国内商业地产与房地产投资信托REITs结合的发展模式研.doc

国内商业地产与房地产投资信托(REITs)结合的发展模式研究
[摘要与告白] 自上世纪九十年代起我国商业地产迎来迅速的扩张发展,同时也因发展时间甚短,经验不足而引发了多种问题和矛盾,阻碍了我国商业地产的可持续发展,其根源在于商业地产开发商缺乏能够支持商业经营的统一专业管理的资金平台,而采取了产权分割出售这种短线的投资开发模式。反观以美国为代表的发达国家经历多年的探索已形成了以REITs为主要融资模式的成熟商业地产开发模式,充分体现了REITs和商业地产的各自特点和优势,也提高了资源配置的有效性。本文把商业地产和房地产投资信托(REITs)结合作为研究内容,从理论上论证了在商业地产领域实现本土REITs的可行性。
Research on bination of mercial real estate and the REITs (Real Estate Investment Trust) in China
Liao Junping,Xu Xiuqing
ABSTRACT:mercial real estate industry has been enjoying a boom since 1990’s in China, and also put forward various problems and conflicts because of the lack of experiences and the insufficient development, which restricted the sustainable development of the industry. The basic reason was that capital plate was unavailable for the developers, which was most required for holding up the mercial management, as a result, domestic developers adopt to divide up the property right for sale. On the contrary, developed countries especially the United States have set up a integrally mature pattern mercial real estate development by age long evolvement, in which REITs is considered as the very core of the subject. And it takes full advantage of the specialization, moreover, improves the efficiency in the resource allocation. This paper deals with the study mercial real estate and REITs and aims to examine the rationality of the application of native REITs mercial real estate industry.
一、引言
商业地产的概念有广义和狭义之分。从广义上看,商业地产指各种非生产性非居住性的房地产,包括酒店、办公楼、公寓、停车场、加油站、会议中心等商业服务业经营场所;从狭义上看,指用于各种零售、餐饮、娱乐、健身服务、休闲等经营用途的房地产形式,如购物中心、商业街、Shopping Mall、主体商场、专业市场、批发市场、折扣店、工厂直销店、娱乐类商业地产项目、住宅和写字楼的底层商铺等与住宅类房地产有很大区别的收益性房地产产品。本文所研究的商业地产主要指狭义上以承载零售业(包括商品销售和服务销售)为主的收益性房地产。
商业地产开发在中国的兴起时间甚短,国内商业地产开发商、投资商和经营商都还很不成熟,缺乏专业性,很容易忽略商业地产的核心价值(由其本身的硬件价值和涉及商业运营的软件价值组成),对商业地产的复合性认识也不足。他们在实际操作中往往只注重眼前利益,沿袭传统住宅地产的“卖完就走”的模式,缺乏可持续发展计划,导致某些商业中心的兴旺犹如“昙花一现”。
图 1 2000-2004年全国重点城市土地交易均价图
数据来源:中国城市地价动态监测系统(/)
和其他类型的土地用途相比,商业用地地价较高(见图 1),加之对建筑以及商业配套设施等的高要求,商业地产开发所需投资额巨大,因此国内开发商通常采用销售商铺来回收投资成本和实现投资