以不動產投資信託基金（REIT)投資特許開發區之可行性研究-以高鐵新竹站為例

Abstract

Abstract Researching the practicability of investing in a developing area under concession with a Real Estate Investment Trust Fund. For Instance the Hsinchu Station of High Speed Railway Taiwan’s construction industry is drifting towards downgrading by various factors since 1991.Our government has attempted to recover the construction industry and the leader of economy by drawing up the six laws of finance which include “REAL ESTATE INVESTMENT TRUST REGULATION” dated July 2003. The price of real estate is rising because the consumer price has been increasing since 2003, but the real estate investment trust regulation did not include any regulation regarding the development of real estate. Neither the relative bylaws nor codes have been set up. Seeing the reason for the shortage on finance, most of the government’s large public construction development projects are operated via using ways such as “Build-Operate-Transfer, setting the rights of usage on government’s land, joint venture on the project, changing the development plan of City” etc. to try to get enough money for the budget of those projects which are all in an indirect way to raise the bankroll that they need. (Mr. Rui-Yuan Su, 2006.8) The bankroll for those projects seems with no cost of interest in it, but according to some research the overall cost of the project and the finance for the BOT case is even higher than the traditional way that was built by the government. (Mr.Shi-Pin Ho; 2004.11 editorials of China Times.) Therefore, we may consider building the large public project by raising the money directly from the public via the method of REIT (REAL ESTATE INVESTMENT TRUST) and entrust it to a professional trust company to manage the funds aboveboard. The REIT would also help to avoid or reduce the risks such as long periods of time, hard to raise large bankrolls, cash flow problems and the higher risk of general development cases. However, the lack of regulations in real estate development and the only dominion of property in large public projects is the rights of usage or the limited time of usage to cause the conflict with the “REAL ESTATE INVESTMENT TRUST REGULATION” which requests a substance of property and a relative trust company to take full charge for the application. Taiwan’s high speed railway has been fully operational since March 2007. This milestone has already changed Taiwan’s economy into a one day shopping district. Taiwan’s High Speed Railway Company is convoking a presentation to invite all the large businesses to join their development program. (from the web site of the Bureau of High Speed Rail ,2007.2) It is still a traditional way to develop the local area and the failure of their program may affect the development in that area. This research essay is to viewpoint the REIT and the City development and analysis the practicability of investing to the area a high speed railway station by real estate trust. Proposal A: Assembling residence houses plus a hotel development Proposal B: Office buildings plus hotel developments The factors such as Net Present Value (NPV), self-liquidating ratio (SLC) and the change of Premium relate to NPV will be considered in the model for the assessment of practicability regarding issuing a REIT for making profit purpose to see if it is still worth to invest in the project under the condition of proper Premium and interest rate. The modeling proposal for the REIT was set up in a pattern of development which is different than the REIT that issue for the substance of property under existing regulation. This research provide a modeling proposal to prove the practicability of finance for that proposal and also collect some current joint venture projects of ministry of transportation and communication as a standard for assessing the model to increase the practicability of assessment. The existing “REAL ESTATE INVESTMENT TRUST REGULATION” was introduced and issued on July 23 2003. There are still a lot of spaces can be discussed in its details of bylaw. This research would like to refer to the developing situation regarding REIT in USA and Japan to provide some recommendations and following researching proposals in order to advantage the development of territory in Taiwan.