2024届硕士专业学位研究生学位论文
分类号：学校代码：10269
密级：学号：51244407030
East China Normal University
硕士专业学位论文
Master’s Degree Thesis (Professional)
论文题目：红土深圳安居REIT 产品
设计优化研究
院系：经济与管理学院
专业学位类别：金融硕士
专业学位领域：金融
学位申请人：孟可欣
指导教师：冉生欣
2024年5月21日
Thesis for Master’s Degree (Professional)in 2024
University code:10269
Student ID:51244407030
East China Normal University
Title:Product Design Optimization of Hotland Innovation
Shenzhen Anju REIT
Department/School:Faculty of Economics and Management
Category:Master of Finance
Field:Finance
Candidate:Meng Kexin
Supervisor:Ran Shengxin
May,2024
孟可欣硕士学位论文答辩委员会成员名单
姓名职称单位备注
蓝发钦教授华东师范大学主席
张慕濒副教授华东师范大学
水滴石投资管理有
潘鸿高级经济师
限公司
摘要
相较于海外REITs 市场的丰富，我国REITs 发展尚处于起步阶段，相关政
策仍有待落实。随着城市化进程的快速推进，我国一二线城市人口面临着巨大的
住房需求。保障性租赁住房有利于优化城市人口结构和资源配置，引导人口合理
流动，促进城市经济、社会和环境的可持续发展。
本文以研究我国公募REITs 及其在保障性租赁住房领域的应用为导向，选
取首批试点的公募REITs 产品——红土深圳安居REIT 作为案例研究对象，基于
深圳作为一线城市的特殊背景，探讨其发展现状及潜在优化空间。本文利用文献
研究法、对比分析法、定性与定量结合分析法等方法，对红土深圳安居REIT 的
产品结构及底层资产质量展开分析。这些方法的综合运用有助于更全面地了解红
土深圳安居REIT 的产品结构和底层资产质量。通过定性分析，我们深入研究了
REITs 产品的特点、运作机制以及相关政策背景。而通过定量分析，则使我们能
够量化底层资产的运营数据、市场表现等指标，为后续的估值和优化提供了数据
支持。研究结果显示，产品的估值与资产配置存在改进空间。为此，本文采用蒙
特卡罗模拟法改进了传统收益法估值模型，以提升估值准确率，并利用马科维茨
资产组合模型对产品的底层资产组合进行了优化。
此外，本研究得出了一些结论：保障性租赁住房项目提供了有效的融资途
径；我国REITs 与海外市场仍存在差距；蒙特卡罗模拟法能有效改进传统模拟
收益法估值模型，提升估值准确率；红土深圳安居REIT 可以通过增加底层资产
项目来提升整体现金流水平。基于研究结果，本文提出了通过政策优惠、完善做
市商制度等促进市场发展的政策建议。
关键词：红土深圳安居REIT 公募REITs 优化设计
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ABSTRACT
Compared to the abundance of the overseas REITs market,the development of REITs
in China is still in its infancy,and relevant policies are yet to be fully implemented.
With the rapid urbanization process,first and second-tier cities in China face immense
housing demand.Affordable rental housing helps optimize urban population structure
and resource allocation,guiding rational population mobility and promoting
sustainable development of urban economy,society,and environment.
This study is oriented towards investigating China's public REITs and their
application in affordable rental housing.The first batch of public REITs products,
represented by the Hotland Innovation Shenzhen Anju REIT,are selected as the case
study,focusing on the unique background of Shenzhen as a first-tier city to explore its
current development status and potential optimization space.Through methods such
as literature review,comparative analysis,and qualitative and quantitative combined
analysis,the study analyzes the product structure and underlying asset quality of the
Hotland Innovation Shenzhen Anju REIT.The comprehensive application of these
methods helps to gain a deeper understanding of the product structure and underlying
asset quality.Through qualitative analysis,we delve into the characteristics,operation
mechanism,and relevant policy background of REITs products.Quantitative analysis
allows us to quantify operational data and market performance indicators of
underlying assets,providing data support for subsequent valuation and optimization.
The results show that there is room for improvement in valuation and asset allocation.
Therefore,this study improves the traditional income approach valuation model using
the Monte Carlo simulation method to enhance valuation accuracy and optimizes the
underlying asset portfolio using the Markowitz asset allocation model.
Furthermore,the study draws several conclusions:affordable rental housing projects
provide an effective financing avenue;there is still a gap between China's REITs
market and overseas markets;the Monte Carlo simulation method can effectively
improve the traditional income approach valuation model,enhancing valuation
accuracy;Hotland Innovation Shenzhen Anju REIT can enhance overall cash flow by
increasing underlying asset projects.Based on the research results,the study proposes
policy recommendations to promote market development through policy incentives
and improving the market-making system.
KEY WORDS:Hotland Innovation Shenzhen Anju REIT,
Public REITs,Optimization Design
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