REITs for residential rental markets in China
Name
1051237367-MIT.pdf
Description
Full printable version
Size
4.92 MB
Format
Adobe PDF
Checksum (MD5)
72cb759b1d10547ac494edc2657dc5a0
Author(s)
He, Sihang
Advisor(s)
Robert C. Pozen.
Alternative Title
Real Estate Investment Trusts for residential rental markets in China
Date Issued
2018
Publisher
Massachusetts Institute of Technology
Abstract
After decades of rapid development, China has entered an era with new opportunities and challenges. In its real estate markets, excessive housing demands exist in big cities while a large amount of stock assets are underutilized. In its financial markets, households accumulate wealth but do not have adequate investment channels. Together with expansionary credit policies, these factors have driven the housing price to an unprecedented level and thus created potential risks for the financial and social stability. To cope with these challenges, the Chinese government initiates several reforms in real estate and financial markets. First, it promotes the residential rental market to meet residents' housing demand. Second, it conducts supply-side reforms to transform the real estate industry and to utilize stock assets. Third, it performs financial system reform to provide more investment options and to increase residents' income from properties. By taking these reforms, the Chinese government aims to guide the housing price back to a reasonable level and to improve the stability of the financial system and whole society. Real Estate Investment Trusts (REITs), as a well-known financial instrument, have a significantly potential role to play in the above reforms. They can supply long-term capital and professional management to residential rental markets, provide new business models for the real estate industry to utilize stock assets, and widen investment channels for households. This thesis examines four typical cases in the current REITs pilot phase in China, identifies existing problems and proposes corresponding solutions, in order to improve REITs in China and help it fulfill its role in the ongoing reforms.
Description
Thesis: S.M. in Management Studies, Massachusetts Institute of Technology, Sloan School of Management, 2018.
Cataloged from PDF version of thesis.
Includes bibliographical references (pages 74-77).
Subjects
Sloan School of Management.
MIT Department
Sloan School of Management
Terms of Use
MIT theses are protected by copyright. They may be viewed, downloaded, or printed from this source but further reproduction or distribution in any format is prohibited without written permission.
Persistent DSpace Link
