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Study on Selection Decision of the Underlying Assets of Infrastructure REITs

In: Proceedings of the 28th International Symposium on Advancement of Construction Management and Real Estate

Author

Listed:
  • Xinyue Zhang

    (Tsinghua University)

  • Di Wu

    (China International Engineering Consulting Co. Research Center)

  • Xuefei Zhang

    (China International Engineering Consulting Co. Research Center)

  • Shouqing Wang

    (Tsinghua University)

Abstract

This study takes the development stage of China's REITs market as the background, and makes a case study by setting 5 primary and 6 secondary underlying asset evaluation indicators. In this study, a multi-angle radar model is constructed to observe the concerns and considerations of original equity holders in the selection of the underlying assets of infrastructure REITs projects, and to analyze their issuance strategies. This article categorizes the 27 Chinese Real Estate Investment Trusts (REITs) issued as of May 1st into four distinct types: Missing angle type I, Missing angle type II, Similar type, and Other type. The asset selection analysis examines the five key factors of asset yield ability, asset risk level, asset size or scale, geographic location of assets, and the original equity holders’ purchase ratio. The article also analyzes the characteristics and issuance strategies of corresponding assets according to different industry categories. The set of asset evaluation system designed in this study can help investors and original equity holders have a more concrete assessment and understanding of asset quality. It facilitates their asset selection process and can also serve as a reference for existing asset models when considering their own investment portfolios.

Suggested Citation

  • Xinyue Zhang & Di Wu & Xuefei Zhang & Shouqing Wang, 2024. "Study on Selection Decision of the Underlying Assets of Infrastructure REITs," Lecture Notes in Operations Research, in: Dezhi Li & Patrick X. W. Zou & Jingfeng Yuan & Qian Wang & Yi Peng (ed.), Proceedings of the 28th International Symposium on Advancement of Construction Management and Real Estate, chapter 0, pages 135-148, Springer.
    • Handle: RePEc:spr:lnopch:978-981-97-1949-5_10
    DOI: 10.1007/978-981-97-1949-5_10
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