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Practice Briefing China's commercial real estate recovery, REITs and tax policies

Author

Listed:
  • Olivia Muszynski
  • Mine E. Cinar

Abstract

Purpose - Commercial property market allows for the potential development of a similar real estate investment trust (REIT) structure in China as the commercial REITs (C-REIT) such as those offshore in Hong Kong and Singapore. Design/methodology/approach - The authors examine tax codes of the present real estate investment methods in China in order to understand the interest for a new vehicle that specifically focuses on commercial real estate. Findings - Given the progress of offshore C-REITS and Chinese government's emphasis on real estate, Chinese shareholders will benefit if onshore C-REITS are issued. Crucial to the success of C-REITS will be how the C-REIT shares will be priced with respect to Net Asset Value of underlying assets. Research limitations/implications - COVID-19 pandemic has changed government priorities, and development of C-REITS in real estate for growth may no longer be a priority policy for China. Practical implications - Liquidity in real estate markets will be enhanced by C-REITS due to participation of private investors. Social implications - Onshore C-REITS would allow small and individual investors to have a stake in their home country's commercial real estate as an investment security for their own future. Originality/value - This policy article also includes an interview with real estate professional in China whose opinions are embedded and added to the article.

Suggested Citation

  • Olivia Muszynski & Mine E. Cinar, 2022. "Practice Briefing China's commercial real estate recovery, REITs and tax policies," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 40(2), pages 263-274, February.
    • Handle: RePEc:eme:jpifpp:jpif-03-2021-0024
    DOI: 10.1108/JPIF-03-2021-0024
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    More about this item

    Keywords

    China; C-REITs; Commercial real estate; Onshore and offshore REITs; F3; G1; G2; O5;
    All these keywords.

    JEL classification:

    • F3 - International Economics - - International Finance
    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies

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