瑞银-中国物流房地产行业：乘着中国电子商务的繁荣的东风-2020.11.3-40页

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瑞银-中国物流房地产行业：乘着中国电子商务的繁荣的东风-2020.11.3-40页

# 物流地产 # 电子商务 # 投行报告大小：0.77M | 页数：40 | 上架时间：2020-11-10 | 语言：英文

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类型: 行研

上传者: ghq.sjz

撰写机构: 瑞银

出版日期: 2020-11-03

摘要：

Fund management could drive stock re-rating; C-REIT could be a game-changer We believe the funds management model—putting assets into a fund in return for cash and regular property/fund management fees—could drive a re-rating (ESR at 2.6x P/BV versus asset-heavy peers' 1-1.7x), due to higher ROE. Our case study indicates IRR/ROE could be 1.0x/2.8x higher than in build-and-own. C-REITs could provide an alternative exit channel. We expect yield compression on falling interest rates and as logistics is an attractive asset class linked directly to the e-commerce boom and city cluster formation.

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