What reits funds are there in China?

Real estate investment trust funds in China mainly appear in the form of special plans and private equity funds, mainly including:

1. Hai Yin special asset management plan: in the next five years, the operating income right of 15 commercial property managed by the company will be established, and * * * will raise 65,438.06 billion yuan;

2. CITIC Sailing Special Asset Management Plan: The total product scale is 52 1 100 million yuan, and the priority and sub-priority are given at 7:3, of which the priority coupon rate is 5.5%-7%; Secondary expected annualized rate of return12%-42%;

3. CITIC Suning Asset Support Special Plan: Capital contribution 1 1 proprietary store property rights and corresponding land use rights, with a scale of nearly 4.4 billion yuan.

Reits is the abbreviation of real estate trust and investment fund, and it is an important means of real estate. Real estate securitization is a financial transaction process, which directly converts low-liquidity and non-securities real estate investment into securities assets in the capital market. Real estate securities include two basic forms: real estate project financing securities and real estate mortgage securities.

1. According to the organizational form, reits can be divided into company type and contract type.

1. Corporate reits are based on the company law, and the funds raised by issuing reits are used to invest in real estate assets. Reits have independent legal personality, operate funds independently, raise fund shares for unknown investors, and reits stock holders eventually become shareholders of the company.

2. According to the established trust deed, the contractual real estate investment trust fund raises funds by issuing beneficiary certificates of the contractual real estate investment trust to invest in real estate assets. Contractual reits are not independent legal persons, but assets. They are initiated by fund management companies and entrust fund managers as trustees to invest in real estate.

The main difference between them lies in the different legal basis and operation mode, so contractual reits are more flexible than corporate reits.

Second, according to the different forms of investment, reits can usually be divided into three categories: equity, mortgage and mixed.

1. Equity reits invest in real estate and have ownership. More and more equity reits are engaged in real estate business activities, such as leasing and customer service. However, the main difference between reits and traditional real estate companies is that the main purpose of real estate investment trusts is to operate real estate as part of the portfolio, rather than resell it after development.

2. Mortgage reits are investment real estate mortgage loans or securities backed by real estate mortgage loans, and the main source of income is real estate loan interest.

3. Hybrid reits, as the name implies, are between equity reits and mortgage reits, which have partial property rights and also engage in mortgage services.

Thirdly, reits can be divided into closed and open types according to different operation modes.

The circulation of closed reits is restricted at the beginning of issuance, and no additional issuance is allowed at will; Open reits can issue new shares at any time and increase capital investment in new real estate. Investors can also buy at any time and redeem them at any time when they are unwilling to hold them.

Fourthly, according to different financing methods, reits can be divided into public offering and private offering.

1. Private reits raise funds from specific investors in a non-public way, targeting specific targets, and are not allowed to publicize publicly, and generally do not go public.

2. The issuance of public offering reits is to raise funds from public investors, which requires strict examination and approval by the regulatory authorities, but it can be widely publicized.