2026-09-20T16:39:56Zhttps://dspace.mit.edu/server/oai/requestoai:dspace.mit.edu:1721.1/1179512022-01-13T07:54:52Zcom_1721.1_7582com_1721.1_7581col_1721.1_131023
Robert C. Pozen.
He, Sihang
Sloan School of Management.
Sloan School of Management
a-cc---
2018-09-17T15:51:18Z
2018-09-17T15:51:18Z
2018
2018
http://hdl.handle.net/1721.1/117951
1051237367
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).
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.
by Sihang He.
S.M. in Management Studies
77 pages
eng
Massachusetts Institute of Technology
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.
http://dspace.mit.edu/handle/1721.1/7582
Sloan School of Management.
REITs for residential rental markets in China
Real Estate Investment Trusts for residential rental markets in China
Thesis
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<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.</Abstract>
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