【培訓(xùn)】Real Estate Investment Trust房地產(chǎn)投資信托基金（英文資料）

1、. Introduction of REIT Example of REIT The Link Comparison of different REIT in HK Evaluation and Recommendations Conclusion.Introduction of REIT. collective investment scheme in a portfolio of income-generating real property Manager distributes all / almost of net income holders Annual or semi-annu

2、al basis . Investor buy / sell through a stock exchange REIT do not redeem investors interests Long term income yield not for capital appreciation on resale . Realize and redeploy capital investment asset become more liquidate Regular income Invest in an asset class which is difficult to access Remo

3、ve double taxation. Example of REIT The LinkPolly Tsang. Stock code: 823 invests in 180 retail and carpark facilities one million sq.m of retail space and around 80,000 carpark spaces 40% of people lived near the Link REIT propertiesPolly Tsang.Polly Tsang. invest in properties for the long-term foc

4、us on sustainable-income producing properties with the potential for long-term income and capital growth maintain a large and geographically diversified portfolioPolly Tsang. convenience-based retail properties primarily serving the basic consumer needs of the residents of the adjacent housing estat

5、es and other visitors carparks serving the tenants and customers of the retail properties and the residents of the surrounding neighborhoods and other visitors Polly Tsang. no less than 90% of total distributable income not less than HK$0.6176 21 December 2006 - 32.81 HK cents 30 August 2006 - 21.81

6、 HK centsPolly Tsang. Certainty as to business focus A policy to distribute of an amount equivalent to 100% of total distributable income Financial and operating transparencyPolly Tsang.Rex Kwok. Link REIT- invests in 180 retail and carparks facilitiesRex Kwok. With an Internal Floor Area (IFA) of a

7、pproximately one million sq.m of retail space and around 80,000 carparks spaces the properties are on the doorstep to 40% of Hong Kongs seven-million populations. Rex Kwok. Gzi REIT-consists of commercial properties located in Guangzhou1.White Horse Units2.Fortune Plaza Units3.City Development Plaza

8、 Units4.Victory Plaza UnitsRex Kwok. The overall occupancy of the 4 properties improved to over 90% White Horse Building is maintained at 100% Fortune Plaza at approximately 90.2% City Development Plaza at approximately 92.6% Victory Plaza at 100% Rex Kwok. Champion REIT-formed primarily to office a

9、nd retail properties in Hong Kong Comprises 91.5% of the Gross Rentable Area of Citibank Plaza and substantially all of the parking spaces at Citibank Plaza. Rex Kwok. Citibank Plaza comprises Citibank Tower a 47-storey building and ICBC Tower a 37-storey building and includes a retail podium and a

10、carpark It is hub of banking and financial activities in the Central District Rex Kwok.Prosperity REIT-own a high quality portfolio of seven Hong Kong commercial properties Rex Kwok. Comprising three Grade A office buildings in decentralized business districts A portion of three industrial/office bu

11、ildings A portion of one industrial buildingRex Kwok. According to their different portfolio of properties, which REITs will you subscribe and why?Rex Kwok.Evaluation andRecommendations. Market scale is large Low quality of capital Underdeveloped supervision structure Lack of experience of fund managers Unclear investment strategies .Redevelop the assets (Shopping mall, Carparks, Estates) Capital quality and rent level of private propertiesHuman resources management Training and learning from other countries (eg, USA, Singapore).Investment strategies For business Focu