REITs. In recent decades, scholars from various countries have conducted a lot of research on REITs and made important progress, but up to now, China lacks research on the development of REITs in third- and fourthtier cities and the central and western regions, as well as research on logistics REITs and new infrastructure REITs To this end, this article analyzes the average income of US hotel REITs, commercial REITs, and the impact on these two REITs when the overall economic environment is unstable. Based on the analysis results of the US and Singapore, as well as the current impact of COVID-19 on Chinese residents, suggestions for the future development of REITs in mainland China are given
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