REITs是越秀商业地产规模扩张和价值创造的主要支撑之一。事实上，纵观国外发展较好的商业地产项目，无一例外都是通过REITs作为资金支持的。我认为，成熟的商业地产模式应该在租售之前维持绝佳的平衡，最好的效果是自持物业、长期经营和基金配置，既做开发商，也做运营商；既是管理者，也是投资者。

REITs are yuexiu commercial real estate scale expansion and value creation is one of the main support。In fact，The general foreign development good commercial real estate project，Without exception is through the REITs as capital support。I think，Mature commercial real estate mode should be in the rental maintain excellent balance before，The best effect is self sustaining property、Long-term operation and fund allocation，Both do developers，Do operators；Is both managers，Investors are。

　　所以，对于越秀集团来说，“开发+运营+金融”这种模式的益处在于竞争者所缺乏的“金融”部分，也就是越秀地产和越秀房产基金双上市平台常态化互动。通过REITs二次资产证券化，可以在持有的前提下，将商业地产项目有效变现。

so，Yuexiu group for it，“Development + + financial operation”This model benefit in the lack of competitors“financial”part，Is also the yuexiu real estate and yuexiu housing fund double listed platform normalization interaction。Through the REITs secondary asset securitization，In the premise of can hold，Commercial real estate projects will be effective realizable。

　　越秀商业地产模式的主要特点是二次证券化，通过REITs来最大程度地发挥融资优势、资金平衡优势和价值增值优势。具体来说，越秀通过将自己开发建设的优质商业项目从地产注入REITs，将已经在地产平台上证券化的商业地产项目再次证券化，从而借助资本市场，大大加速商业项目的开发速度和资金的流转速度。这样的做法，不单可以扩大REITs的规模和物业组合形式，还能够有效的平衡一次性买断收益（套现）、物业升值收益和租金收益，改善企业的资本结构，从而满足集团进一步滚动式扩张的需求。

Yuexiu commercial real estate main features of the new model is secondary securitization，Through the REITs to make the most of the financing advantages、The financial balance advantage and the value added advantage。specifically，Yuexiu through their development and construction of high quality business project from real estate injection REITs，Will have been in real estate platform of the securitization of commercial real estate projects securitization again，Thus with the aid of the capital market，Greatly accelerate business project development speed and funds flow velocity。This approach，Not only can expand the scale of REITs and property combination form，Also can effectively balance severance benefits（taking）、Property appreciation income and rental income，Improve the enterprise capital structure，In order to meet the needs of the group further rolling expansion。