新加坡房地产投资信托（S-REITs）研究
摘要
2001年以来,随着经济全球化进程的加快和我国经济的发展,国内房地产市场经历了新一轮的增长,但房价增长过快的声音也不绝于耳。为抑制房地产“泡沫”的膨胀,化解金融风险,政府开始对房地产企业银行的贷款给予严格的限制,收缩银根,迫使房地产企业寻求新的融资渠道。与此同时,居民储蓄不断增长,且长期居高不下,市场急需低风险的金融投资产品。于是,REITs作为房地产行业融资工具之一,以其高且稳定的收益受到国内的广泛关注。
房地产投资信托,英文“Real Estate Investment Trusts”,以下简称为REITs,是一种集合特定或不特定的投资者,将资金集中起来,建立某种专门进行房地产投资管理的基金或机构,进行房地产投资和经营管理,并共同分享房地产投资收益的一种信托方式。
新加坡从2002年第一只REITs上市,到当前260亿新元的市场规模,已经走过了近5年的发展历程。笔者希望通过对新加坡REITs的研究,从中得到一些启示,为我国今后推出REITs产品提供借鉴。本文主要包括以下几章:
第一章主要论述本文的研究背景、研究意义以及国内外研究现状。
第二章概述与REITs相关的知识,包括REITs的作用、类型以及在全球的发展状况等等,使读者对RETIs有个基本而全面的认识。
第三章是本文的重点,主要阐述新加坡REITs(S-REITs)市场发展状况,包括S-REITs的发展历程、设立规则以及市场风险等方面,使读者对S-REITs有个全面系统的把握。
第四章是本文的最后一部分,主要论述我国发展REITs的紧迫性以及可行性,并结合S-REITs发展经验,说明我国发展REITs应注意的一些问题。
Since from 2001, under the conditions of the globalization and the quick development of the Chinese economy, there appears to be a quickly-development tendency in the Chinese real estate industry. Meanwhile, many people always complain that the price of housing grows so quickly. In order to restrain the expansion of real estate foam, and melt the finance risk, the government begins to restrict loans that will privde to real estate. Such measure will compel land agents to find some new financing channel. Furthermore, the amount of resident save continuously grows, and also locates a high level in a long time. It means that the capital market needs many investment channels, especially those which have low risks. Because of the reasons above and its higher and steadier revenue, as a tool of financing channel of real estate, REITs arouse many attentions widely in inland.
We can comprehend the REITs as a kind of trust, by which many investors’money, which will be left unusedly during one period, is gathered to set up an organization, and what the main work of this organization is to investing money on the real estate market. By managing these assets, and at the end of the investment, as the return of the money, the investors share the return of the investments from the real estate assets.
The first Singapore REITs was launched and listed on the Singapore Exchange (SGX) in July 2002. Since then, there were sixteen REITs listed on SGX with an aggregate market capitalisation of more than S$26 billion in 2007. Penman of this thesis hope that it can provide many uses for our country referenc via studying the Singapore REITs. This thesis mainly includes four chapters. In the first chapter, the author introduces the background and meaning of this article, and introdeces the present situation. In the second chapter, by discussing the relative knowledge of REITs, such as definition, categories and functions etc, the author wants to make sure that readers have a good understanding. Chapter 3 is the most important. Through introducing the developing state of Singapore REITs, including course of developing, setting principle, framework and so on, the author makes sure that reader have a completely and systematicly understanding of S-REITs.
Finally, the author focuses on the necessity and feasibility of developing REITs in China, and explains some problems that should be paid attention to combining with developing experences of S-REITs.
房地产投资信托,英文“Real Estate Investment Trusts”,以下简称为REITs,是一种集合特定或不特定的投资者,将资金集中起来,建立某种专门进行房地产投资管理的基金或机构,进行房地产投资和经营管理,并共同分享房地产投资收益的一种信托方式。
新加坡从2002年第一只REITs上市,到当前260亿新元的市场规模,已经走过了近5年的发展历程。笔者希望通过对新加坡REITs的研究,从中得到一些启示,为我国今后推出REITs产品提供借鉴。本文主要包括以下几章:
第一章主要论述本文的研究背景、研究意义以及国内外研究现状。
第二章概述与REITs相关的知识,包括REITs的作用、类型以及在全球的发展状况等等,使读者对RETIs有个基本而全面的认识。
第三章是本文的重点,主要阐述新加坡REITs(S-REITs)市场发展状况,包括S-REITs的发展历程、设立规则以及市场风险等方面,使读者对S-REITs有个全面系统的把握。
第四章是本文的最后一部分,主要论述我国发展REITs的紧迫性以及可行性,并结合S-REITs发展经验,说明我国发展REITs应注意的一些问题。
Since from 2001, under the conditions of the globalization and the quick development of the Chinese economy, there appears to be a quickly-development tendency in the Chinese real estate industry. Meanwhile, many people always complain that the price of housing grows so quickly. In order to restrain the expansion of real estate foam, and melt the finance risk, the government begins to restrict loans that will privde to real estate. Such measure will compel land agents to find some new financing channel. Furthermore, the amount of resident save continuously grows, and also locates a high level in a long time. It means that the capital market needs many investment channels, especially those which have low risks. Because of the reasons above and its higher and steadier revenue, as a tool of financing channel of real estate, REITs arouse many attentions widely in inland.
We can comprehend the REITs as a kind of trust, by which many investors’money, which will be left unusedly during one period, is gathered to set up an organization, and what the main work of this organization is to investing money on the real estate market. By managing these assets, and at the end of the investment, as the return of the money, the investors share the return of the investments from the real estate assets.
The first Singapore REITs was launched and listed on the Singapore Exchange (SGX) in July 2002. Since then, there were sixteen REITs listed on SGX with an aggregate market capitalisation of more than S$26 billion in 2007. Penman of this thesis hope that it can provide many uses for our country referenc via studying the Singapore REITs. This thesis mainly includes four chapters. In the first chapter, the author introduces the background and meaning of this article, and introdeces the present situation. In the second chapter, by discussing the relative knowledge of REITs, such as definition, categories and functions etc, the author wants to make sure that readers have a good understanding. Chapter 3 is the most important. Through introducing the developing state of Singapore REITs, including course of developing, setting principle, framework and so on, the author makes sure that reader have a completely and systematicly understanding of S-REITs.
Finally, the author focuses on the necessity and feasibility of developing REITs in China, and explains some problems that should be paid attention to combining with developing experences of S-REITs.
引文
① [美] su han chan,john erickson 等著,刘洪玉等译,《房地产投资信托》,经济科学出版社,2004.5。
① 雷蒙德·W·戈德史密斯著,周朔等译:《金融结构与金融发展》,第 22—23 页,上海三联书店,上海人民出版社,1994 年。
② 同上书,第 3 页。
① 有关 S-REITs 最新情况请参见附录,这里仅以最先发行的 5 只 REITs 为例进行说明。
① 股息回报率是指每只 REITs 的收益率。
② 周亮华等:《新加坡发展和运作 REITs 的成功经验与启示》,房地产金融,2006 年第 1 期。
① 周亮华等:《新加坡发展和运作 REITs 的成功经验与启示》,房地产金融,2006 年第 1 期。
① 中国房地产报, 2005 年 12 月 26 日。
① 新加坡联合早报,2006 年 4 月 20 日。
② 同上。
① 新加坡金融管理局网站:http://www.mas.gov.sg/。
① 同上。
② 尽管还处于发展初期,亚洲 REITs 市场表现出了很强的增长潜力。截至 2006 年 6 月,有超过 50 支 REITs,总市值超过 400 亿美元。而亚洲可供投资的房地产价值估计在 13000 亿至 14000 亿美元之间。目前的 REITs市场只占到可供投资房地产价值的不到 3%。
[1] 中国人民银行. 关于进一步加强房地产信贷业务管理的通知[Z]. 银发【2003】121号,2003.
[2] 中国银监会. 关于加强信托投资公司部分业务风险提示的通知[Z]. 银监办发【2005】212号,2005.
[3] Su Han Chan/John Erickson/Ko Wang 著 刘洪玉/黄英等译. 房地产投资信托-结构、绩效与投资机会[M]. 北京:经济科学出版社,2004.
[4] 毛志荣. 房地产投资信托基金研究[R]. 深圳证券交易所综合研究所,2004. 深证综研字第0089号.
[5] 宋林峰. 《美国房地产投资信托调研报告》[J]. 信托研究, 2004,(3).
[6] 孙靖.《房地产投资信托基金的海外经验及在中国的适用性探讨》[J]. 中国房地产金融, 2005(3).
[7] 聂安达. 《中国房地产投资基金的现状及未来》[J]. 经济导刊, 2004,(6).
[8] 梁亮华. 《信托投资——房地产融资的新宠》[J]. 中国房地信息, 2004,(4).
[9] 张寒燕. 房地产投资信托(REITs)研究[D]. 北京:社会科学院博士论文,2005.
[10] 陶慧萍. 房地产投资信托基金研究[D]. 北京:中国地质大学硕士论文,2006.
[11] 单胜召. 房地产投资信托基金研究[D]. 北京:清华大学工商管理硕士论文,2005.
[12] 王钢. 《亚洲房地产投资信托发展及对我国的启示》[J]. 亚太经济,2005,(5).
[13] 周亮华等. 《新加坡发展和运作 REITs 的成功经验与启示》[J]. 房地产金融, 2006,(1).
[14] 龙胜平等. 《亚洲房地产投资信托运作模式探讨》[J]. 商场现代化,2006,(7 月中旬刊).
[15] 曹建元. 信托投资学[M]. 上海:上海财经大学出版社,2004.
[16] 李康. 中国产业投资基金理论与实务[M]. 北京:经济科学出版社,1999.
[17] 毛志荣. 我国上市房地产投资基金发展模式探讨[N]. 上海证券报,2004-10-28.
[18] 周泯非. 《房地产投资信托的特征与实践意义》[J]. 浙江金融,2003,(3).
[19] 张红等. 《房地产市场与资本市场结合的房地产投资信托》[J]. 中国房地产金融,2002,(3).
[20] 林婉诗. 新加坡房地产投资信托明年走势或没今年强[N]. 新加坡联合早报,2004-12-24.
[21] 刘洪玉. 《美国房地产投资信托发展的经验与启示》[J]. 中国金融家,2004,(7).
[22] 邱翼. 《产业基金、REIT与房地产投资信托》[J]. 经济导刊, 2004,(6).
[23] 王诤诤等. 《美国房地产投资信托基金的历史透视》[J]. 中国房地产金融, 2004,(3).
[24] 秦征等. 《借鉴美国经验 解决不良资产问题》[J]. 中国房地产金融, 2002,(6).
[25] 杨冬梅. 《国外房地产投资信托的发展及对我国的启示》[J]. 天津电大学报, 2003,(1).
[26] 何正荣. 《不动产投资信托(REITs) 的全球化趋势》[J]. 社会科学载刊,2006,(3).
[27] 任纪军. 房地产投资基金[M]. 北京:经济管理出版社,2006.
[28] 华伟. 房地产金融学[M]. 上海:复旦大学出版社,2004.
[29] 尹伯成. 房地产金融学概论[M]. 上海:复旦大学出版社,2000.
[30] CapitaLand Group Dr. Boaz Boon. “Presentation to SIAS Research Investment Seminar‘Real Estate Plays’REITs - A Pension Vehicle?”[R].
[31] DBS Bank. REITs in Singapore:A Presentation on Real Estate Investment Trusts-the Singapore Experience[R]. 2003.
[32] David Mok. “Which S-REIT to Buy?”[Z].
[33] Dennis R.Capozza,Paul J.Seguin. “Debt, Agency, and Management Contracts in REITs:The External Advisor Puzzle”[Z].
[34] John Sullivan. “Real estate investment trusts - positive regulatory developments in Hong Kong and Singapore”[Z]. http://www.mas.gov.sg/.
[35] Kola Luu. “Welcome address of the Real Estate Investment World 2006 Raffles Convention Centre”[Z]. http://www.mas.gov.sg/.
[36] Lee Chuan Teck. “Opening Address of The 4th Annual Securitisation World Asia 2005”[Z]. http://www.mas.gov.sg/.
[37] MAS. “MAS Invites Comments on Proposed Amendments to the Property Fund Guidelines”[Z]. http://www.mas.gov.sg/.
[38] MAS. “MAS Invites Comments on Enhancements to REIT framework”[Z]. http://www.mas.gov.sg/.
[39] Robert D.Campbell,Chinmoy Ghosh,C.F.Sirmans. “Value Creation and Governance Structure in REIT Mergers”.
[40] Shane Tregillis. “Opening Address of the Real Estate Investment World Asia 2005, 4th Annual Conference”[Z]. http://www.mas.gov.sg/.
[41] SING,Tien Foo. “Challenges Ahead for Singapore Real Estate Investment Trusts (S-REITs)”[Z].
[42] Stephen P,Jarchow,J.D. Real Estate Investment Trusts[M]. JohnWilev&Sons. Inc,1988.
[43] Terrence M.Clauretie,Sirmans. Real Estate Finance Theory and Practice[M]. DrydenPress,Inc,1993,P.152,156,427-429.
[44] Tien F. Sing, Sze C. Ling. “The Role of Singapore REITs in a Downside Risk Asset Allocation Framework”[Z].
① 雷蒙德·W·戈德史密斯著,周朔等译:《金融结构与金融发展》,第 22—23 页,上海三联书店,上海人民出版社,1994 年。
② 同上书,第 3 页。
① 有关 S-REITs 最新情况请参见附录,这里仅以最先发行的 5 只 REITs 为例进行说明。
① 股息回报率是指每只 REITs 的收益率。
② 周亮华等:《新加坡发展和运作 REITs 的成功经验与启示》,房地产金融,2006 年第 1 期。
① 周亮华等:《新加坡发展和运作 REITs 的成功经验与启示》,房地产金融,2006 年第 1 期。
① 中国房地产报, 2005 年 12 月 26 日。
① 新加坡联合早报,2006 年 4 月 20 日。
② 同上。
① 新加坡金融管理局网站:http://www.mas.gov.sg/。
① 同上。
② 尽管还处于发展初期,亚洲 REITs 市场表现出了很强的增长潜力。截至 2006 年 6 月,有超过 50 支 REITs,总市值超过 400 亿美元。而亚洲可供投资的房地产价值估计在 13000 亿至 14000 亿美元之间。目前的 REITs市场只占到可供投资房地产价值的不到 3%。
[1] 中国人民银行. 关于进一步加强房地产信贷业务管理的通知[Z]. 银发【2003】121号,2003.
[2] 中国银监会. 关于加强信托投资公司部分业务风险提示的通知[Z]. 银监办发【2005】212号,2005.
[3] Su Han Chan/John Erickson/Ko Wang 著 刘洪玉/黄英等译. 房地产投资信托-结构、绩效与投资机会[M]. 北京:经济科学出版社,2004.
[4] 毛志荣. 房地产投资信托基金研究[R]. 深圳证券交易所综合研究所,2004. 深证综研字第0089号.
[5] 宋林峰. 《美国房地产投资信托调研报告》[J]. 信托研究, 2004,(3).
[6] 孙靖.《房地产投资信托基金的海外经验及在中国的适用性探讨》[J]. 中国房地产金融, 2005(3).
[7] 聂安达. 《中国房地产投资基金的现状及未来》[J]. 经济导刊, 2004,(6).
[8] 梁亮华. 《信托投资——房地产融资的新宠》[J]. 中国房地信息, 2004,(4).
[9] 张寒燕. 房地产投资信托(REITs)研究[D]. 北京:社会科学院博士论文,2005.
[10] 陶慧萍. 房地产投资信托基金研究[D]. 北京:中国地质大学硕士论文,2006.
[11] 单胜召. 房地产投资信托基金研究[D]. 北京:清华大学工商管理硕士论文,2005.
[12] 王钢. 《亚洲房地产投资信托发展及对我国的启示》[J]. 亚太经济,2005,(5).
[13] 周亮华等. 《新加坡发展和运作 REITs 的成功经验与启示》[J]. 房地产金融, 2006,(1).
[14] 龙胜平等. 《亚洲房地产投资信托运作模式探讨》[J]. 商场现代化,2006,(7 月中旬刊).
[15] 曹建元. 信托投资学[M]. 上海:上海财经大学出版社,2004.
[16] 李康. 中国产业投资基金理论与实务[M]. 北京:经济科学出版社,1999.
[17] 毛志荣. 我国上市房地产投资基金发展模式探讨[N]. 上海证券报,2004-10-28.
[18] 周泯非. 《房地产投资信托的特征与实践意义》[J]. 浙江金融,2003,(3).
[19] 张红等. 《房地产市场与资本市场结合的房地产投资信托》[J]. 中国房地产金融,2002,(3).
[20] 林婉诗. 新加坡房地产投资信托明年走势或没今年强[N]. 新加坡联合早报,2004-12-24.
[21] 刘洪玉. 《美国房地产投资信托发展的经验与启示》[J]. 中国金融家,2004,(7).
[22] 邱翼. 《产业基金、REIT与房地产投资信托》[J]. 经济导刊, 2004,(6).
[23] 王诤诤等. 《美国房地产投资信托基金的历史透视》[J]. 中国房地产金融, 2004,(3).
[24] 秦征等. 《借鉴美国经验 解决不良资产问题》[J]. 中国房地产金融, 2002,(6).
[25] 杨冬梅. 《国外房地产投资信托的发展及对我国的启示》[J]. 天津电大学报, 2003,(1).
[26] 何正荣. 《不动产投资信托(REITs) 的全球化趋势》[J]. 社会科学载刊,2006,(3).
[27] 任纪军. 房地产投资基金[M]. 北京:经济管理出版社,2006.
[28] 华伟. 房地产金融学[M]. 上海:复旦大学出版社,2004.
[29] 尹伯成. 房地产金融学概论[M]. 上海:复旦大学出版社,2000.
[30] CapitaLand Group Dr. Boaz Boon. “Presentation to SIAS Research Investment Seminar‘Real Estate Plays’REITs - A Pension Vehicle?”[R].
[31] DBS Bank. REITs in Singapore:A Presentation on Real Estate Investment Trusts-the Singapore Experience[R]. 2003.
[32] David Mok. “Which S-REIT to Buy?”[Z].
[33] Dennis R.Capozza,Paul J.Seguin. “Debt, Agency, and Management Contracts in REITs:The External Advisor Puzzle”[Z].
[34] John Sullivan. “Real estate investment trusts - positive regulatory developments in Hong Kong and Singapore”[Z]. http://www.mas.gov.sg/.
[35] Kola Luu. “Welcome address of the Real Estate Investment World 2006 Raffles Convention Centre”[Z]. http://www.mas.gov.sg/.
[36] Lee Chuan Teck. “Opening Address of The 4th Annual Securitisation World Asia 2005”[Z]. http://www.mas.gov.sg/.
[37] MAS. “MAS Invites Comments on Proposed Amendments to the Property Fund Guidelines”[Z]. http://www.mas.gov.sg/.
[38] MAS. “MAS Invites Comments on Enhancements to REIT framework”[Z]. http://www.mas.gov.sg/.
[39] Robert D.Campbell,Chinmoy Ghosh,C.F.Sirmans. “Value Creation and Governance Structure in REIT Mergers”.
[40] Shane Tregillis. “Opening Address of the Real Estate Investment World Asia 2005, 4th Annual Conference”[Z]. http://www.mas.gov.sg/.
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