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Title: | WHAT MATTERS FOR THE QUALITY OF REITS: LESSONS FROM CHINA-CENTRIC REITS | Authors: | LIN ZEKUN | Keywords: | Real Estate RE Fu Yuming 2016/2017 RE China China-centric Quality REITs |
Issue Date: | 18-May-2017 | Citation: | LIN ZEKUN (2017-05-18). WHAT MATTERS FOR THE QUALITY OF REITS: LESSONS FROM CHINA-CENTRIC REITS. ScholarBank@NUS Repository. | Abstract: | Little research has been done on the performance review of China-centric REITs. This dissertation examines the performance of seven existing China-centric REITs to investigate the determinants of quality of REITs. Four criteria to assess the quality of REITs are concluded from literature review, namely, the underlying assets, the REIT management, the corporate governance and the cash flow quality. IPO performance is assessed through subscription rate, initial day return and NAV premium. Operating performance is assessed through realized yield, historical DPU growth, return and risk behaviour compared to real estate stocks and the general stock market. Pricing performance is assessed through stock price index fluctuation and yield spread. China-centric REITs show inconsistent management quality with some having sustainable DPU growth and some having DPU decrease upon expiry of financial engineering period. Most of the China-centric REITs underperform their respective REIT markets except CRCT and Yuexiu REIT. The findings suggest that a China-centric REIT with quality management and corporate governance can perform very well and earn investors’ favour and confidence. The author infers that the quality of REITs is highly related to the underlying asset portfolio, cash flow quality, originator reputation, REIT management and corporate governance. | URI: | https://scholarbank.nus.edu.sg/handle/10635/220892 |
Appears in Collections: | Bachelor's Theses |
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