Research on REITs Financing Credit Risk of Urban Residential Renewal: A Case of Yangzhou Affordable Housing Project

As an emerging financing model for securitization of real estate assets, the application of real estate trust investment funds (REITs) has far-reaching practical significance for absorbing social capital and promoting the urban residential renewal process in China. However, due to the short development time of REITs in China, their risks, especially credit risks, have great restrictions on the promotion of REITs in the field of urban residential renewal in China. Therefore, taking the Yangzhou affordable housing project as a case, the credit risk of urban residential renewal REITs financing is discussed by KMV method, and countermeasures and suggestions are put forward to promote the urban residential renewal process in China. The findings of this study have far-reaching implications for the promotion of REITs in the urban renewal sector in China.