Abstract:
The assets of infrastructure Real Estate Investment Trusts (REITs) are divided into operating rights and property rights.
This paper deeply discusses the character of the two types of assets and their differences in valuation, analyzes the suitability of
the income approach valuation method from the aspects of valuation purpose, value type, market conditions, etc., and constructs
the valuation framework and model of REITs with operating rights. Combining the true state of the selection of the valuation
parameters and the change of project cycle value of nine issued REITs with operating rights, particularly the fall on debut for
some expressways REITs, this paper evaluates the rationality of the valuation results. Finally, based on summarization, the paper
puts forward some suggestions for the REITs with operating rights, such as insisting on the equity attribute, reasonably selecting
the core parameters, clarifying the judgment basis of valuation rationality, disclosure of valuation basis as well as operation and
management information, and starting the mechanism to increase the fund raising.
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