Fubon No.2 Real Estate Investment Trust

• Main Authors: Pin-Shan Wang, 王品姍
• Other Authors: GUANG-DI JHANG
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/71504065030164363583

碩士 === 國立臺灣科技大學 === 財務金融研究所 === 98 === The Taiwan government formally declared the decree of real estate securitization to become effective in July 23 2003 . This act could enable a new market of financing of real estate and could also provide a new investment choice for idle money in real estate market. After considering of the scale of macroeconomics growth rate and accessible objects of real estate securitization such as commercial multi-storey buildings, hotels, bazaars, factories, delivering centers……etc, Fubon Construction released the first public offering real estate investment trust - Fubon No.1 in Taiwan in 2005. This new release resulted in a great mass fervor of investors and raised an enormous high amount of fund up to 5.83 billion which could be view as a coming bull market of commercial real estate in Taipei from the point of view of investors. This study took an empirical way to probe into problems and risks faced by Fubon Construction which were incurred as they planned to release the Fubon No.2 real estate investment trust after a great success of Fubon No.1. The study involved illustration of the application process of releasing this real estate investment trust, how to segment different business types of objects, selection of objects, valuation of objects, and also the source of revenue and the estimated yield rate. This study expected to provide another way of investment for household investors who were interested in investing in real estate and related market but who were fear for risks of huge amount investment and high volatility. The amount of fund required to invest in Real estate investment trust（REIT）was less and the volatility was also relatively low, and those characteristics made REITs become an great alternative of household investment.