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Which public offering REITs is better? What is the difference between different types of public offering REITs?
A few days ago, the first batch of public offering REITs were issued one after another. There are 9 REITs in the first batch, and it is unreasonable to buy 9 at the same time. So, how should these publicly offered REITs be selected? Judging from the current situation, the public offering of REITs is concentrated in the field of infrastructure, mainly including transportation facilities such as warehousing and logistics, toll roads, airports and ports, and industrial parks. The essence of public offering of REITs is that investors invest in these infrastructure assets through Public Offering of Fund. Although the basic assets of these publicly offered REITs products are all high-quality projects, which are generally stable, the risks of different types of projects are also quite different. Among the types of industrial parks, income mainly depends on rent, property and parking fees, and the main source of risk is high occupancy rate. The update rate is high and so on. If the marginal effect of the policy decreases, can the park continue to operate steadily? The revenue of toll roads mainly depends on the operation of tolls and ancillary facilities, and the main risks come from the influence of policies and the diversion of similar projects around. The income of warehousing logistics mainly depends on rent and management fees, and the risk sources are similar to those of industrial parks, mainly four-continuation rate and horizontal competition. The income of municipal facilities mainly depends on service fees, and the main source of risk is the mismatch between franchise rights and fund term. The income of biomass power generation mainly depends on power generation, and the main risk source is whether the scale of operation can be expanded and sustained and the technology can be upgraded. Generally speaking, the lack of liquidity is also the risk of public offering of REITs, and the problem of discount trading is likely to occur.
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