Practice briefing – China's commercial real estate recovery, REITs and tax policies

IF 1.6 Q3 BUSINESS, FINANCE

Journal of Property Investment & Finance Pub Date : 2022-02-01 DOI:10.1108/jpif-03-2021-0024

Olivia Muszynski, Mine E. Cinar

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引用次数: 2

Abstract

PurposeCommercial property market allows for the potential development of a similar real estate investment trust (REIT) structure in China as the commercial REITs (C-REIT) such as those offshore in Hong Kong and Singapore.Design/methodology/approachThe authors examine tax codes of the present real estate investment methods in China in order to understand the interest for a new vehicle that specifically focuses on commercial real estate.FindingsGiven the progress of offshore C-REITS and Chinese government's emphasis on real estate, Chinese shareholders will benefit if onshore C-REITS are issued. Crucial to the success of C-REITS will be how the C-REIT shares will be priced with respect to Net Asset Value of underlying assets.Research limitations/implicationsCOVID-19 pandemic has changed government priorities, and development of C-REITS in real estate for growth may no longer be a priority policy for China.Practical implicationsLiquidity in real estate markets will be enhanced by C-REITS due to participation of private investors.Social implicationsOnshore C-REITS would allow small and individual investors to have a stake in their home country's commercial real estate as an investment security for their own future.Originality/valueThis policy article also includes an interview with real estate professional in China whose opinions are embedded and added to the article.

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实践简报-中国商业地产复苏，REITs和税收政策

目的商业房地产市场允许在中国开发与商业房地产投资信托（C-REIT）类似的房地产投资基金（REIT）结构，如香港和新加坡的离岸房地产投资投资信托特别关注商业地产。发现鉴于离岸C-REITS的进展和中国政府对房地产的重视，如果在岸C-REITS发行，中国股东将受益。C-REITS成功的关键是C-REIT股票将如何相对于基础资产的资产净值进行定价。研究局限性/影响新冠肺炎疫情改变了政府的优先事项，发展房地产投资信托基金以促进增长可能不再是中国的优先政策。实际影响由于私人投资者的参与，房地产市场的流动性将因C-REITS而增强。社会影响陆上C-REITS将允许小型和个人投资者在本国的商业房地产中持有股份，作为他们自己未来的投资保障。原创/价值这篇政策文章还包括对中国房地产专业人士的采访，他们的观点被嵌入并添加到文章中。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Property Investment & Finance BUSINESS, FINANCE-

CiteScore

3.50

自引率

23.10%

发文量

期刊介绍： Fully refereed papers on practice and methodology in the UK, continental Western Europe, emerging markets of Eastern Europe, China, Australasia, Africa and the USA, in the following areas: ■Academic papers on the latest research, thinking and developments ■Law reports assessing new legislation ■Market data for a comprehensive review of current research ■Practice papers - a forum for the exchange of ideas and experiences