The Analysis of the Real Estate Securitization in Taiwan:Evidence from the cases of REITs and REATs

• Main Authors: Jun-Hao Lin, 林君豪
• Other Authors: Chien-An Wang
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/37627569163938464277

碩士 === 國立暨南國際大學 === 財務金融學系 === 96 === This paper studies the characteristics of Real Estate Investment Trusts and RealEstate Asset Trusts in Taiwan. Using the real estate securitization cases of 8 REITs and 6 REATs, we do the basic summary statistics from three aspects, the asset pooling, the security design and some corporate governance issue, and extend to implications. Using the real estate securitization cases of 8 REITs and 6 REATs in Taiwan, we do the basic summary statistics from three aspects, the asset pooling, the security design and some corporate governance issue. The main findings are as followings: 1. As far as the asset pooling is concerned, we find that the amount of buildings of REITs is about 2 or 3 units, but the amount of buildings of most REATs is only single unit. The implication is that the cases of REITs have more efficient diversification effect than thatof REATs do owing to the diversification of rent revenues. 2. As far as the security design is concerned, we find that REITs are designed to purchase a new building through debt while the cases of REITs achieve the planned targets in the future. However, REATs don’t seem to allow bailors to increase new real estates in order to satisfy the additional financing demands in the future under the same case. The implication is that REATs’ assets scales are less flexible after being issued, and bailors may lack the willing to issue REATs.