国内外典型Pre-REITs案例研究及启示
摘要：Pre-REITs既能满足项目培育期融资需求，又能为REITs市场储备优质标的，是多层次REITs市场的重要组成部分。本文梳理并分析国内外三个Pre-REITs典型案例，总结出五方面启示：资产选择与甄别是实现退出的关键，匹配投融资需求以增强资金稳定性，注重资产管理而提升项目价值，打造协作平台可发挥资源优势，政策支持和市场监管应相辅相成，希望为我国的REITs发展提供参考。
关键词：Pre-REITs多层次REITs市场基础设施融资模式案例分析
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参考文献[1] 鲁筱，叶剑平.我国REITs发展的关键路径研究[J].建筑经济，2022(1):11-18.
[2] 林华.中国REITs操作手册（第二版）[M].北京：中信出版集团，2022.
[3] 汤卫忠，梁林军，王子悦.Pre-REITs的难点及政策建议[J].债券，2022(8):74-78.
[4] Emmerich A O,Panovka R,Spanbock S,etal. The Real Estate M&A and Private Equity Review,United States Chapter[J]. 2020.
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[6] 杜如昌.PPP+REITs创新融资模式助推新基建[J].财会通讯，2021(20):147-151.
[2] 林华.中国REITs操作手册（第二版）[M].北京：中信出版集团，2022.
[3] 汤卫忠，梁林军，王子悦.Pre-REITs的难点及政策建议[J].债券，2022(8):74-78.
[4] Emmerich A O,Panovka R,Spanbock S,etal. The Real Estate M&A and Private Equity Review,United States Chapter[J]. 2020.
[5] 周幼曼.我国房地产基金转型方向探讨——基于凯德和黑石的房地产基金模式[J].新金融，2016(3):44-48.
[6] 杜如昌.PPP+REITs创新融资模式助推新基建[J].财会通讯，2021(20):147-151.
Case Study and Enlightenment of Typical Pre-REITs at Home and Abroad
Abstract: Pre-REITs,which is an essential part of the multi-level REITs market,can not only meet the financing needs during the cultivation period of projects,but also reserve high-quality assets for the REITs market. The paper introduces and analyzes three typical cases of Pre-REITs at home and abroad,and obtaines five experiences:Selection and due diligence of the asset is the key to achieving capital exit;Matching investment and financing needs can enhance capital stability;Focusing on asset management can lift the value of assets;Building a collaboration platform are the way to integrate resources;Policy support and market supervision should complement each other.Hopes to provide reference for the development of REITs in China.
Keywords: Pre-REITs; REITs market; infrastructure; financing mode; case analysis
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