房地产行业专题研究:证券化下的商业地产估值跃迁

华泰证券股份有...
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证券化下的商业地产估值跃迁商业地产估值方法体现了资产价值对资本化率(Cap Rate)的敏感度,消费REITs 仅4%左右的低股息率作为其参考对标,打开了商业地产资产重估空间,也强化了我们推荐商业地产的四重逻辑:促消费政策催化(β 机遇)+运营管理溢价提升(α逻辑)+C-REIT 证券化及价值重估+低估值优势。商业地产如何进行估值?商业地产具有“商业+地产+金融”复杂的三元属性,也注定其变现模式...

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