id	sid	tid	token	lemma	pos
fbem-357	1	1	frontiers	frontier	NOUN
fbem-357	1	2	in	in	ADP
fbem-357	1	3	business	business	NOUN
fbem-357	1	4	,	,	PUNCT
fbem-357	1	5	economics	economic	NOUN
fbem-357	1	6	and	and	CCONJ
fbem-357	1	7	management	management	NOUN
fbem-357	1	8	issn	issn	PROPN
fbem-357	1	9	:	:	PUNCT
fbem-357	1	10	2766	2766	NUM
fbem-357	1	11	-	-	PUNCT
fbem-357	1	12	824x	824x	NUM
fbem-357	1	13	|	|	ADJ
fbem-357	1	14	vol	vol	NOUN
fbem-357	1	15	.	.	PUNCT
fbem-357	2	1	3	3	NUM
fbem-357	2	2	,	,	PUNCT
fbem-357	2	3	no	no	INTJ
fbem-357	2	4	.	.	NOUN
fbem-357	2	5	3	3	NUM
fbem-357	2	6	,	,	PUNCT
fbem-357	2	7	2022	2022	NUM
fbem-357	2	8	110	110	NUM
fbem-357	2	9	research	research	NOUN
fbem-357	2	10	on	on	ADP
fbem-357	2	11	the	the	DET
fbem-357	2	12	mechanism	mechanism	NOUN
fbem-357	2	13	of	of	ADP
fbem-357	2	14	reits	reit	NOUN
fbem-357	2	15	on	on	ADP
fbem-357	2	16	china	china	PROPN
fbem-357	2	17	's	's	PART
fbem-357	2	18	infrastructure	infrastructure	NOUN
fbem-357	2	19	construction	construction	NOUN
fbem-357	2	20	under	under	ADP
fbem-357	2	21	the	the	DET
fbem-357	2	22	background	background	NOUN
fbem-357	2	23	of	of	ADP
fbem-357	2	24	high‐quality	high‐quality	NOUN
fbem-357	2	25	development	development	NOUN
fbem-357	2	26	longfei	longfei	PROPN
fbem-357	2	27	jin	jin	PROPN
fbem-357	2	28	,	,	PUNCT
fbem-357	2	29	gongyu	gongyu	PROPN
fbem-357	2	30	chen	chen	PROPN
fbem-357	2	31	,	,	PUNCT
fbem-357	2	32	zheng	zheng	PROPN
fbem-357	2	33	zhou	zhou	PROPN
fbem-357	2	34	school	school	PROPN
fbem-357	2	35	of	of	ADP
fbem-357	2	36	finance	finance	NOUN
fbem-357	2	37	,	,	PUNCT
fbem-357	2	38	anhui	anhui	PROPN
fbem-357	2	39	university	university	PROPN
fbem-357	2	40	of	of	ADP
fbem-357	2	41	finance	finance	NOUN
fbem-357	2	42	and	and	CCONJ
fbem-357	2	43	economics	economic	NOUN
fbem-357	2	44	,	,	PUNCT
fbem-357	2	45	bengbu	bengbu	NOUN
fbem-357	2	46	,	,	PUNCT
fbem-357	2	47	233000	233000	NUM
fbem-357	2	48	,	,	PUNCT
fbem-357	2	49	china	china	PROPN
fbem-357	2	50	abstract	abstract	PROPN
fbem-357	2	51	:	:	PUNCT
fbem-357	2	52	the	the	DET
fbem-357	2	53	long	long	ADJ
fbem-357	2	54	-	-	PUNCT
fbem-357	2	55	term	term	NOUN
fbem-357	2	56	and	and	CCONJ
fbem-357	2	57	high	high	ADJ
fbem-357	2	58	-	-	PUNCT
fbem-357	2	59	speed	speed	NOUN
fbem-357	2	60	investment	investment	NOUN
fbem-357	2	61	in	in	ADP
fbem-357	2	62	infrastructure	infrastructure	NOUN
fbem-357	2	63	construction	construction	NOUN
fbem-357	2	64	in	in	ADP
fbem-357	2	65	china	china	PROPN
fbem-357	2	66	has	have	AUX
fbem-357	2	67	brought	bring	VERB
fbem-357	2	68	some	some	DET
fbem-357	2	69	adverse	adverse	ADJ
fbem-357	2	70	effects	effect	NOUN
fbem-357	2	71	,	,	PUNCT
fbem-357	2	72	which	which	PRON
fbem-357	2	73	are	be	AUX
fbem-357	2	74	mainly	mainly	ADV
fbem-357	2	75	reflected	reflect	VERB
fbem-357	2	76	in	in	ADP
fbem-357	2	77	the	the	DET
fbem-357	2	78	low	low	ADJ
fbem-357	2	79	input	input	NOUN
fbem-357	2	80	-	-	PUNCT
fbem-357	2	81	output	output	NOUN
fbem-357	2	82	ratio	ratio	NOUN
fbem-357	2	83	efficiency	efficiency	NOUN
fbem-357	2	84	,	,	PUNCT
fbem-357	2	85	prominent	prominent	ADJ
fbem-357	2	86	financing	financing	NOUN
fbem-357	2	87	channel	channel	NOUN
fbem-357	2	88	problems	problem	NOUN
fbem-357	2	89	and	and	CCONJ
fbem-357	2	90	higher	high	ADJ
fbem-357	2	91	debt	debt	NOUN
fbem-357	2	92	leverage	leverage	NOUN
fbem-357	2	93	ratio	ratio	NOUN
fbem-357	2	94	.	.	PUNCT
fbem-357	3	1	it	it	PRON
fbem-357	3	2	is	be	AUX
fbem-357	3	3	obviously	obviously	ADV
fbem-357	3	4	inconsistent	inconsistent	ADJ
fbem-357	3	5	with	with	ADP
fbem-357	3	6	the	the	DET
fbem-357	3	7	high	high	ADJ
fbem-357	3	8	quality	quality	NOUN
fbem-357	3	9	economic	economic	ADJ
fbem-357	3	10	development	development	NOUN
fbem-357	3	11	proposed	propose	VERB
fbem-357	3	12	by	by	ADP
fbem-357	3	13	our	our	PRON
fbem-357	3	14	country	country	NOUN
fbem-357	3	15	.	.	PUNCT
fbem-357	4	1	this	this	DET
fbem-357	4	2	paper	paper	NOUN
fbem-357	4	3	briefly	briefly	NOUN
fbem-357	4	4	introduces	introduce	VERB
fbem-357	4	5	the	the	DET
fbem-357	4	6	basic	basic	ADJ
fbem-357	4	7	concepts	concept	NOUN
fbem-357	4	8	and	and	CCONJ
fbem-357	4	9	characteristics	characteristic	NOUN
fbem-357	4	10	of	of	ADP
fbem-357	4	11	reits	reit	NOUN
fbem-357	4	12	,	,	PUNCT
fbem-357	4	13	lists	list	VERB
fbem-357	4	14	some	some	DET
fbem-357	4	15	traditional	traditional	ADJ
fbem-357	4	16	financing	financing	NOUN
fbem-357	4	17	methods	method	NOUN
fbem-357	4	18	and	and	CCONJ
fbem-357	4	19	their	their	PRON
fbem-357	4	20	disadvantages	disadvantage	NOUN
fbem-357	4	21	in	in	ADP
fbem-357	4	22	the	the	DET
fbem-357	4	23	field	field	NOUN
fbem-357	4	24	of	of	ADP
fbem-357	4	25	infrastructure	infrastructure	NOUN
fbem-357	4	26	,	,	PUNCT
fbem-357	4	27	and	and	CCONJ
fbem-357	4	28	highlights	highlight	VERB
fbem-357	4	29	the	the	DET
fbem-357	4	30	advantages	advantage	NOUN
fbem-357	4	31	of	of	ADP
fbem-357	4	32	infrastructure	infrastructure	NOUN
fbem-357	4	33	reits	reit	NOUN
fbem-357	4	34	.	.	PUNCT
fbem-357	5	1	in	in	ADP
fbem-357	5	2	the	the	DET
fbem-357	5	3	empirical	empirical	ADJ
fbem-357	5	4	part	part	NOUN
fbem-357	5	5	,	,	PUNCT
fbem-357	5	6	based	base	VERB
fbem-357	5	7	on	on	ADP
fbem-357	5	8	the	the	DET
fbem-357	5	9	case	case	NOUN
fbem-357	5	10	of	of	ADP
fbem-357	5	11	soochow	soochow	PROPN
fbem-357	5	12	suzhou	suzhou	PROPN
fbem-357	5	13	industrial	industrial	PROPN
fbem-357	5	14	park	park	NOUN
fbem-357	5	15	,	,	PUNCT
fbem-357	5	16	the	the	DET
fbem-357	5	17	benefits	benefit	NOUN
fbem-357	5	18	of	of	ADP
fbem-357	5	19	reits	reit	NOUN
fbem-357	5	20	are	be	AUX
fbem-357	5	21	quantitatively	quantitatively	ADV
fbem-357	5	22	analyzed	analyze	VERB
fbem-357	5	23	to	to	PART
fbem-357	5	24	explore	explore	VERB
fbem-357	5	25	the	the	DET
fbem-357	5	26	role	role	NOUN
fbem-357	5	27	that	that	PRON
fbem-357	5	28	reits	reit	NOUN
fbem-357	5	29	can	can	AUX
fbem-357	5	30	play	play	VERB
fbem-357	5	31	in	in	ADP
fbem-357	5	32	the	the	DET
fbem-357	5	33	development	development	NOUN
fbem-357	5	34	of	of	ADP
fbem-357	5	35	infrastructure	infrastructure	NOUN
fbem-357	5	36	construction	construction	NOUN
fbem-357	5	37	industry	industry	NOUN
fbem-357	5	38	under	under	ADP
fbem-357	5	39	the	the	DET
fbem-357	5	40	background	background	NOUN
fbem-357	5	41	of	of	ADP
fbem-357	5	42	high	high	ADJ
fbem-357	5	43	-	-	PUNCT
fbem-357	5	44	quality	quality	NOUN
fbem-357	5	45	development	development	NOUN
fbem-357	5	46	.	.	PUNCT
fbem-357	6	1	keywords	keyword	NOUN
fbem-357	6	2	:	:	PUNCT
fbem-357	6	3	reits	reit	NOUN
fbem-357	6	4	,	,	PUNCT
fbem-357	6	5	high	high	ADJ
fbem-357	6	6	-	-	PUNCT
fbem-357	6	7	quality	quality	NOUN
fbem-357	6	8	development	development	NOUN
fbem-357	6	9	,	,	PUNCT
fbem-357	6	10	infrastructure	infrastructure	NOUN
fbem-357	6	11	construction	construction	NOUN
fbem-357	6	12	,	,	PUNCT
fbem-357	6	13	soochow	soochow	PROPN
fbem-357	6	14	suzhou	suzhou	PROPN
fbem-357	6	15	industrial	industrial	ADJ
fbem-357	6	16	park	park	NOUN
fbem-357	6	17	.	.	PUNCT
fbem-357	7	1	1	1	X
fbem-357	7	2	.	.	X
fbem-357	7	3	the	the	DET
fbem-357	7	4	introduction	introduction	NOUN
fbem-357	7	5	infrastructure	infrastructure	NOUN
fbem-357	7	6	reits	reit	NOUN
fbem-357	7	7	are	be	AUX
fbem-357	7	8	internationally	internationally	ADV
fbem-357	7	9	accepted	accept	VERB
fbem-357	7	10	allocation	allocation	NOUN
fbem-357	7	11	assets	asset	NOUN
fbem-357	7	12	with	with	ADP
fbem-357	7	13	high	high	ADJ
fbem-357	7	14	liquidity	liquidity	NOUN
fbem-357	7	15	,	,	PUNCT
fbem-357	7	16	relatively	relatively	ADV
fbem-357	7	17	stable	stable	ADJ
fbem-357	7	18	returns	return	NOUN
fbem-357	7	19	and	and	CCONJ
fbem-357	7	20	strong	strong	ADJ
fbem-357	7	21	security	security	NOUN
fbem-357	7	22	.	.	PUNCT
fbem-357	8	1	they	they	PRON
fbem-357	8	2	can	can	AUX
fbem-357	8	3	effectively	effectively	ADV
fbem-357	8	4	revitalize	revitalize	VERB
fbem-357	8	5	stock	stock	NOUN
fbem-357	8	6	assets	asset	NOUN
fbem-357	8	7	,	,	PUNCT
fbem-357	8	8	fill	fill	VERB
fbem-357	8	9	in	in	ADP
fbem-357	8	10	the	the	DET
fbem-357	8	11	gap	gap	NOUN
fbem-357	8	12	of	of	ADP
fbem-357	8	13	current	current	ADJ
fbem-357	8	14	financial	financial	ADJ
fbem-357	8	15	products	product	NOUN
fbem-357	8	16	,	,	PUNCT
fbem-357	8	17	broaden	broaden	VERB
fbem-357	8	18	investment	investment	NOUN
fbem-357	8	19	channels	channel	NOUN
fbem-357	8	20	of	of	ADP
fbem-357	8	21	social	social	ADJ
fbem-357	8	22	capital	capital	NOUN
fbem-357	8	23	,	,	PUNCT
fbem-357	8	24	increase	increase	VERB
fbem-357	8	25	the	the	DET
fbem-357	8	26	proportion	proportion	NOUN
fbem-357	8	27	of	of	ADP
fbem-357	8	28	direct	direct	ADJ
fbem-357	8	29	financing	financing	NOUN
fbem-357	8	30	,	,	PUNCT
fbem-357	8	31	and	and	CCONJ
fbem-357	8	32	enhance	enhance	VERB
fbem-357	8	33	the	the	DET
fbem-357	8	34	quality	quality	NOUN
fbem-357	8	35	and	and	CCONJ
fbem-357	8	36	efficiency	efficiency	NOUN
fbem-357	8	37	of	of	ADP
fbem-357	8	38	capital	capital	NOUN
fbem-357	8	39	market	market	NOUN
fbem-357	8	40	in	in	ADP
fbem-357	8	41	serving	serve	VERB
fbem-357	8	42	the	the	DET
fbem-357	8	43	real	real	ADJ
fbem-357	8	44	economy	economy	NOUN
fbem-357	8	45	.	.	PUNCT
fbem-357	9	1	in	in	ADP
fbem-357	9	2	the	the	DET
fbem-357	9	3	short	short	ADJ
fbem-357	9	4	term	term	NOUN
fbem-357	9	5	,	,	PUNCT
fbem-357	9	6	it	it	PRON
fbem-357	9	7	is	be	AUX
fbem-357	9	8	an	an	DET
fbem-357	9	9	effective	effective	ADJ
fbem-357	9	10	policy	policy	NOUN
fbem-357	9	11	tool	tool	NOUN
fbem-357	9	12	for	for	ADP
fbem-357	9	13	stabilizing	stabilize	VERB
fbem-357	9	14	investment	investment	NOUN
fbem-357	9	15	and	and	CCONJ
fbem-357	9	16	shoring	shore	VERB
fbem-357	9	17	up	up	ADP
fbem-357	9	18	weak	weak	ADJ
fbem-357	9	19	spots	spot	NOUN
fbem-357	9	20	.	.	PUNCT
fbem-357	10	1	in	in	ADP
fbem-357	10	2	the	the	DET
fbem-357	10	3	long	long	ADJ
fbem-357	10	4	run	run	NOUN
fbem-357	10	5	,	,	PUNCT
fbem-357	10	6	it	it	PRON
fbem-357	10	7	will	will	AUX
fbem-357	10	8	help	help	VERB
fbem-357	10	9	improve	improve	VERB
fbem-357	10	10	the	the	DET
fbem-357	10	11	mechanism	mechanism	NOUN
fbem-357	10	12	for	for	ADP
fbem-357	10	13	converting	convert	VERB
fbem-357	10	14	savings	saving	NOUN
fbem-357	10	15	into	into	ADP
fbem-357	10	16	investment	investment	NOUN
fbem-357	10	17	,	,	PUNCT
fbem-357	10	18	reduce	reduce	VERB
fbem-357	10	19	the	the	DET
fbem-357	10	20	leverage	leverage	NOUN
fbem-357	10	21	of	of	ADP
fbem-357	10	22	the	the	DET
fbem-357	10	23	real	real	ADJ
fbem-357	10	24	economy	economy	NOUN
fbem-357	10	25	,	,	PUNCT
fbem-357	10	26	and	and	CCONJ
fbem-357	10	27	promote	promote	VERB
fbem-357	10	28	market	market	NOUN
fbem-357	10	29	-	-	PUNCT
fbem-357	10	30	oriented	orient	VERB
fbem-357	10	31	,	,	PUNCT
fbem-357	10	32	standardized	standardized	ADJ
fbem-357	10	33	and	and	CCONJ
fbem-357	10	34	healthy	healthy	ADJ
fbem-357	10	35	development	development	NOUN
fbem-357	10	36	of	of	ADP
fbem-357	10	37	infrastructure	infrastructure	NOUN
fbem-357	10	38	investment	investment	NOUN
fbem-357	10	39	and	and	CCONJ
fbem-357	10	40	financing	financing	NOUN
fbem-357	10	41	.	.	PUNCT
fbem-357	11	1	therefore	therefore	ADV
fbem-357	11	2	,	,	PUNCT
fbem-357	11	3	reits	reit	NOUN
fbem-357	11	4	should	should	AUX
fbem-357	11	5	be	be	AUX
fbem-357	11	6	guided	guide	VERB
fbem-357	11	7	to	to	PART
fbem-357	11	8	provide	provide	VERB
fbem-357	11	9	power	power	NOUN
fbem-357	11	10	in	in	ADP
fbem-357	11	11	infrastructure	infrastructure	NOUN
fbem-357	11	12	construction	construction	NOUN
fbem-357	11	13	and	and	CCONJ
fbem-357	11	14	promote	promote	VERB
fbem-357	11	15	high	high	ADJ
fbem-357	11	16	-	-	PUNCT
fbem-357	11	17	quality	quality	NOUN
fbem-357	11	18	development	development	NOUN
fbem-357	11	19	of	of	ADP
fbem-357	11	20	infrastructure	infrastructure	NOUN
fbem-357	11	21	construction	construction	NOUN
fbem-357	11	22	.	.	PUNCT
fbem-357	12	1	at	at	ADP
fbem-357	12	2	present	present	ADJ
fbem-357	12	3	,	,	PUNCT
fbem-357	12	4	the	the	DET
fbem-357	12	5	application	application	NOUN
fbem-357	12	6	of	of	ADP
fbem-357	12	7	reits	reit	NOUN
fbem-357	12	8	in	in	ADP
fbem-357	12	9	the	the	DET
fbem-357	12	10	field	field	NOUN
fbem-357	12	11	of	of	ADP
fbem-357	12	12	infrastructure	infrastructure	NOUN
fbem-357	12	13	in	in	ADP
fbem-357	12	14	china	china	PROPN
fbem-357	12	15	is	be	AUX
fbem-357	12	16	still	still	ADV
fbem-357	12	17	insufficient	insufficient	ADJ
fbem-357	12	18	compared	compare	VERB
fbem-357	12	19	with	with	ADP
fbem-357	12	20	foreign	foreign	ADJ
fbem-357	12	21	countries	country	NOUN
fbem-357	12	22	,	,	PUNCT
fbem-357	12	23	and	and	CCONJ
fbem-357	12	24	the	the	DET
fbem-357	12	25	standardized	standardized	ADJ
fbem-357	12	26	guidance	guidance	NOUN
fbem-357	12	27	for	for	ADP
fbem-357	12	28	the	the	DET
fbem-357	12	29	development	development	NOUN
fbem-357	12	30	of	of	ADP
fbem-357	12	31	reits	reit	NOUN
fbem-357	12	32	is	be	AUX
fbem-357	12	33	still	still	ADV
fbem-357	12	34	weak	weak	ADJ
fbem-357	12	35	.	.	PUNCT
fbem-357	13	1	with	with	ADP
fbem-357	13	2	the	the	DET
fbem-357	13	3	continuous	continuous	ADJ
fbem-357	13	4	development	development	NOUN
fbem-357	13	5	of	of	ADP
fbem-357	13	6	social	social	ADJ
fbem-357	13	7	and	and	CCONJ
fbem-357	13	8	economic	economic	ADJ
fbem-357	13	9	situation	situation	NOUN
fbem-357	13	10	,	,	PUNCT
fbem-357	13	11	the	the	DET
fbem-357	13	12	research	research	NOUN
fbem-357	13	13	on	on	ADP
fbem-357	13	14	the	the	DET
fbem-357	13	15	role	role	NOUN
fbem-357	13	16	of	of	ADP
fbem-357	13	17	reits	reit	NOUN
fbem-357	13	18	in	in	ADP
fbem-357	13	19	infrastructure	infrastructure	NOUN
fbem-357	13	20	becomes	become	VERB
fbem-357	13	21	more	more	ADV
fbem-357	13	22	and	and	CCONJ
fbem-357	13	23	more	more	ADV
fbem-357	13	24	important	important	ADJ
fbem-357	13	25	.	.	PUNCT
fbem-357	14	1	2	2	X
fbem-357	14	2	.	.	X
fbem-357	14	3	definition	definition	NOUN
fbem-357	14	4	of	of	ADP
fbem-357	14	5	infrastructure	infrastructure	NOUN
fbem-357	14	6	reits	reit	NOUN
fbem-357	14	7	reits	reit	NOUN
fbem-357	14	8	(	(	PUNCT
fbem-357	14	9	real	real	ADJ
fbem-357	14	10	estate	estate	NOUN
fbem-357	14	11	investment	investment	NOUN
fbem-357	14	12	trusts	trust	NOUN
fbem-357	14	13	)	)	PUNCT
fbem-357	14	14	are	be	AUX
fbem-357	14	15	securitised	securitise	VERB
fbem-357	14	16	industrial	industrial	ADJ
fbem-357	14	17	investment	investment	NOUN
fbem-357	14	18	funds	fund	NOUN
fbem-357	14	19	.	.	PUNCT
fbem-357	15	1	reits	reits	PROPN
fbem-357	15	2	is	be	AUX
fbem-357	15	3	a	a	DET
fbem-357	15	4	standardized	standardized	ADJ
fbem-357	15	5	financial	financial	ADJ
fbem-357	15	6	product	product	NOUN
fbem-357	15	7	that	that	PRON
fbem-357	15	8	raises	raise	VERB
fbem-357	15	9	a	a	DET
fbem-357	15	10	certain	certain	ADJ
fbem-357	15	11	amount	amount	NOUN
fbem-357	15	12	of	of	ADP
fbem-357	15	13	funds	fund	NOUN
fbem-357	15	14	through	through	ADP
fbem-357	15	15	the	the	DET
fbem-357	15	16	issuance	issuance	NOUN
fbem-357	15	17	of	of	ADP
fbem-357	15	18	equity	equity	NOUN
fbem-357	15	19	certificates	certificate	NOUN
fbem-357	15	20	,	,	PUNCT
fbem-357	15	21	entrusts	entrust	VERB
fbem-357	15	22	specialized	specialized	ADJ
fbem-357	15	23	investment	investment	NOUN
fbem-357	15	24	institutions	institution	NOUN
fbem-357	15	25	to	to	PART
fbem-357	15	26	conduct	conduct	VERB
fbem-357	15	27	real	real	ADJ
fbem-357	15	28	estate	estate	NOUN
fbem-357	15	29	investment	investment	NOUN
fbem-357	15	30	management	management	NOUN
fbem-357	15	31	,	,	PUNCT
fbem-357	15	32	is	be	AUX
fbem-357	15	33	managed	manage	VERB
fbem-357	15	34	by	by	ADP
fbem-357	15	35	professional	professional	ADJ
fbem-357	15	36	fund	fund	NOUN
fbem-357	15	37	custodian	custodian	ADJ
fbem-357	15	38	institutions	institution	NOUN
fbem-357	15	39	,	,	PUNCT
fbem-357	15	40	and	and	CCONJ
fbem-357	15	41	distributes	distribute	VERB
fbem-357	15	42	comprehensive	comprehensive	ADJ
fbem-357	15	43	investment	investment	NOUN
fbem-357	15	44	income	income	NOUN
fbem-357	15	45	to	to	ADP
fbem-357	15	46	investors	investor	NOUN
fbem-357	15	47	in	in	ADP
fbem-357	15	48	proportion	proportion	NOUN
fbem-357	15	49	.	.	PUNCT
fbem-357	16	1	the	the	DET
fbem-357	16	2	underlying	underlie	VERB
fbem-357	16	3	target	target	NOUN
fbem-357	16	4	assets	asset	NOUN
fbem-357	16	5	of	of	ADP
fbem-357	16	6	infrastructure	infrastructure	NOUN
fbem-357	16	7	reits	reit	NOUN
fbem-357	16	8	are	be	AUX
fbem-357	16	9	mainly	mainly	ADV
fbem-357	16	10	infrastructure	infrastructure	NOUN
fbem-357	16	11	such	such	ADJ
fbem-357	16	12	as	as	ADP
fbem-357	16	13	intercity	intercity	NOUN
fbem-357	16	14	rail	rail	NOUN
fbem-357	16	15	transit	transit	NOUN
fbem-357	16	16	,	,	PUNCT
fbem-357	16	17	warehousing	warehousing	NOUN
fbem-357	16	18	and	and	CCONJ
fbem-357	16	19	logistics	logistic	NOUN
fbem-357	16	20	,	,	PUNCT
fbem-357	16	21	industrial	industrial	ADJ
fbem-357	16	22	parks	park	NOUN
fbem-357	16	23	and	and	CCONJ
fbem-357	16	24	pollutant	pollutant	ADJ
fbem-357	16	25	treatment	treatment	NOUN
fbem-357	16	26	centers	center	NOUN
fbem-357	16	27	.	.	PUNCT
fbem-357	17	1	3	3	X
fbem-357	17	2	.	.	X
fbem-357	17	3	types	type	NOUN
fbem-357	17	4	of	of	ADP
fbem-357	17	5	infrastructure	infrastructure	NOUN
fbem-357	17	6	reits	reit	NOUN
fbem-357	17	7	infrastructure	infrastructure	NOUN
fbem-357	17	8	reits	reit	NOUN
fbem-357	17	9	can	can	AUX
fbem-357	17	10	be	be	AUX
fbem-357	17	11	divided	divide	VERB
fbem-357	17	12	into	into	ADP
fbem-357	17	13	various	various	ADJ
fbem-357	17	14	types	type	NOUN
fbem-357	17	15	according	accord	VERB
fbem-357	17	16	to	to	ADP
fbem-357	17	17	industry	industry	NOUN
fbem-357	17	18	types	type	NOUN
fbem-357	17	19	.	.	PUNCT
fbem-357	18	1	domestic	domestic	ADJ
fbem-357	18	2	infrastructure	infrastructure	NOUN
fbem-357	18	3	often	often	ADV
fbem-357	18	4	has	have	VERB
fbem-357	18	5	some	some	DET
fbem-357	18	6	differences	difference	NOUN
fbem-357	18	7	in	in	ADP
fbem-357	18	8	ownership	ownership	NOUN
fbem-357	18	9	and	and	CCONJ
fbem-357	18	10	development	development	NOUN
fbem-357	18	11	level	level	NOUN
fbem-357	18	12	.	.	PUNCT
fbem-357	19	1	table	table	NOUN
fbem-357	19	2	1	1	NUM
fbem-357	19	3	.	.	PUNCT
fbem-357	20	1	classification	classification	NOUN
fbem-357	20	2	and	and	CCONJ
fbem-357	20	3	related	related	ADJ
fbem-357	20	4	information	information	NOUN
fbem-357	20	5	of	of	ADP
fbem-357	20	6	infrastructure	infrastructure	NOUN
fbem-357	20	7	reits	reit	NOUN
fbem-357	20	8	type	type	VERB
fbem-357	20	9	the	the	DET
fbem-357	20	10	ownership	ownership	NOUN
fbem-357	20	11	current	current	ADJ
fbem-357	20	12	situation	situation	NOUN
fbem-357	20	13	of	of	ADP
fbem-357	20	14	the	the	DET
fbem-357	20	15	development	development	NOUN
fbem-357	20	16	of	of	ADP
fbem-357	20	17	warehousing	warehousing	NOUN
fbem-357	20	18	property	property	NOUN
fbem-357	20	19	rights	right	NOUN
fbem-357	20	20	it	it	PRON
fbem-357	20	21	is	be	AUX
fbem-357	20	22	mainly	mainly	ADV
fbem-357	20	23	owned	own	VERB
fbem-357	20	24	by	by	ADP
fbem-357	20	25	developers	developer	NOUN
fbem-357	20	26	and	and	CCONJ
fbem-357	20	27	e	e	NOUN
fbem-357	20	28	-	-	NOUN
fbem-357	20	29	commerce	commerce	NOUN
fbem-357	20	30	enterprises	enterprise	NOUN
fbem-357	20	31	and	and	CCONJ
fbem-357	20	32	is	be	AUX
fbem-357	20	33	in	in	ADP
fbem-357	20	34	a	a	DET
fbem-357	20	35	period	period	NOUN
fbem-357	20	36	of	of	ADP
fbem-357	20	37	rapid	rapid	ADJ
fbem-357	20	38	development	development	NOUN
fbem-357	20	39	the	the	DET
fbem-357	20	40	railway	railway	NOUN
fbem-357	20	41	property	property	NOUN
fbem-357	20	42	rights	right	NOUN
fbem-357	20	43	mainly	mainly	ADV
fbem-357	20	44	owned	own	VERB
fbem-357	20	45	by	by	ADP
fbem-357	20	46	state	state	NOUN
fbem-357	20	47	-	-	PUNCT
fbem-357	20	48	owned	own	VERB
fbem-357	20	49	railway	railway	NOUN
fbem-357	20	50	groups	group	NOUN
fbem-357	20	51	,	,	PUNCT
fbem-357	20	52	the	the	DET
fbem-357	20	53	development	development	NOUN
fbem-357	20	54	is	be	AUX
fbem-357	20	55	more	more	ADV
fbem-357	20	56	mature	mature	ADJ
fbem-357	20	57	highway	highway	NOUN
fbem-357	20	58	franchise	franchise	NOUN
fbem-357	21	1	right	right	ADJ
fbem-357	21	2	local	local	ADJ
fbem-357	21	3	governments	government	NOUN
fbem-357	21	4	,	,	PUNCT
fbem-357	21	5	private	private	ADJ
fbem-357	21	6	enterprises	enterprise	NOUN
fbem-357	21	7	and	and	CCONJ
fbem-357	21	8	so	so	ADV
fbem-357	21	9	on	on	ADV
fbem-357	21	10	can	can	AUX
fbem-357	21	11	participate	participate	VERB
fbem-357	21	12	in	in	ADP
fbem-357	21	13	the	the	DET
fbem-357	21	14	development	development	NOUN
fbem-357	21	15	of	of	ADP
fbem-357	21	16	mature	mature	ADJ
fbem-357	21	17	and	and	CCONJ
fbem-357	21	18	still	still	ADV
fbem-357	21	19	has	have	AUX
fbem-357	21	20	potential	potential	ADJ
fbem-357	21	21	the	the	DET
fbem-357	21	22	subway	subway	NOUN
fbem-357	21	23	property	property	NOUN
fbem-357	21	24	rights	right	NOUN
fbem-357	21	25	the	the	DET
fbem-357	21	26	main	main	ADJ
fbem-357	21	27	owners	owner	NOUN
fbem-357	21	28	are	be	AUX
fbem-357	21	29	countries	country	NOUN
fbem-357	21	30	and	and	CCONJ
fbem-357	21	31	concentrated	concentrate	VERB
fbem-357	21	32	in	in	ADP
fbem-357	21	33	first	first	ADJ
fbem-357	21	34	-	-	PUNCT
fbem-357	21	35	tier	tier	NOUN
fbem-357	21	36	cities	city	NOUN
fbem-357	21	37	,	,	PUNCT
fbem-357	21	38	and	and	CCONJ
fbem-357	21	39	the	the	DET
fbem-357	21	40	profit	profit	NOUN
fbem-357	21	41	model	model	NOUN
fbem-357	21	42	needs	need	VERB
fbem-357	21	43	to	to	PART
fbem-357	21	44	be	be	AUX
fbem-357	21	45	optimized	optimize	VERB
fbem-357	21	46	industrial	industrial	ADJ
fbem-357	21	47	park	park	NOUN
fbem-357	21	48	property	property	NOUN
fbem-357	21	49	rights	right	NOUN
fbem-357	21	50	including	include	VERB
fbem-357	21	51	government	government	NOUN
fbem-357	21	52	-	-	PUNCT
fbem-357	21	53	led	lead	VERB
fbem-357	21	54	,	,	PUNCT
fbem-357	21	55	enterprise	enterprise	NOUN
fbem-357	21	56	-	-	PUNCT
fbem-357	21	57	led	lead	VERB
fbem-357	21	58	,	,	PUNCT
fbem-357	21	59	the	the	DET
fbem-357	21	60	combination	combination	NOUN
fbem-357	21	61	of	of	ADP
fbem-357	21	62	the	the	DET
fbem-357	21	63	two	two	NUM
fbem-357	21	64	,	,	PUNCT
fbem-357	21	65	is	be	AUX
fbem-357	21	66	in	in	ADP
fbem-357	21	67	the	the	DET
fbem-357	21	68	early	early	ADJ
fbem-357	21	69	stage	stage	NOUN
fbem-357	21	70	to	to	PART
fbem-357	21	71	be	be	AUX
fbem-357	21	72	further	far	ADV
fbem-357	21	73	developed	develop	VERB
fbem-357	21	74	sewage	sewage	NOUN
fbem-357	21	75	treatment	treatment	NOUN
fbem-357	21	76	franchise	franchise	NOUN
fbem-357	22	1	right	right	INTJ
fbem-357	22	2	it	it	PRON
fbem-357	22	3	is	be	AUX
fbem-357	22	4	mainly	mainly	ADV
fbem-357	22	5	undertaken	undertake	VERB
fbem-357	22	6	by	by	ADP
fbem-357	22	7	local	local	ADJ
fbem-357	22	8	governments	government	NOUN
fbem-357	22	9	and	and	CCONJ
fbem-357	22	10	state	state	NOUN
fbem-357	22	11	-	-	PUNCT
fbem-357	22	12	owned	own	VERB
fbem-357	22	13	assets	asset	NOUN
fbem-357	22	14	platforms	platform	NOUN
fbem-357	22	15	,	,	PUNCT
fbem-357	22	16	and	and	CCONJ
fbem-357	22	17	there	there	PRON
fbem-357	22	18	is	be	VERB
fbem-357	22	19	a	a	DET
fbem-357	22	20	situation	situation	NOUN
fbem-357	22	21	of	of	ADP
fbem-357	22	22	unbalanced	unbalanced	ADJ
fbem-357	22	23	development	development	NOUN
fbem-357	22	24	between	between	ADP
fbem-357	22	25	regions	region	NOUN
fbem-357	22	26	111	111	NUM
fbem-357	22	27	4	4	NUM
fbem-357	22	28	.	.	PUNCT
fbem-357	22	29	advantages	advantage	NOUN
fbem-357	22	30	of	of	ADP
fbem-357	22	31	infrastructure	infrastructure	NOUN
fbem-357	22	32	reits	reit	NOUN
fbem-357	22	33	4.1	4.1	NUM
fbem-357	22	34	.	.	PUNCT
fbem-357	23	1	low	low	ADJ
fbem-357	23	2	risk	risk	NOUN
fbem-357	23	3	first	first	ADV
fbem-357	23	4	of	of	ADP
fbem-357	23	5	all	all	PRON
fbem-357	23	6	,	,	PUNCT
fbem-357	23	7	the	the	DET
fbem-357	23	8	leverage	leverage	NOUN
fbem-357	23	9	ratio	ratio	NOUN
fbem-357	23	10	of	of	ADP
fbem-357	23	11	reits	reit	NOUN
fbem-357	23	12	participating	participate	VERB
fbem-357	23	13	in	in	ADP
fbem-357	23	14	the	the	DET
fbem-357	23	15	project	project	NOUN
fbem-357	23	16	is	be	AUX
fbem-357	23	17	relatively	relatively	ADV
fbem-357	23	18	low	low	ADJ
fbem-357	23	19	.	.	PUNCT
fbem-357	24	1	some	some	DET
fbem-357	24	2	data	datum	NOUN
fbem-357	24	3	show	show	VERB
fbem-357	24	4	that	that	SCONJ
fbem-357	24	5	the	the	DET
fbem-357	24	6	leverage	leverage	NOUN
fbem-357	24	7	ratio	ratio	NOUN
fbem-357	24	8	of	of	ADP
fbem-357	24	9	reits	reit	NOUN
fbem-357	24	10	in	in	ADP
fbem-357	24	11	the	the	DET
fbem-357	24	12	united	united	PROPN
fbem-357	24	13	states	states	PROPN
fbem-357	24	14	is	be	AUX
fbem-357	24	15	lower	low	ADJ
fbem-357	24	16	than	than	ADP
fbem-357	24	17	60	60	NUM
fbem-357	24	18	%	%	NOUN
fbem-357	24	19	,	,	PUNCT
fbem-357	24	20	and	and	CCONJ
fbem-357	24	21	that	that	PRON
fbem-357	24	22	of	of	ADP
fbem-357	24	23	reits	reit	NOUN
fbem-357	24	24	in	in	ADP
fbem-357	24	25	singapore	singapore	PROPN
fbem-357	24	26	is	be	AUX
fbem-357	24	27	lower	low	ADJ
fbem-357	24	28	than	than	ADP
fbem-357	24	29	40%.according	40%.accorde	VERB
fbem-357	24	30	to	to	ADP
fbem-357	24	31	the	the	DET
fbem-357	24	32	static	static	ADJ
fbem-357	24	33	tradeoff	tradeoff	NOUN
fbem-357	24	34	theory	theory	NOUN
fbem-357	24	35	,	,	PUNCT
fbem-357	24	36	enterprises	enterprise	NOUN
fbem-357	24	37	have	have	VERB
fbem-357	24	38	the	the	DET
fbem-357	24	39	optimal	optimal	ADJ
fbem-357	24	40	debt	debt	NOUN
fbem-357	24	41	-	-	PUNCT
fbem-357	24	42	equity	equity	NOUN
fbem-357	24	43	ratio	ratio	NOUN
fbem-357	24	44	,	,	PUNCT
fbem-357	24	45	so	so	ADV
fbem-357	24	46	maintaining	maintain	VERB
fbem-357	24	47	a	a	DET
fbem-357	24	48	relatively	relatively	ADV
fbem-357	24	49	low	low	ADJ
fbem-357	24	50	leverage	leverage	NOUN
fbem-357	24	51	ratio	ratio	NOUN
fbem-357	24	52	can	can	AUX
fbem-357	24	53	not	not	PART
fbem-357	24	54	only	only	ADV
fbem-357	24	55	help	help	VERB
fbem-357	24	56	reduce	reduce	VERB
fbem-357	24	57	risks	risk	NOUN
fbem-357	24	58	,	,	PUNCT
fbem-357	24	59	but	but	CCONJ
fbem-357	24	60	also	also	ADV
fbem-357	24	61	increase	increase	VERB
fbem-357	24	62	enterprise	enterprise	NOUN
fbem-357	24	63	value	value	NOUN
fbem-357	24	64	and	and	CCONJ
fbem-357	24	65	ensure	ensure	VERB
fbem-357	24	66	the	the	DET
fbem-357	24	67	long	long	ADJ
fbem-357	24	68	-	-	PUNCT
fbem-357	24	69	term	term	NOUN
fbem-357	24	70	development	development	NOUN
fbem-357	24	71	of	of	ADP
fbem-357	24	72	enterprises	enterprise	NOUN
fbem-357	24	73	.	.	PUNCT
fbem-357	25	1	secondly	secondly	ADV
fbem-357	25	2	,	,	PUNCT
fbem-357	25	3	the	the	DET
fbem-357	25	4	cash	cash	NOUN
fbem-357	25	5	flow	flow	NOUN
fbem-357	25	6	and	and	CCONJ
fbem-357	25	7	income	income	NOUN
fbem-357	25	8	of	of	ADP
fbem-357	25	9	the	the	DET
fbem-357	25	10	underlying	underlie	VERB
fbem-357	25	11	assets	asset	NOUN
fbem-357	25	12	of	of	ADP
fbem-357	25	13	infrastructure	infrastructure	NOUN
fbem-357	25	14	are	be	AUX
fbem-357	25	15	relatively	relatively	ADV
fbem-357	25	16	stable	stable	ADJ
fbem-357	25	17	,	,	PUNCT
fbem-357	25	18	which	which	PRON
fbem-357	25	19	can	can	AUX
fbem-357	25	20	play	play	VERB
fbem-357	25	21	a	a	DET
fbem-357	25	22	good	good	ADJ
fbem-357	25	23	defensive	defensive	ADJ
fbem-357	25	24	role	role	NOUN
fbem-357	25	25	.	.	PUNCT
fbem-357	26	1	4.2	4.2	NUM
fbem-357	26	2	.	.	PUNCT
fbem-357	27	1	tax	tax	NOUN
fbem-357	27	2	incentives	incentive	NOUN
fbem-357	27	3	according	accord	VERB
fbem-357	27	4	to	to	ADP
fbem-357	27	5	the	the	DET
fbem-357	27	6	relevant	relevant	ADJ
fbem-357	27	7	regulations	regulation	NOUN
fbem-357	27	8	of	of	ADP
fbem-357	27	9	the	the	DET
fbem-357	27	10	united	united	PROPN
fbem-357	27	11	states	states	PROPN
fbem-357	27	12	and	and	CCONJ
fbem-357	27	13	other	other	ADJ
fbem-357	27	14	countries	country	NOUN
fbem-357	27	15	and	and	CCONJ
fbem-357	27	16	regions	region	NOUN
fbem-357	27	17	,	,	PUNCT
fbem-357	27	18	reits	reit	NOUN
fbem-357	27	19	have	have	VERB
fbem-357	27	20	the	the	DET
fbem-357	27	21	characteristics	characteristic	NOUN
fbem-357	27	22	of	of	ADP
fbem-357	27	23	double	double	ADJ
fbem-357	27	24	tax	tax	NOUN
fbem-357	27	25	avoidance	avoidance	NOUN
fbem-357	27	26	.	.	PUNCT
fbem-357	28	1	individual	individual	ADJ
fbem-357	28	2	investors	investor	NOUN
fbem-357	28	3	can	can	AUX
fbem-357	28	4	enjoy	enjoy	VERB
fbem-357	28	5	tax	tax	NOUN
fbem-357	28	6	breaks	break	NOUN
fbem-357	28	7	for	for	ADP
fbem-357	28	8	capital	capital	NOUN
fbem-357	28	9	gains	gain	NOUN
fbem-357	28	10	gained	gain	VERB
fbem-357	28	11	by	by	ADP
fbem-357	28	12	holding	hold	VERB
fbem-357	28	13	reits	reit	NOUN
fbem-357	28	14	,	,	PUNCT
fbem-357	28	15	and	and	CCONJ
fbem-357	28	16	corporate	corporate	ADJ
fbem-357	28	17	dividend	dividend	NOUN
fbem-357	28	18	income	income	NOUN
fbem-357	28	19	tax	tax	NOUN
fbem-357	28	20	can	can	AUX
fbem-357	28	21	also	also	ADV
fbem-357	28	22	be	be	AUX
fbem-357	28	23	reduced	reduce	VERB
fbem-357	28	24	,	,	PUNCT
fbem-357	28	25	which	which	PRON
fbem-357	28	26	not	not	PART
fbem-357	28	27	only	only	ADV
fbem-357	28	28	attracts	attract	VERB
fbem-357	28	29	investors	investor	NOUN
fbem-357	28	30	to	to	PART
fbem-357	28	31	accelerate	accelerate	VERB
fbem-357	28	32	financing	financing	NOUN
fbem-357	28	33	efficiency	efficiency	NOUN
fbem-357	28	34	,	,	PUNCT
fbem-357	28	35	but	but	CCONJ
fbem-357	28	36	also	also	ADV
fbem-357	28	37	reduces	reduce	VERB
fbem-357	28	38	financing	financing	NOUN
fbem-357	28	39	costs	cost	NOUN
fbem-357	28	40	.	.	PUNCT
fbem-357	29	1	4.3	4.3	NUM
fbem-357	29	2	.	.	PUNCT
fbem-357	29	3	strong	strong	ADJ
fbem-357	29	4	liquidity	liquidity	NOUN
fbem-357	29	5	the	the	DET
fbem-357	29	6	liquidity	liquidity	NOUN
fbem-357	29	7	of	of	ADP
fbem-357	29	8	reits	reit	NOUN
fbem-357	29	9	is	be	AUX
fbem-357	29	10	mainly	mainly	ADV
fbem-357	29	11	used	use	VERB
fbem-357	29	12	to	to	PART
fbem-357	29	13	revitalize	revitalize	VERB
fbem-357	29	14	existing	exist	VERB
fbem-357	29	15	assets	asset	NOUN
fbem-357	29	16	.	.	PUNCT
fbem-357	30	1	this	this	DET
fbem-357	30	2	point	point	NOUN
fbem-357	30	3	has	have	AUX
fbem-357	30	4	also	also	ADV
fbem-357	30	5	been	be	AUX
fbem-357	30	6	emphasized	emphasize	VERB
fbem-357	30	7	in	in	ADP
fbem-357	30	8	the	the	DET
fbem-357	30	9	pilot	pilot	NOUN
fbem-357	30	10	report	report	NOUN
fbem-357	30	11	of	of	ADP
fbem-357	30	12	reits	reit	NOUN
fbem-357	30	13	issued	issue	VERB
fbem-357	30	14	by	by	ADP
fbem-357	30	15	china	china	PROPN
fbem-357	30	16	's	's	PART
fbem-357	30	17	development	development	NOUN
fbem-357	30	18	and	and	CCONJ
fbem-357	30	19	reform	reform	PROPN
fbem-357	30	20	commission	commission	PROPN
fbem-357	30	21	,	,	PUNCT
fbem-357	30	22	which	which	PRON
fbem-357	30	23	uses	use	VERB
fbem-357	30	24	capital	capital	NOUN
fbem-357	30	25	market	market	NOUN
fbem-357	30	26	and	and	CCONJ
fbem-357	30	27	securities	security	NOUN
fbem-357	30	28	trading	trading	NOUN
fbem-357	30	29	to	to	PART
fbem-357	30	30	revitalize	revitalize	VERB
fbem-357	30	31	the	the	DET
fbem-357	30	32	underlying	underlie	VERB
fbem-357	30	33	huge	huge	ADJ
fbem-357	30	34	fixed	fix	VERB
fbem-357	30	35	assets	asset	NOUN
fbem-357	30	36	and	and	CCONJ
fbem-357	30	37	release	release	VERB
fbem-357	30	38	liquidity	liquidity	NOUN
fbem-357	30	39	for	for	ADP
fbem-357	30	40	reinvestment	reinvestment	NOUN
fbem-357	30	41	in	in	ADP
fbem-357	30	42	other	other	ADJ
fbem-357	30	43	high	high	ADJ
fbem-357	30	44	-	-	PUNCT
fbem-357	30	45	quality	quality	NOUN
fbem-357	30	46	projects	project	NOUN
fbem-357	30	47	.	.	PUNCT
fbem-357	31	1	5	5	X
fbem-357	31	2	.	.	X
fbem-357	31	3	traditional	traditional	ADJ
fbem-357	31	4	infrastructure	infrastructure	NOUN
fbem-357	31	5	financing	financing	NOUN
fbem-357	31	6	mode	mode	NOUN
fbem-357	31	7	and	and	CCONJ
fbem-357	31	8	its	its	PRON
fbem-357	31	9	disadvantages	disadvantage	NOUN
fbem-357	31	10	5.1	5.1	NUM
fbem-357	31	11	.	.	PUNCT
fbem-357	32	1	financial	financial	ADJ
fbem-357	32	2	expenditure	expenditure	NOUN
fbem-357	32	3	fiscal	fiscal	ADJ
fbem-357	32	4	expenditure	expenditure	NOUN
fbem-357	32	5	,	,	PUNCT
fbem-357	32	6	as	as	ADP
fbem-357	32	7	the	the	DET
fbem-357	32	8	main	main	ADJ
fbem-357	32	9	way	way	NOUN
fbem-357	32	10	of	of	ADP
fbem-357	32	11	infrastructure	infrastructure	NOUN
fbem-357	32	12	financing	financing	NOUN
fbem-357	32	13	in	in	ADP
fbem-357	32	14	china	china	PROPN
fbem-357	32	15	in	in	ADP
fbem-357	32	16	the	the	DET
fbem-357	32	17	early	early	ADJ
fbem-357	32	18	years	year	NOUN
fbem-357	32	19	,	,	PUNCT
fbem-357	32	20	has	have	AUX
fbem-357	32	21	been	be	AUX
fbem-357	32	22	unable	unable	ADJ
fbem-357	32	23	to	to	PART
fbem-357	32	24	meet	meet	VERB
fbem-357	32	25	part	part	NOUN
fbem-357	32	26	of	of	ADP
fbem-357	32	27	large	large	ADJ
fbem-357	32	28	-	-	PUNCT
fbem-357	32	29	scale	scale	NOUN
fbem-357	32	30	infrastructure	infrastructure	NOUN
fbem-357	32	31	projects	project	NOUN
fbem-357	32	32	as	as	SCONJ
fbem-357	32	33	the	the	DET
fbem-357	32	34	deficit	deficit	NOUN
fbem-357	32	35	of	of	ADP
fbem-357	32	36	local	local	ADJ
fbem-357	32	37	governments	government	NOUN
fbem-357	32	38	increases	increase	VERB
fbem-357	32	39	year	year	NOUN
fbem-357	32	40	by	by	ADP
fbem-357	32	41	year	year	NOUN
fbem-357	32	42	and	and	CCONJ
fbem-357	32	43	the	the	DET
fbem-357	32	44	debt	debt	NOUN
fbem-357	32	45	ratio	ratio	NOUN
fbem-357	32	46	is	be	AUX
fbem-357	32	47	too	too	ADV
fbem-357	32	48	high	high	ADJ
fbem-357	32	49	.	.	PUNCT
fbem-357	33	1	at	at	ADP
fbem-357	33	2	present	present	ADJ
fbem-357	33	3	,	,	PUNCT
fbem-357	33	4	local	local	ADJ
fbem-357	33	5	fiscal	fiscal	ADJ
fbem-357	33	6	expenditure	expenditure	NOUN
fbem-357	33	7	is	be	AUX
fbem-357	33	8	mainly	mainly	ADV
fbem-357	33	9	used	use	VERB
fbem-357	33	10	for	for	ADP
fbem-357	33	11	infrastructure	infrastructure	NOUN
fbem-357	33	12	construction	construction	NOUN
fbem-357	33	13	in	in	ADP
fbem-357	33	14	combination	combination	NOUN
fbem-357	33	15	with	with	ADP
fbem-357	33	16	other	other	ADJ
fbem-357	33	17	financing	financing	NOUN
fbem-357	33	18	methods	method	NOUN
fbem-357	33	19	to	to	PART
fbem-357	33	20	reduce	reduce	VERB
fbem-357	33	21	financial	financial	ADJ
fbem-357	33	22	pressure	pressure	NOUN
fbem-357	33	23	.	.	PUNCT
fbem-357	34	1	5.2	5.2	NUM
fbem-357	34	2	.	.	PUNCT
fbem-357	34	3	bot	bot	PROPN
fbem-357	34	4	financing	finance	VERB
fbem-357	34	5	bot	bot	NOUN
fbem-357	34	6	financing	financing	NOUN
fbem-357	34	7	is	be	AUX
fbem-357	34	8	a	a	DET
fbem-357	34	9	way	way	NOUN
fbem-357	34	10	to	to	PART
fbem-357	34	11	build	build	VERB
fbem-357	34	12	and	and	CCONJ
fbem-357	34	13	operate	operate	VERB
fbem-357	34	14	public	public	ADJ
fbem-357	34	15	infrastructure	infrastructure	NOUN
fbem-357	34	16	with	with	ADP
fbem-357	34	17	social	social	ADJ
fbem-357	34	18	capital	capital	NOUN
fbem-357	34	19	.	.	PUNCT
fbem-357	35	1	the	the	DET
fbem-357	35	2	project	project	NOUN
fbem-357	35	3	company	company	NOUN
fbem-357	35	4	will	will	AUX
fbem-357	35	5	operate	operate	VERB
fbem-357	35	6	it	it	PRON
fbem-357	35	7	within	within	ADP
fbem-357	35	8	a	a	DET
fbem-357	35	9	certain	certain	ADJ
fbem-357	35	10	period	period	NOUN
fbem-357	35	11	of	of	ADP
fbem-357	35	12	time	time	NOUN
fbem-357	35	13	to	to	PART
fbem-357	35	14	recover	recover	VERB
fbem-357	35	15	the	the	DET
fbem-357	35	16	investment	investment	NOUN
fbem-357	35	17	and	and	CCONJ
fbem-357	35	18	obtain	obtain	VERB
fbem-357	35	19	reasonable	reasonable	ADJ
fbem-357	35	20	profits	profit	NOUN
fbem-357	35	21	,	,	PUNCT
fbem-357	35	22	and	and	CCONJ
fbem-357	35	23	the	the	DET
fbem-357	35	24	project	project	NOUN
fbem-357	35	25	will	will	AUX
fbem-357	35	26	be	be	AUX
fbem-357	35	27	handed	hand	VERB
fbem-357	35	28	over	over	ADP
fbem-357	35	29	to	to	ADP
fbem-357	35	30	the	the	DET
fbem-357	35	31	government	government	NOUN
fbem-357	35	32	free	free	ADJ
fbem-357	35	33	of	of	ADP
fbem-357	35	34	charge	charge	NOUN
fbem-357	35	35	after	after	ADP
fbem-357	35	36	the	the	DET
fbem-357	35	37	expiration	expiration	NOUN
fbem-357	35	38	.	.	PUNCT
fbem-357	36	1	although	although	SCONJ
fbem-357	36	2	this	this	DET
fbem-357	36	3	approach	approach	NOUN
fbem-357	36	4	solves	solve	VERB
fbem-357	36	5	the	the	DET
fbem-357	36	6	problem	problem	NOUN
fbem-357	36	7	of	of	ADP
fbem-357	36	8	heavy	heavy	ADJ
fbem-357	36	9	burden	burden	NOUN
fbem-357	36	10	on	on	ADP
fbem-357	36	11	local	local	ADJ
fbem-357	36	12	governments	government	NOUN
fbem-357	36	13	,	,	PUNCT
fbem-357	36	14	the	the	DET
fbem-357	36	15	project	project	NOUN
fbem-357	36	16	bearers	bearer	NOUN
fbem-357	36	17	need	need	VERB
fbem-357	36	18	to	to	PART
fbem-357	36	19	face	face	VERB
fbem-357	36	20	a	a	DET
fbem-357	36	21	series	series	NOUN
fbem-357	36	22	of	of	ADP
fbem-357	36	23	risks	risk	NOUN
fbem-357	36	24	in	in	ADP
fbem-357	36	25	the	the	DET
fbem-357	36	26	early	early	ADJ
fbem-357	36	27	stage	stage	NOUN
fbem-357	36	28	,	,	PUNCT
fbem-357	36	29	such	such	ADJ
fbem-357	36	30	as	as	ADP
fbem-357	36	31	interest	interest	NOUN
fbem-357	36	32	rate	rate	NOUN
fbem-357	36	33	risk	risk	NOUN
fbem-357	36	34	,	,	PUNCT
fbem-357	36	35	moral	moral	ADJ
fbem-357	36	36	risk	risk	NOUN
fbem-357	36	37	,	,	PUNCT
fbem-357	36	38	operational	operational	ADJ
fbem-357	36	39	risk	risk	NOUN
fbem-357	36	40	and	and	CCONJ
fbem-357	36	41	so	so	ADV
fbem-357	36	42	on	on	ADV
fbem-357	36	43	.	.	PUNCT
fbem-357	37	1	meanwhile	meanwhile	ADV
fbem-357	37	2	,	,	PUNCT
fbem-357	37	3	social	social	ADJ
fbem-357	37	4	capital	capital	NOUN
fbem-357	37	5	is	be	AUX
fbem-357	37	6	not	not	PART
fbem-357	37	7	subject	subject	ADJ
fbem-357	37	8	to	to	ADP
fbem-357	37	9	strict	strict	ADJ
fbem-357	37	10	supervision	supervision	NOUN
fbem-357	37	11	like	like	ADP
fbem-357	37	12	financial	financial	ADJ
fbem-357	37	13	institutions	institution	NOUN
fbem-357	37	14	,	,	PUNCT
fbem-357	37	15	so	so	SCONJ
fbem-357	37	16	safety	safety	NOUN
fbem-357	37	17	should	should	AUX
fbem-357	37	18	be	be	AUX
fbem-357	37	19	paid	pay	VERB
fbem-357	37	20	attention	attention	NOUN
fbem-357	37	21	to	to	ADP
fbem-357	37	22	.	.	PUNCT
fbem-357	38	1	5.3	5.3	NUM
fbem-357	38	2	.	.	X
fbem-357	38	3	bank	bank	NOUN
fbem-357	38	4	lending	lending	NOUN
fbem-357	38	5	infrastructure	infrastructure	NOUN
fbem-357	38	6	construction	construction	NOUN
fbem-357	38	7	is	be	AUX
fbem-357	38	8	for	for	ADP
fbem-357	38	9	the	the	DET
fbem-357	38	10	public	public	NOUN
fbem-357	38	11	,	,	PUNCT
fbem-357	38	12	so	so	CCONJ
fbem-357	38	13	it	it	PRON
fbem-357	38	14	is	be	AUX
fbem-357	38	15	inherently	inherently	ADV
fbem-357	38	16	stable	stable	ADJ
fbem-357	38	17	.	.	PUNCT
fbem-357	39	1	for	for	ADP
fbem-357	39	2	banks	bank	NOUN
fbem-357	39	3	,	,	PUNCT
fbem-357	39	4	lending	lending	NOUN
fbem-357	39	5	and	and	CCONJ
fbem-357	39	6	review	review	NOUN
fbem-357	39	7	of	of	ADP
fbem-357	39	8	such	such	ADJ
fbem-357	39	9	assets	asset	NOUN
fbem-357	39	10	is	be	AUX
fbem-357	39	11	a	a	DET
fbem-357	39	12	priority	priority	NOUN
fbem-357	39	13	.	.	PUNCT
fbem-357	40	1	in	in	ADP
fbem-357	40	2	spite	spite	NOUN
fbem-357	40	3	of	of	ADP
fbem-357	40	4	this	this	PRON
fbem-357	40	5	,	,	PUNCT
fbem-357	40	6	infrastructure	infrastructure	NOUN
fbem-357	40	7	projects	project	NOUN
fbem-357	40	8	with	with	ADP
fbem-357	40	9	large	large	ADJ
fbem-357	40	10	capital	capital	NOUN
fbem-357	40	11	scale	scale	NOUN
fbem-357	40	12	still	still	ADV
fbem-357	40	13	need	need	VERB
fbem-357	40	14	to	to	PART
fbem-357	40	15	bear	bear	VERB
fbem-357	40	16	higher	high	ADJ
fbem-357	40	17	loan	loan	NOUN
fbem-357	40	18	interest	interest	NOUN
fbem-357	40	19	rates	rate	NOUN
fbem-357	40	20	.	.	PUNCT
fbem-357	41	1	for	for	ADP
fbem-357	41	2	projects	project	NOUN
fbem-357	41	3	with	with	ADP
fbem-357	41	4	traffic	traffic	NOUN
fbem-357	41	5	attributes	attribute	NOUN
fbem-357	41	6	such	such	ADJ
fbem-357	41	7	as	as	ADP
fbem-357	41	8	toll	toll	NOUN
fbem-357	41	9	highways	highway	NOUN
fbem-357	41	10	,	,	PUNCT
fbem-357	41	11	stable	stable	ADJ
fbem-357	41	12	cash	cash	NOUN
fbem-357	41	13	flow	flow	NOUN
fbem-357	41	14	can	can	AUX
fbem-357	41	15	be	be	AUX
fbem-357	41	16	generated	generate	VERB
fbem-357	41	17	in	in	ADP
fbem-357	41	18	the	the	DET
fbem-357	41	19	early	early	ADJ
fbem-357	41	20	stage	stage	NOUN
fbem-357	41	21	to	to	PART
fbem-357	41	22	repay	repay	VERB
fbem-357	41	23	interest	interest	NOUN
fbem-357	41	24	.	.	PUNCT
fbem-357	42	1	however	however	ADV
fbem-357	42	2	,	,	PUNCT
fbem-357	42	3	some	some	DET
fbem-357	42	4	other	other	ADJ
fbem-357	42	5	projects	project	NOUN
fbem-357	42	6	with	with	ADP
fbem-357	42	7	unstable	unstable	ADJ
fbem-357	42	8	income	income	NOUN
fbem-357	42	9	may	may	AUX
fbem-357	42	10	have	have	VERB
fbem-357	42	11	the	the	DET
fbem-357	42	12	problem	problem	NOUN
fbem-357	42	13	that	that	PRON
fbem-357	42	14	cash	cash	NOUN
fbem-357	42	15	flow	flow	NOUN
fbem-357	42	16	can	can	AUX
fbem-357	42	17	not	not	PART
fbem-357	42	18	cover	cover	VERB
fbem-357	42	19	the	the	DET
fbem-357	42	20	financing	financing	NOUN
fbem-357	42	21	cost	cost	NOUN
fbem-357	42	22	,	,	PUNCT
fbem-357	42	23	thus	thus	ADV
fbem-357	42	24	causing	cause	VERB
fbem-357	42	25	bad	bad	ADJ
fbem-357	42	26	debts	debt	NOUN
fbem-357	42	27	of	of	ADP
fbem-357	42	28	banks	bank	NOUN
fbem-357	42	29	and	and	CCONJ
fbem-357	42	30	hindering	hinder	VERB
fbem-357	42	31	the	the	DET
fbem-357	42	32	efficient	efficient	ADJ
fbem-357	42	33	turnover	turnover	NOUN
fbem-357	42	34	of	of	ADP
fbem-357	42	35	financial	financial	ADJ
fbem-357	42	36	economy	economy	NOUN
fbem-357	42	37	.	.	PUNCT
fbem-357	43	1	5.4	5.4	NUM
fbem-357	43	2	.	.	PUNCT
fbem-357	43	3	bond	bond	NOUN
fbem-357	43	4	financing	financing	NOUN
fbem-357	43	5	bond	bond	NOUN
fbem-357	43	6	financing	financing	NOUN
fbem-357	43	7	is	be	AUX
fbem-357	43	8	to	to	PART
fbem-357	43	9	raise	raise	VERB
fbem-357	43	10	funds	fund	NOUN
fbem-357	43	11	by	by	ADP
fbem-357	43	12	issuing	issue	VERB
fbem-357	43	13	corporate	corporate	ADJ
fbem-357	43	14	bonds	bond	NOUN
fbem-357	43	15	and	and	CCONJ
fbem-357	43	16	repay	repay	VERB
fbem-357	43	17	principal	principal	NOUN
fbem-357	43	18	and	and	CCONJ
fbem-357	43	19	interest	interest	NOUN
fbem-357	43	20	as	as	SCONJ
fbem-357	43	21	agreed	agree	VERB
fbem-357	43	22	.	.	PUNCT
fbem-357	44	1	the	the	DET
fbem-357	44	2	advantage	advantage	NOUN
fbem-357	44	3	of	of	ADP
fbem-357	44	4	bond	bond	NOUN
fbem-357	44	5	financing	financing	NOUN
fbem-357	44	6	is	be	AUX
fbem-357	44	7	that	that	SCONJ
fbem-357	44	8	its	its	PRON
fbem-357	44	9	cost	cost	NOUN
fbem-357	44	10	is	be	AUX
fbem-357	44	11	lower	low	ADJ
fbem-357	44	12	than	than	ADP
fbem-357	44	13	bank	bank	NOUN
fbem-357	44	14	loan	loan	NOUN
fbem-357	44	15	,	,	PUNCT
fbem-357	44	16	and	and	CCONJ
fbem-357	44	17	bond	bond	NOUN
fbem-357	44	18	is	be	AUX
fbem-357	44	19	the	the	DET
fbem-357	44	20	most	most	ADV
fbem-357	44	21	common	common	ADJ
fbem-357	44	22	financing	financing	NOUN
fbem-357	44	23	method	method	NOUN
fbem-357	44	24	in	in	ADP
fbem-357	44	25	the	the	DET
fbem-357	44	26	financial	financial	ADJ
fbem-357	44	27	market	market	NOUN
fbem-357	44	28	,	,	PUNCT
fbem-357	44	29	and	and	CCONJ
fbem-357	44	30	the	the	DET
fbem-357	44	31	issuance	issuance	NOUN
fbem-357	44	32	process	process	NOUN
fbem-357	44	33	of	of	ADP
fbem-357	44	34	bond	bond	NOUN
fbem-357	44	35	is	be	AUX
fbem-357	44	36	relatively	relatively	ADV
fbem-357	44	37	simple	simple	ADJ
fbem-357	44	38	.	.	PUNCT
fbem-357	45	1	but	but	CCONJ
fbem-357	45	2	there	there	PRON
fbem-357	45	3	are	be	VERB
fbem-357	45	4	few	few	ADJ
fbem-357	45	5	related	related	ADJ
fbem-357	45	6	products	product	NOUN
fbem-357	45	7	,	,	PUNCT
fbem-357	45	8	because	because	SCONJ
fbem-357	45	9	bond	bond	NOUN
fbem-357	45	10	financing	financing	NOUN
fbem-357	45	11	generally	generally	ADV
fbem-357	45	12	has	have	VERB
fbem-357	45	13	a	a	DET
fbem-357	45	14	short	short	ADJ
fbem-357	45	15	maturity	maturity	NOUN
fbem-357	45	16	,	,	PUNCT
fbem-357	45	17	while	while	SCONJ
fbem-357	45	18	the	the	DET
fbem-357	45	19	return	return	NOUN
fbem-357	45	20	cycle	cycle	NOUN
fbem-357	45	21	of	of	ADP
fbem-357	45	22	infrastructure	infrastructure	NOUN
fbem-357	45	23	construction	construction	NOUN
fbem-357	45	24	is	be	AUX
fbem-357	45	25	relatively	relatively	ADV
fbem-357	45	26	long	long	ADJ
fbem-357	45	27	,	,	PUNCT
fbem-357	45	28	the	the	DET
fbem-357	45	29	two	two	NUM
fbem-357	45	30	do	do	AUX
fbem-357	45	31	not	not	PART
fbem-357	45	32	fit	fit	VERB
fbem-357	45	33	well	well	ADV
fbem-357	45	34	.	.	PUNCT
fbem-357	46	1	6	6	X
fbem-357	46	2	.	.	X
fbem-357	46	3	risk	risk	NOUN
fbem-357	46	4	and	and	CCONJ
fbem-357	46	5	benefit	benefit	VERB
fbem-357	46	6	analysis	analysis	NOUN
fbem-357	46	7	of	of	ADP
fbem-357	46	8	infrastructure	infrastructure	NOUN
fbem-357	46	9	reits	reit	NOUN
fbem-357	46	10	-a	-a	PART
fbem-357	46	11	case	case	NOUN
fbem-357	46	12	study	study	NOUN
fbem-357	46	13	of	of	ADP
fbem-357	46	14	sooyuan	sooyuan	PROPN
fbem-357	46	15	industrial	industrial	ADJ
fbem-357	46	16	reits	reit	NOUN
fbem-357	46	17	in	in	ADP
fbem-357	46	18	soochow	soochow	PROPN
fbem-357	46	19	6.1	6.1	NUM
fbem-357	46	20	.	.	PUNCT
fbem-357	47	1	qualitative	qualitative	ADJ
fbem-357	47	2	analysis	analysis	NOUN
fbem-357	47	3	of	of	ADP
fbem-357	47	4	risk	risk	NOUN
fbem-357	47	5	(	(	PUNCT
fbem-357	47	6	1	1	NUM
fbem-357	47	7	)	)	PUNCT
fbem-357	47	8	concentration	concentration	NOUN
fbem-357	47	9	of	of	ADP
fbem-357	47	10	investment	investment	NOUN
fbem-357	47	11	risks	risk	NOUN
fbem-357	47	12	while	while	SCONJ
fbem-357	47	13	ordinary	ordinary	ADJ
fbem-357	47	14	public	public	ADJ
fbem-357	47	15	funds	fund	NOUN
fbem-357	47	16	tend	tend	VERB
fbem-357	47	17	to	to	PART
fbem-357	47	18	adopt	adopt	VERB
fbem-357	47	19	a	a	DET
fbem-357	47	20	diversified	diversified	ADJ
fbem-357	47	21	investment	investment	NOUN
fbem-357	47	22	approach	approach	NOUN
fbem-357	47	23	to	to	PART
fbem-357	47	24	reduce	reduce	VERB
fbem-357	47	25	non	non	ADJ
fbem-357	47	26	-	-	ADJ
fbem-357	47	27	systemic	systemic	ADJ
fbem-357	47	28	risk	risk	NOUN
fbem-357	47	29	,	,	PUNCT
fbem-357	47	30	infrastructure	infrastructure	NOUN
fbem-357	47	31	reits	reit	NOUN
fbem-357	47	32	mainly	mainly	ADV
fbem-357	47	33	invest	invest	VERB
fbem-357	47	34	in	in	ADP
fbem-357	47	35	and	and	CCONJ
fbem-357	47	36	own	own	VERB
fbem-357	47	37	equity	equity	NOUN
fbem-357	47	38	in	in	ADP
fbem-357	47	39	a	a	DET
fbem-357	47	40	single	single	ADJ
fbem-357	47	41	type	type	NOUN
fbem-357	47	42	of	of	ADP
fbem-357	47	43	infrastructure	infrastructure	NOUN
fbem-357	47	44	asset	asset	NOUN
fbem-357	47	45	-	-	PUNCT
fbem-357	47	46	backed	back	VERB
fbem-357	47	47	securities	security	NOUN
fbem-357	47	48	.	.	PUNCT
fbem-357	48	1	therefore	therefore	ADV
fbem-357	48	2	,	,	PUNCT
fbem-357	48	3	infrastructure	infrastructure	NOUN
fbem-357	48	4	reits	reit	NOUN
fbem-357	48	5	have	have	VERB
fbem-357	48	6	high	high	ADJ
fbem-357	48	7	risk	risk	NOUN
fbem-357	48	8	of	of	ADP
fbem-357	48	9	concentrated	concentrated	ADJ
fbem-357	48	10	investment	investment	NOUN
fbem-357	48	11	.	.	PUNCT
fbem-357	49	1	(	(	PUNCT
fbem-357	49	2	2	2	X
fbem-357	49	3	)	)	PUNCT
fbem-357	49	4	policy	policy	NOUN
fbem-357	49	5	risks	risk	NOUN
fbem-357	49	6	policy	policy	NOUN
fbem-357	49	7	risks	risk	NOUN
fbem-357	49	8	mainly	mainly	ADV
fbem-357	49	9	include	include	VERB
fbem-357	49	10	taxation	taxation	NOUN
fbem-357	49	11	,	,	PUNCT
fbem-357	49	12	industry	industry	NOUN
fbem-357	49	13	and	and	CCONJ
fbem-357	49	14	land	land	NOUN
fbem-357	49	15	.	.	PUNCT
fbem-357	50	1	first	first	ADV
fbem-357	50	2	of	of	ADP
fbem-357	50	3	all	all	PRON
fbem-357	50	4	,	,	PUNCT
fbem-357	50	5	infrastructure	infrastructure	NOUN
fbem-357	50	6	reits	reit	NOUN
fbem-357	50	7	are	be	AUX
fbem-357	50	8	innovative	innovative	ADJ
fbem-357	50	9	products	product	NOUN
fbem-357	50	10	,	,	PUNCT
fbem-357	50	11	and	and	CCONJ
fbem-357	50	12	a	a	DET
fbem-357	50	13	series	series	NOUN
fbem-357	50	14	of	of	ADP
fbem-357	50	15	tax	tax	NOUN
fbem-357	50	16	policies	policy	NOUN
fbem-357	50	17	are	be	AUX
fbem-357	50	18	relatively	relatively	ADV
fbem-357	50	19	to	to	PART
fbem-357	50	20	be	be	AUX
fbem-357	50	21	improved	improve	VERB
fbem-357	50	22	.	.	PUNCT
fbem-357	51	1	if	if	SCONJ
fbem-357	51	2	the	the	DET
fbem-357	51	3	national	national	ADJ
fbem-357	51	4	tax	tax	NOUN
fbem-357	51	5	policies	policy	NOUN
fbem-357	51	6	are	be	AUX
fbem-357	51	7	adjusted	adjust	VERB
fbem-357	51	8	at	at	ADP
fbem-357	51	9	this	this	DET
fbem-357	51	10	time	time	NOUN
fbem-357	51	11	,	,	PUNCT
fbem-357	51	12	investment	investment	NOUN
fbem-357	51	13	returns	return	NOUN
fbem-357	51	14	will	will	AUX
fbem-357	51	15	be	be	AUX
fbem-357	51	16	affected	affect	VERB
fbem-357	51	17	.	.	PUNCT
fbem-357	52	1	secondly	secondly	ADV
fbem-357	52	2	,	,	PUNCT
fbem-357	52	3	infrastructure	infrastructure	NOUN
fbem-357	52	4	reits	reit	NOUN
fbem-357	52	5	all	all	PRON
fbem-357	52	6	involve	involve	VERB
fbem-357	52	7	specific	specific	ADJ
fbem-357	52	8	industries	industry	NOUN
fbem-357	52	9	.	.	PUNCT
fbem-357	53	1	relevant	relevant	ADJ
fbem-357	53	2	government	government	NOUN
fbem-357	53	3	departments	department	NOUN
fbem-357	53	4	will	will	AUX
fbem-357	53	5	formulate	formulate	VERB
fbem-357	53	6	industrial	industrial	ADJ
fbem-357	53	7	development	development	NOUN
fbem-357	53	8	strategies	strategy	NOUN
fbem-357	53	9	and	and	CCONJ
fbem-357	53	10	preferential	preferential	ADJ
fbem-357	53	11	subsidies	subsidy	NOUN
fbem-357	53	12	for	for	ADP
fbem-357	53	13	some	some	DET
fbem-357	53	14	industries	industry	NOUN
fbem-357	53	15	,	,	PUNCT
fbem-357	53	16	and	and	CCONJ
fbem-357	53	17	the	the	DET
fbem-357	53	18	adjustment	adjustment	NOUN
fbem-357	53	19	of	of	ADP
fbem-357	53	20	industrial	industrial	ADJ
fbem-357	53	21	policies	policy	NOUN
fbem-357	53	22	will	will	AUX
fbem-357	53	23	affect	affect	VERB
fbem-357	53	24	the	the	DET
fbem-357	53	25	operation	operation	NOUN
fbem-357	53	26	status	status	NOUN
fbem-357	53	27	of	of	ADP
fbem-357	53	28	infrastructure	infrastructure	NOUN
fbem-357	53	29	.	.	PUNCT
fbem-357	54	1	finally	finally	ADV
fbem-357	54	2	,	,	PUNCT
fbem-357	54	3	land	land	NOUN
fbem-357	54	4	policy	policy	NOUN
fbem-357	54	5	is	be	AUX
fbem-357	54	6	the	the	DET
fbem-357	54	7	local	local	ADJ
fbem-357	54	8	government	government	NOUN
fbem-357	54	9	's	's	PART
fbem-357	54	10	policy	policy	NOUN
fbem-357	54	11	on	on	ADP
fbem-357	54	12	land	land	NOUN
fbem-357	54	13	development	development	NOUN
fbem-357	54	14	and	and	CCONJ
fbem-357	54	15	management	management	NOUN
fbem-357	54	16	,	,	PUNCT
fbem-357	54	17	land	land	NOUN
fbem-357	54	18	use	use	NOUN
fbem-357	54	19	and	and	CCONJ
fbem-357	54	20	other	other	ADJ
fbem-357	54	21	aspects	aspect	NOUN
fbem-357	54	22	.	.	PUNCT
fbem-357	55	1	major	major	ADJ
fbem-357	55	2	changes	change	NOUN
fbem-357	55	3	of	of	ADP
fbem-357	55	4	this	this	DET
fbem-357	55	5	policy	policy	NOUN
fbem-357	55	6	will	will	AUX
fbem-357	55	7	adversely	adversely	ADV
fbem-357	55	8	affect	affect	VERB
fbem-357	55	9	the	the	DET
fbem-357	55	10	operation	operation	NOUN
fbem-357	55	11	of	of	ADP
fbem-357	55	12	infrastructure	infrastructure	NOUN
fbem-357	55	13	reits	reit	NOUN
fbem-357	55	14	.	.	PUNCT
fbem-357	56	1	(	(	PUNCT
fbem-357	56	2	3	3	X
fbem-357	56	3	)	)	PUNCT
fbem-357	56	4	risk	risk	NOUN
fbem-357	56	5	management	management	NOUN
fbem-357	56	6	the	the	DET
fbem-357	56	7	income	income	NOUN
fbem-357	56	8	level	level	NOUN
fbem-357	56	9	of	of	ADP
fbem-357	56	10	reits	reit	NOUN
fbem-357	56	11	can	can	AUX
fbem-357	56	12	not	not	PART
fbem-357	56	13	be	be	AUX
fbem-357	56	14	separated	separate	VERB
fbem-357	56	15	from	from	ADP
fbem-357	56	16	the	the	DET
fbem-357	56	17	management	management	NOUN
fbem-357	56	18	means	mean	NOUN
fbem-357	56	19	of	of	ADP
fbem-357	56	20	the	the	DET
fbem-357	56	21	fund	fund	NOUN
fbem-357	56	22	manager	manager	NOUN
fbem-357	56	23	.	.	PUNCT
fbem-357	57	1	if	if	SCONJ
fbem-357	57	2	the	the	DET
fbem-357	57	3	manager	manager	NOUN
fbem-357	57	4	misjudges	misjudge	VERB
fbem-357	57	5	the	the	DET
fbem-357	57	6	current	current	ADJ
fbem-357	57	7	market	market	NOUN
fbem-357	57	8	and	and	CCONJ
fbem-357	57	9	economic	economic	ADJ
fbem-357	57	10	situation	situation	NOUN
fbem-357	57	11	,	,	PUNCT
fbem-357	57	12	the	the	DET
fbem-357	57	13	income	income	NOUN
fbem-357	57	14	level	level	NOUN
fbem-357	57	15	of	of	ADP
fbem-357	57	16	the	the	DET
fbem-357	57	17	fund	fund	NOUN
fbem-357	57	18	will	will	AUX
fbem-357	57	19	be	be	AUX
fbem-357	57	20	affected	affect	VERB
fbem-357	57	21	.	.	PUNCT
fbem-357	58	1	(	(	PUNCT
fbem-357	58	2	4	4	X
fbem-357	58	3	)	)	PUNCT
fbem-357	58	4	business	business	NOUN
fbem-357	58	5	risks	risk	NOUN
fbem-357	58	6	reits	reits	NOUN
fbem-357	58	7	funds	fund	NOUN
fbem-357	58	8	rely	rely	VERB
fbem-357	58	9	on	on	ADP
fbem-357	58	10	revenue	revenue	NOUN
fbem-357	58	11	from	from	ADP
fbem-357	58	12	infrastructure	infrastructure	NOUN
fbem-357	58	13	projects	project	NOUN
fbem-357	58	14	.	.	PUNCT
fbem-357	59	1	infrastructure	infrastructure	NOUN
fbem-357	59	2	projects	project	NOUN
fbem-357	59	3	may	may	AUX
fbem-357	59	4	suffer	suffer	VERB
fbem-357	59	5	from	from	ADP
fbem-357	59	6	declining	decline	VERB
fbem-357	59	7	rental	rental	ADJ
fbem-357	59	8	prices	price	NOUN
fbem-357	59	9	and	and	CCONJ
fbem-357	59	10	occupancy	occupancy	NOUN
fbem-357	59	11	rates	rate	NOUN
fbem-357	59	12	due	due	ADJ
fbem-357	59	13	to	to	ADP
fbem-357	59	14	industry	industry	NOUN
fbem-357	59	15	cycles	cycle	NOUN
fbem-357	59	16	and	and	CCONJ
fbem-357	59	17	market	market	NOUN
fbem-357	59	18	competition	competition	NOUN
fbem-357	59	19	.	.	PUNCT
fbem-357	60	1	these	these	DET
fbem-357	60	2	uncertainties	uncertainty	NOUN
fbem-357	60	3	will	will	AUX
fbem-357	60	4	make	make	VERB
fbem-357	60	5	the	the	DET
fbem-357	60	6	expected	expect	VERB
fbem-357	60	7	cash	cash	NOUN
fbem-357	60	8	flow	flow	NOUN
fbem-357	60	9	of	of	ADP
fbem-357	60	10	infrastructure	infrastructure	NOUN
fbem-357	60	11	projects	project	NOUN
fbem-357	60	12	unstable	unstable	ADJ
fbem-357	60	13	in	in	ADP
fbem-357	60	14	the	the	DET
fbem-357	60	15	future	future	NOUN
fbem-357	60	16	and	and	CCONJ
fbem-357	60	17	the	the	DET
fbem-357	60	18	return	return	NOUN
fbem-357	60	19	of	of	ADP
fbem-357	60	20	investment	investment	NOUN
fbem-357	60	21	dividends	dividend	NOUN
fbem-357	60	22	low	low	ADJ
fbem-357	60	23	,	,	PUNCT
fbem-357	60	24	causing	cause	VERB
fbem-357	60	25	certain	certain	ADJ
fbem-357	60	26	risks	risk	NOUN
fbem-357	60	27	to	to	ADP
fbem-357	60	28	investors	investor	NOUN
fbem-357	60	29	.	.	PUNCT
fbem-357	61	1	6.2	6.2	NUM
fbem-357	61	2	.	.	PUNCT
fbem-357	61	3	yield	yield	VERB
fbem-357	61	4	analysis	analysis	NOUN
fbem-357	61	5	according	accord	VERB
fbem-357	61	6	to	to	ADP
fbem-357	61	7	all	all	DET
fbem-357	61	8	closing	closing	NOUN
fbem-357	61	9	price	price	NOUN
fbem-357	61	10	data	datum	NOUN
fbem-357	61	11	of	of	ADP
fbem-357	61	12	soochow	soochow	PROPN
fbem-357	61	13	suyuan	suyuan	PROPN
fbem-357	61	14	industrial	industrial	PROPN
fbem-357	61	15	reits	reit	NOUN
fbem-357	61	16	since	since	SCONJ
fbem-357	61	17	its	its	PRON
fbem-357	61	18	listing	listing	NOUN
fbem-357	61	19	,	,	PUNCT
fbem-357	61	20	its	its	PRON
fbem-357	61	21	yield	yield	NOUN
fbem-357	61	22	series	series	NOUN
fbem-357	61	23	are	be	AUX
fbem-357	61	24	obtained	obtain	VERB
fbem-357	61	25	,	,	PUNCT
fbem-357	61	26	112	112	NUM
fbem-357	61	27	and	and	CCONJ
fbem-357	61	28	its	its	PRON
fbem-357	61	29	yield	yield	NOUN
fbem-357	61	30	data	datum	NOUN
fbem-357	61	31	are	be	AUX
fbem-357	61	32	analyzed	analyze	VERB
fbem-357	61	33	with	with	ADP
fbem-357	61	34	the	the	DET
fbem-357	61	35	help	help	NOUN
fbem-357	61	36	of	of	ADP
fbem-357	61	37	eviews	eview	NOUN
fbem-357	61	38	.	.	PUNCT
fbem-357	62	1	0	0	NUM
fbem-357	63	1	10	10	NUM
fbem-357	63	2	20	20	NUM
fbem-357	63	3	30	30	NUM
fbem-357	63	4	40	40	NUM
fbem-357	63	5	50	50	NUM
fbem-357	63	6	60	60	NUM
fbem-357	63	7	70	70	NUM
fbem-357	63	8	-0.04	-0.04	NUM
fbem-357	63	9	-0.02	-0.02	NUM
fbem-357	63	10	0.00	0.00	NUM
fbem-357	63	11	0.02	0.02	NUM
fbem-357	63	12	0.04	0.04	NUM
fbem-357	63	13	0.06	0.06	NUM
fbem-357	63	14	series	series	NOUN
fbem-357	63	15	:	:	PUNCT
fbem-357	63	16	r	r	NOUN
fbem-357	63	17	sample	sample	NOUN
fbem-357	63	18	6/21/2021	6/21/2021	NUM
fbem-357	63	19	4/13/2022	4/13/2022	NUM
fbem-357	63	20	observations	observation	NOUN
fbem-357	63	21	197	197	NUM
fbem-357	63	22	mean	mean	NOUN
fbem-357	63	23	0.001042	0.001042	NUM
fbem-357	63	24	median	median	NOUN
fbem-357	63	25	0.000257	0.000257	NUM
fbem-357	63	26	maximum	maximum	ADJ
fbem-357	63	27	0.058337	0.058337	NUM
fbem-357	63	28	minimum	minimum	ADJ
fbem-357	63	29	-0.046112	-0.046112	ADJ
fbem-357	63	30	std	std	PROPN
fbem-357	63	31	.	.	PUNCT
fbem-357	63	32	dev	dev	PROPN
fbem-357	63	33	.	.	PUNCT
fbem-357	64	1	0.012301	0.012301	NUM
fbem-357	64	2	skewness	skewness	NOUN
fbem-357	64	3	0.260812	0.260812	NUM
fbem-357	64	4	kurtosis	kurtosis	VERB
fbem-357	64	5	7.896844	7.896844	NUM
fbem-357	64	6	jarque	jarque	NOUN
fbem-357	64	7	-	-	PUNCT
fbem-357	64	8	bera	bera	NOUN
fbem-357	64	9	199.0617	199.0617	NUM
fbem-357	64	10	probability	probability	NOUN
fbem-357	64	11	0.000000	0.000000	NUM
fbem-357	64	12	figure	figure	NOUN
fbem-357	64	13	2	2	NUM
fbem-357	64	14	.	.	NOUN
fbem-357	64	15	normal	normal	ADJ
fbem-357	64	16	distribution	distribution	NOUN
fbem-357	64	17	of	of	ADP
fbem-357	64	18	return	return	NOUN
fbem-357	64	19	rate	rate	NOUN
fbem-357	64	20	from	from	ADP
fbem-357	64	21	the	the	DET
fbem-357	64	22	normal	normal	ADJ
fbem-357	64	23	distribution	distribution	NOUN
fbem-357	64	24	of	of	ADP
fbem-357	64	25	return	return	NOUN
fbem-357	64	26	rate	rate	NOUN
fbem-357	64	27	of	of	ADP
fbem-357	64	28	soochow	soochow	PROPN
fbem-357	64	29	suyuan	suyuan	PROPN
fbem-357	64	30	industrial	industrial	PROPN
fbem-357	64	31	reits	reit	NOUN
fbem-357	64	32	,	,	PUNCT
fbem-357	64	33	its	its	PRON
fbem-357	64	34	average	average	ADJ
fbem-357	64	35	return	return	NOUN
fbem-357	64	36	rate	rate	NOUN
fbem-357	64	37	can	can	AUX
fbem-357	64	38	reach	reach	VERB
fbem-357	64	39	1.04	1.04	NUM
fbem-357	64	40	%	%	NOUN
fbem-357	64	41	,	,	PUNCT
fbem-357	64	42	and	and	CCONJ
fbem-357	64	43	its	its	PRON
fbem-357	64	44	peak	peak	NOUN
fbem-357	64	45	return	return	NOUN
fbem-357	64	46	rate	rate	NOUN
fbem-357	64	47	is	be	AUX
fbem-357	64	48	nearly	nearly	ADV
fbem-357	64	49	6	6	NUM
fbem-357	64	50	%	%	NOUN
fbem-357	64	51	,	,	PUNCT
fbem-357	64	52	which	which	PRON
fbem-357	64	53	is	be	AUX
fbem-357	64	54	not	not	PART
fbem-357	64	55	bad	bad	ADJ
fbem-357	64	56	for	for	ADP
fbem-357	64	57	the	the	DET
fbem-357	64	58	underlying	underlie	VERB
fbem-357	64	59	assets	asset	NOUN
fbem-357	64	60	that	that	PRON
fbem-357	64	61	have	have	AUX
fbem-357	64	62	been	be	AUX
fbem-357	64	63	listed	list	VERB
fbem-357	64	64	for	for	ADP
fbem-357	64	65	less	less	ADJ
fbem-357	64	66	than	than	ADP
fbem-357	64	67	one	one	NUM
fbem-357	64	68	year	year	NOUN
fbem-357	64	69	.	.	PUNCT
fbem-357	65	1	in	in	ADP
fbem-357	65	2	terms	term	NOUN
fbem-357	65	3	of	of	ADP
fbem-357	65	4	characteristics	characteristic	NOUN
fbem-357	65	5	,	,	PUNCT
fbem-357	65	6	it	it	PRON
fbem-357	65	7	does	do	AUX
fbem-357	65	8	not	not	PART
fbem-357	65	9	conform	conform	VERB
fbem-357	65	10	to	to	ADP
fbem-357	65	11	normal	normal	ADJ
fbem-357	65	12	distribution	distribution	NOUN
fbem-357	65	13	.	.	PUNCT
fbem-357	66	1	kurtosis	kurtosis	NOUN
fbem-357	66	2	is	be	AUX
fbem-357	66	3	positive	positive	ADJ
fbem-357	66	4	,	,	PUNCT
fbem-357	66	5	showing	show	VERB
fbem-357	66	6	the	the	DET
fbem-357	66	7	characteristic	characteristic	NOUN
fbem-357	66	8	of	of	ADP
fbem-357	66	9	sharp	sharp	ADJ
fbem-357	66	10	peak	peak	NOUN
fbem-357	66	11	and	and	CCONJ
fbem-357	66	12	thick	thick	ADJ
fbem-357	66	13	tail	tail	NOUN
fbem-357	66	14	of	of	ADP
fbem-357	66	15	typical	typical	ADJ
fbem-357	66	16	yield	yield	NOUN
fbem-357	66	17	distribution	distribution	NOUN
fbem-357	66	18	.	.	PUNCT
fbem-357	67	1	-.06	-.06	PUNCT
fbem-357	67	2	-.04	-.04	PUNCT
fbem-357	67	3	-.02	-.02	NUM
fbem-357	67	4	.00	.00	NUM
fbem-357	67	5	.02	.02	NUM
fbem-357	67	6	.04	.04	NUM
fbem-357	67	7	.06	.06	NUM
fbem-357	67	8	m6	m6	PROPN
fbem-357	67	9	m7	m7	PROPN
fbem-357	67	10	m8	m8	PROPN
fbem-357	67	11	m9	m9	PROPN
fbem-357	67	12	m10	m10	PROPN
fbem-357	67	13	m11	m11	PROPN
fbem-357	67	14	m12	m12	PROPN
fbem-357	67	15	m1	m1	PROPN
fbem-357	67	16	m2	m2	PROPN
fbem-357	67	17	m3	m3	PROPN
fbem-357	67	18	m4	m4	PROPN
fbem-357	67	19	2021	2021	NUM
fbem-357	67	20	2022	2022	NUM
fbem-357	67	21	r	r	NOUN
fbem-357	67	22	figure	figure	NOUN
fbem-357	67	23	3	3	NUM
fbem-357	67	24	.	.	PUNCT
fbem-357	68	1	linear	linear	ADJ
fbem-357	68	2	distribution	distribution	NOUN
fbem-357	68	3	of	of	ADP
fbem-357	68	4	return	return	NOUN
fbem-357	68	5	rate	rate	NOUN
fbem-357	68	6	from	from	ADP
fbem-357	68	7	the	the	DET
fbem-357	68	8	perspective	perspective	NOUN
fbem-357	68	9	of	of	ADP
fbem-357	68	10	linear	linear	ADJ
fbem-357	68	11	rate	rate	NOUN
fbem-357	68	12	of	of	ADP
fbem-357	68	13	return	return	NOUN
fbem-357	68	14	,	,	PUNCT
fbem-357	68	15	the	the	DET
fbem-357	68	16	rate	rate	NOUN
fbem-357	68	17	of	of	ADP
fbem-357	68	18	return	return	NOUN
fbem-357	68	19	series	series	NOUN
fbem-357	68	20	of	of	ADP
fbem-357	68	21	soochow	soochow	PROPN
fbem-357	68	22	suyuan	suyuan	PROPN
fbem-357	68	23	industrial	industrial	PROPN
fbem-357	68	24	reits	reit	NOUN
fbem-357	68	25	fluctuates	fluctuate	VERB
fbem-357	68	26	around	around	ADP
fbem-357	68	27	zero	zero	NUM
fbem-357	68	28	,	,	PUNCT
fbem-357	68	29	and	and	CCONJ
fbem-357	68	30	the	the	DET
fbem-357	68	31	middle	middle	NOUN
fbem-357	68	32	of	of	ADP
fbem-357	68	33	the	the	DET
fbem-357	68	34	former	former	ADJ
fbem-357	68	35	is	be	AUX
fbem-357	68	36	relatively	relatively	ADV
fbem-357	68	37	stable	stable	ADJ
fbem-357	68	38	,	,	PUNCT
fbem-357	68	39	while	while	SCONJ
fbem-357	68	40	the	the	DET
fbem-357	68	41	latter	latter	ADJ
fbem-357	68	42	fluctuates	fluctuate	VERB
fbem-357	68	43	greatly	greatly	ADV
fbem-357	68	44	.	.	PUNCT
fbem-357	69	1	the	the	DET
fbem-357	69	2	absolute	absolute	ADJ
fbem-357	69	3	value	value	NOUN
fbem-357	69	4	of	of	ADP
fbem-357	69	5	the	the	DET
fbem-357	69	6	sequence	sequence	NOUN
fbem-357	69	7	is	be	AUX
fbem-357	69	8	less	less	ADJ
fbem-357	69	9	than	than	ADP
fbem-357	69	10	0.06.overall	0.06.overall	NUM
fbem-357	69	11	,	,	PUNCT
fbem-357	69	12	the	the	DET
fbem-357	69	13	infrastructure	infrastructure	NOUN
fbem-357	69	14	reits	reit	NOUN
fbem-357	69	15	in	in	ADP
fbem-357	69	16	the	the	DET
fbem-357	69	17	case	case	NOUN
fbem-357	69	18	have	have	AUX
fbem-357	69	19	performed	perform	VERB
fbem-357	69	20	well	well	ADV
fbem-357	69	21	,	,	PUNCT
fbem-357	69	22	with	with	ADP
fbem-357	69	23	high	high	ADJ
fbem-357	69	24	gains	gain	NOUN
fbem-357	69	25	to	to	ADP
fbem-357	69	26	date	date	NOUN
fbem-357	69	27	.	.	PUNCT
fbem-357	70	1	although	although	SCONJ
fbem-357	70	2	the	the	DET
fbem-357	70	3	return	return	NOUN
fbem-357	70	4	rate	rate	NOUN
fbem-357	70	5	fluctuates	fluctuate	NOUN
fbem-357	70	6	strongly	strongly	ADV
fbem-357	70	7	in	in	ADP
fbem-357	70	8	the	the	DET
fbem-357	70	9	future	future	NOUN
fbem-357	70	10	due	due	ADP
fbem-357	70	11	to	to	ADP
fbem-357	70	12	the	the	DET
fbem-357	70	13	impact	impact	NOUN
fbem-357	70	14	of	of	ADP
fbem-357	70	15	the	the	DET
fbem-357	70	16	international	international	ADJ
fbem-357	70	17	epidemic	epidemic	NOUN
fbem-357	70	18	,	,	PUNCT
fbem-357	70	19	the	the	DET
fbem-357	70	20	risk	risk	NOUN
fbem-357	70	21	prediction	prediction	NOUN
fbem-357	70	22	model	model	NOUN
fbem-357	70	23	is	be	AUX
fbem-357	70	24	still	still	ADV
fbem-357	70	25	able	able	ADJ
fbem-357	70	26	to	to	PART
fbem-357	70	27	control	control	VERB
fbem-357	70	28	the	the	DET
fbem-357	70	29	risk	risk	NOUN
fbem-357	70	30	well	well	ADV
fbem-357	70	31	and	and	CCONJ
fbem-357	70	32	stabilize	stabilize	VERB
fbem-357	70	33	the	the	DET
fbem-357	70	34	return	return	NOUN
fbem-357	70	35	performance	performance	NOUN
fbem-357	70	36	.	.	PUNCT
fbem-357	71	1	7	7	X
fbem-357	71	2	.	.	X
fbem-357	71	3	the	the	DET
fbem-357	71	4	significance	significance	NOUN
fbem-357	71	5	of	of	ADP
fbem-357	71	6	guiding	guide	VERB
fbem-357	71	7	reits	reit	NOUN
fbem-357	71	8	in	in	ADP
fbem-357	71	9	infrastructure	infrastructure	NOUN
fbem-357	71	10	construction	construction	NOUN
fbem-357	71	11	for	for	ADP
fbem-357	71	12	high	high	ADJ
fbem-357	71	13	-	-	PUNCT
fbem-357	71	14	quality	quality	NOUN
fbem-357	71	15	development	development	NOUN
fbem-357	71	16	(	(	PUNCT
fbem-357	71	17	1	1	X
fbem-357	71	18	)	)	PUNCT
fbem-357	71	19	expand	expand	VERB
fbem-357	71	20	financing	financing	NOUN
fbem-357	71	21	channels	channel	NOUN
fbem-357	71	22	for	for	ADP
fbem-357	71	23	infrastructure	infrastructure	NOUN
fbem-357	71	24	reits	reit	NOUN
fbem-357	71	25	can	can	AUX
fbem-357	71	26	lower	lower	VERB
fbem-357	71	27	the	the	DET
fbem-357	71	28	investment	investment	NOUN
fbem-357	71	29	threshold	threshold	NOUN
fbem-357	71	30	of	of	ADP
fbem-357	71	31	infrastructure	infrastructure	NOUN
fbem-357	71	32	projects	project	NOUN
fbem-357	71	33	.	.	PUNCT
fbem-357	72	1	publicly	publicly	ADV
fbem-357	72	2	offered	offer	VERB
fbem-357	72	3	infrastructure	infrastructure	NOUN
fbem-357	72	4	reits	reit	NOUN
fbem-357	72	5	"	"	PUNCT
fbem-357	72	6	break	break	VERB
fbem-357	72	7	"	"	PUNCT
fbem-357	72	8	infrastructure	infrastructure	NOUN
fbem-357	72	9	projects	project	NOUN
fbem-357	72	10	with	with	ADP
fbem-357	72	11	an	an	DET
fbem-357	72	12	investment	investment	NOUN
fbem-357	72	13	amount	amount	NOUN
fbem-357	72	14	of	of	ADP
fbem-357	72	15	more	more	ADJ
fbem-357	72	16	than	than	ADP
fbem-357	72	17	100	100	NUM
fbem-357	72	18	million	million	NUM
fbem-357	72	19	yuan	yuan	NOUN
fbem-357	72	20	into	into	ADP
fbem-357	72	21	small	small	ADJ
fbem-357	72	22	pieces	piece	NOUN
fbem-357	72	23	and	and	CCONJ
fbem-357	72	24	sell	sell	VERB
fbem-357	72	25	them	they	PRON
fbem-357	72	26	to	to	ADP
fbem-357	72	27	the	the	DET
fbem-357	72	28	public	public	NOUN
fbem-357	72	29	,	,	PUNCT
fbem-357	72	30	so	so	SCONJ
fbem-357	72	31	that	that	SCONJ
fbem-357	72	32	ordinary	ordinary	ADJ
fbem-357	72	33	investors	investor	NOUN
fbem-357	72	34	can	can	AUX
fbem-357	72	35	also	also	ADV
fbem-357	72	36	participate	participate	VERB
fbem-357	72	37	in	in	ADP
fbem-357	72	38	largescale	largescale	NOUN
fbem-357	72	39	infrastructure	infrastructure	NOUN
fbem-357	72	40	projects	project	NOUN
fbem-357	72	41	with	with	ADP
fbem-357	72	42	less	less	ADJ
fbem-357	72	43	capital	capital	NOUN
fbem-357	72	44	and	and	CCONJ
fbem-357	72	45	share	share	VERB
fbem-357	72	46	the	the	DET
fbem-357	72	47	project	project	NOUN
fbem-357	72	48	operating	operating	NOUN
fbem-357	72	49	income	income	NOUN
fbem-357	72	50	and	and	CCONJ
fbem-357	72	51	asset	asset	NOUN
fbem-357	72	52	appreciation	appreciation	NOUN
fbem-357	72	53	income	income	NOUN
fbem-357	72	54	.	.	PUNCT
fbem-357	73	1	ordinary	ordinary	ADJ
fbem-357	73	2	small	small	ADJ
fbem-357	73	3	and	and	CCONJ
fbem-357	73	4	medium	medium	ADJ
fbem-357	73	5	investors	investor	NOUN
fbem-357	73	6	can	can	AUX
fbem-357	73	7	invest	invest	VERB
fbem-357	73	8	in	in	ADP
fbem-357	73	9	reits	reit	NOUN
fbem-357	73	10	in	in	ADP
fbem-357	73	11	the	the	DET
fbem-357	73	12	exchange	exchange	NOUN
fbem-357	73	13	and	and	CCONJ
fbem-357	73	14	over	over	ADP
fbem-357	73	15	-	-	PUNCT
fbem-357	73	16	the	the	DET
fbem-357	73	17	-	-	PUNCT
fbem-357	73	18	counter	counter	NOUN
fbem-357	73	19	markets	market	NOUN
fbem-357	73	20	,	,	PUNCT
fbem-357	73	21	and	and	CCONJ
fbem-357	73	22	the	the	DET
fbem-357	73	23	investment	investment	NOUN
fbem-357	73	24	share	share	NOUN
fbem-357	73	25	can	can	AUX
fbem-357	73	26	be	be	AUX
fbem-357	73	27	100	100	NUM
fbem-357	73	28	or	or	CCONJ
fbem-357	73	29	1000	1000	NUM
fbem-357	73	30	shares	share	NOUN
fbem-357	73	31	,	,	PUNCT
fbem-357	73	32	and	and	CCONJ
fbem-357	73	33	the	the	DET
fbem-357	73	34	investment	investment	NOUN
fbem-357	73	35	of	of	ADP
fbem-357	73	36	a	a	DET
fbem-357	73	37	small	small	ADJ
fbem-357	73	38	share	share	NOUN
fbem-357	73	39	of	of	ADP
fbem-357	73	40	capital	capital	NOUN
fbem-357	73	41	can	can	AUX
fbem-357	73	42	also	also	ADV
fbem-357	73	43	get	get	VERB
fbem-357	73	44	the	the	DET
fbem-357	73	45	right	right	NOUN
fbem-357	73	46	to	to	PART
fbem-357	73	47	dividend	dividend	VERB
fbem-357	73	48	.	.	PUNCT
fbem-357	74	1	reits	reit	NOUN
fbem-357	74	2	can	can	AUX
fbem-357	74	3	also	also	ADV
fbem-357	74	4	fill	fill	VERB
fbem-357	74	5	investment	investment	NOUN
fbem-357	74	6	gaps	gap	NOUN
fbem-357	74	7	.	.	PUNCT
fbem-357	75	1	a	a	DET
fbem-357	75	2	very	very	ADV
fbem-357	75	3	big	big	ADJ
fbem-357	75	4	feature	feature	NOUN
fbem-357	75	5	of	of	ADP
fbem-357	75	6	reits	reit	NOUN
fbem-357	75	7	is	be	AUX
fbem-357	75	8	the	the	DET
fbem-357	75	9	high	high	ADJ
fbem-357	75	10	dividend	dividend	NOUN
fbem-357	75	11	,	,	PUNCT
fbem-357	75	12	accounting	account	VERB
fbem-357	75	13	for	for	ADP
fbem-357	75	14	more	more	ADJ
fbem-357	75	15	than	than	ADP
fbem-357	75	16	90	90	NUM
fbem-357	75	17	%	%	NOUN
fbem-357	75	18	of	of	ADP
fbem-357	75	19	the	the	DET
fbem-357	75	20	income	income	NOUN
fbem-357	75	21	,	,	PUNCT
fbem-357	75	22	which	which	PRON
fbem-357	75	23	is	be	AUX
fbem-357	75	24	very	very	ADV
fbem-357	75	25	attractive	attractive	ADJ
fbem-357	75	26	to	to	ADP
fbem-357	75	27	both	both	CCONJ
fbem-357	75	28	institutional	institutional	ADJ
fbem-357	75	29	investors	investor	NOUN
fbem-357	75	30	who	who	PRON
fbem-357	75	31	occupy	occupy	VERB
fbem-357	75	32	a	a	DET
fbem-357	75	33	dominant	dominant	ADJ
fbem-357	75	34	position	position	NOUN
fbem-357	75	35	in	in	ADP
fbem-357	75	36	the	the	DET
fbem-357	75	37	financial	financial	ADJ
fbem-357	75	38	market	market	NOUN
fbem-357	75	39	and	and	CCONJ
fbem-357	75	40	ordinary	ordinary	ADJ
fbem-357	75	41	small	small	ADJ
fbem-357	75	42	and	and	CCONJ
fbem-357	75	43	medium	medium	ADJ
fbem-357	75	44	investors	investor	NOUN
fbem-357	75	45	.	.	PUNCT
fbem-357	76	1	therefore	therefore	ADV
fbem-357	76	2	,	,	PUNCT
fbem-357	76	3	it	it	PRON
fbem-357	76	4	can	can	AUX
fbem-357	76	5	alleviate	alleviate	VERB
fbem-357	76	6	the	the	DET
fbem-357	76	7	problem	problem	NOUN
fbem-357	76	8	of	of	ADP
fbem-357	76	9	infrastructure	infrastructure	NOUN
fbem-357	76	10	funding	funding	NOUN
fbem-357	76	11	sources	source	NOUN
fbem-357	76	12	and	and	CCONJ
fbem-357	76	13	broaden	broaden	VERB
fbem-357	76	14	the	the	DET
fbem-357	76	15	financing	financing	NOUN
fbem-357	76	16	channels	channel	NOUN
fbem-357	76	17	of	of	ADP
fbem-357	76	18	infrastructure	infrastructure	NOUN
fbem-357	76	19	.	.	PUNCT
fbem-357	77	1	(	(	PUNCT
fbem-357	77	2	2	2	X
fbem-357	77	3	)	)	PUNCT
fbem-357	77	4	revitalize	revitalize	VERB
fbem-357	77	5	underlying	underlie	VERB
fbem-357	77	6	infrastructure	infrastructure	NOUN
fbem-357	77	7	assets	asset	NOUN
fbem-357	77	8	reits	reit	NOUN
fbem-357	77	9	are	be	AUX
fbem-357	77	10	asset	asset	NOUN
fbem-357	77	11	securitization	securitization	NOUN
fbem-357	77	12	funds	fund	NOUN
fbem-357	77	13	,	,	PUNCT
fbem-357	77	14	and	and	CCONJ
fbem-357	77	15	from	from	ADP
fbem-357	77	16	the	the	DET
fbem-357	77	17	nature	nature	NOUN
fbem-357	77	18	of	of	ADP
fbem-357	77	19	infrastructure	infrastructure	NOUN
fbem-357	77	20	public	public	ADJ
fbem-357	77	21	reits	reit	NOUN
fbem-357	77	22	,	,	PUNCT
fbem-357	77	23	most	most	ADJ
fbem-357	77	24	of	of	ADP
fbem-357	77	25	them	they	PRON
fbem-357	77	26	are	be	AUX
fbem-357	77	27	equity	equity	NOUN
fbem-357	77	28	types	type	NOUN
fbem-357	77	29	.	.	PUNCT
fbem-357	78	1	this	this	DET
fbem-357	78	2	equity	equity	NOUN
fbem-357	78	3	financial	financial	ADJ
fbem-357	78	4	product	product	NOUN
fbem-357	78	5	can	can	AUX
fbem-357	78	6	realize	realize	VERB
fbem-357	78	7	the	the	DET
fbem-357	78	8	share	share	NOUN
fbem-357	78	9	of	of	ADP
fbem-357	78	10	infrastructure	infrastructure	NOUN
fbem-357	78	11	projects	project	NOUN
fbem-357	78	12	and	and	CCONJ
fbem-357	78	13	has	have	VERB
fbem-357	78	14	high	high	ADJ
fbem-357	78	15	liquidity	liquidity	NOUN
fbem-357	78	16	in	in	ADP
fbem-357	78	17	transactions	transaction	NOUN
fbem-357	78	18	due	due	ADP
fbem-357	78	19	to	to	ADP
fbem-357	78	20	its	its	PRON
fbem-357	78	21	stable	stable	ADJ
fbem-357	78	22	cash	cash	NOUN
fbem-357	78	23	flow	flow	NOUN
fbem-357	78	24	,	,	PUNCT
fbem-357	78	25	so	so	SCONJ
fbem-357	78	26	it	it	PRON
fbem-357	78	27	can	can	AUX
fbem-357	78	28	achieve	achieve	VERB
fbem-357	78	29	our	our	PRON
fbem-357	78	30	goal	goal	NOUN
fbem-357	78	31	of	of	ADP
fbem-357	78	32	revitalizing	revitalize	VERB
fbem-357	78	33	the	the	DET
fbem-357	78	34	stock	stock	NOUN
fbem-357	78	35	assets	asset	NOUN
fbem-357	78	36	.	.	PUNCT
fbem-357	79	1	enterprises	enterprise	NOUN
fbem-357	79	2	exit	exit	VERB
fbem-357	79	3	the	the	DET
fbem-357	79	4	high	high	ADJ
fbem-357	79	5	-	-	PUNCT
fbem-357	79	6	quality	quality	NOUN
fbem-357	79	7	assets	asset	NOUN
fbem-357	79	8	held	hold	VERB
fbem-357	79	9	by	by	ADP
fbem-357	79	10	them	they	PRON
fbem-357	79	11	through	through	ADP
fbem-357	79	12	reits	reit	NOUN
fbem-357	79	13	,	,	PUNCT
fbem-357	79	14	and	and	CCONJ
fbem-357	79	15	the	the	DET
fbem-357	79	16	revitalized	revitalize	VERB
fbem-357	79	17	funds	fund	NOUN
fbem-357	79	18	can	can	AUX
fbem-357	79	19	be	be	AUX
fbem-357	79	20	put	put	VERB
fbem-357	79	21	into	into	ADP
fbem-357	79	22	new	new	ADJ
fbem-357	79	23	high	high	ADJ
fbem-357	79	24	-	-	PUNCT
fbem-357	79	25	quality	quality	NOUN
fbem-357	79	26	assets	asset	NOUN
fbem-357	79	27	with	with	ADP
fbem-357	79	28	development	development	NOUN
fbem-357	79	29	potential	potential	NOUN
fbem-357	79	30	.	.	PUNCT
fbem-357	80	1	this	this	DET
fbem-357	80	2	process	process	NOUN
fbem-357	80	3	realizes	realize	VERB
fbem-357	80	4	the	the	DET
fbem-357	80	5	profit	profit	NOUN
fbem-357	80	6	model	model	NOUN
fbem-357	80	7	transformation	transformation	NOUN
fbem-357	80	8	from	from	ADP
fbem-357	80	9	"	"	PUNCT
fbem-357	80	10	heavy	heavy	ADJ
fbem-357	80	11	asset	asset	NOUN
fbem-357	80	12	holding	holding	NOUN
fbem-357	80	13	"	"	PUNCT
fbem-357	80	14	to	to	ADP
fbem-357	80	15	"	"	PUNCT
fbem-357	80	16	high	high	ADJ
fbem-357	80	17	turnover	turnover	NOUN
fbem-357	80	18	"	"	PUNCT
fbem-357	80	19	and	and	CCONJ
fbem-357	80	20	"	"	PUNCT
fbem-357	80	21	periodic	periodic	ADJ
fbem-357	80	22	turnover	turnover	NOUN
fbem-357	80	23	"	"	PUNCT
fbem-357	80	24	.	.	PUNCT
fbem-357	81	1	(	(	PUNCT
fbem-357	81	2	3	3	X
fbem-357	81	3	)	)	PUNCT
fbem-357	81	4	reduce	reduce	VERB
fbem-357	81	5	infrastructure	infrastructure	NOUN
fbem-357	81	6	financing	financing	NOUN
fbem-357	81	7	risks	risk	VERB
fbem-357	81	8	the	the	DET
fbem-357	81	9	leverage	leverage	NOUN
fbem-357	81	10	ratio	ratio	NOUN
fbem-357	81	11	of	of	ADP
fbem-357	81	12	infrastructure	infrastructure	NOUN
fbem-357	81	13	projects	project	NOUN
fbem-357	81	14	is	be	AUX
fbem-357	81	15	low	low	ADJ
fbem-357	81	16	.	.	PUNCT
fbem-357	82	1	in	in	ADP
fbem-357	82	2	the	the	DET
fbem-357	82	3	case	case	NOUN
fbem-357	82	4	,	,	PUNCT
fbem-357	82	5	the	the	DET
fbem-357	82	6	leverage	leverage	NOUN
fbem-357	82	7	ratio	ratio	NOUN
fbem-357	82	8	of	of	ADP
fbem-357	82	9	industrial	industrial	ADJ
fbem-357	82	10	parks	park	NOUN
fbem-357	82	11	is	be	AUX
fbem-357	82	12	lower	low	ADJ
fbem-357	82	13	than	than	ADP
fbem-357	82	14	65	65	NUM
fbem-357	82	15	%	%	NOUN
fbem-357	82	16	,	,	PUNCT
fbem-357	82	17	and	and	CCONJ
fbem-357	82	18	the	the	DET
fbem-357	82	19	minimum	minimum	NOUN
fbem-357	82	20	is	be	AUX
fbem-357	82	21	no	no	DET
fbem-357	82	22	more	more	ADJ
fbem-357	82	23	than	than	ADP
fbem-357	82	24	15	15	NUM
fbem-357	82	25	%	%	NOUN
fbem-357	82	26	.	.	PUNCT
fbem-357	83	1	under	under	ADP
fbem-357	83	2	normal	normal	ADJ
fbem-357	83	3	operation	operation	NOUN
fbem-357	83	4	conditions	condition	NOUN
fbem-357	83	5	,	,	PUNCT
fbem-357	83	6	the	the	DET
fbem-357	83	7	low	low	ADJ
fbem-357	83	8	debt	debt	NOUN
fbem-357	83	9	will	will	AUX
fbem-357	83	10	not	not	PART
fbem-357	83	11	have	have	VERB
fbem-357	83	12	the	the	DET
fbem-357	83	13	risk	risk	NOUN
fbem-357	83	14	of	of	ADP
fbem-357	83	15	113	113	NUM
fbem-357	83	16	bankruptcy	bankruptcy	NOUN
fbem-357	83	17	and	and	CCONJ
fbem-357	83	18	liquidation	liquidation	NOUN
fbem-357	83	19	.	.	PUNCT
fbem-357	84	1	secondly	secondly	ADV
fbem-357	84	2	,	,	PUNCT
fbem-357	84	3	the	the	DET
fbem-357	84	4	stable	stable	ADJ
fbem-357	84	5	cash	cash	NOUN
fbem-357	84	6	flow	flow	NOUN
fbem-357	84	7	brought	bring	VERB
fbem-357	84	8	by	by	ADP
fbem-357	84	9	the	the	DET
fbem-357	84	10	later	later	ADJ
fbem-357	84	11	stage	stage	NOUN
fbem-357	84	12	of	of	ADP
fbem-357	84	13	infrastructure	infrastructure	NOUN
fbem-357	84	14	can	can	AUX
fbem-357	84	15	also	also	ADV
fbem-357	84	16	enable	enable	VERB
fbem-357	84	17	the	the	DET
fbem-357	84	18	project	project	NOUN
fbem-357	84	19	to	to	PART
fbem-357	84	20	bear	bear	VERB
fbem-357	84	21	certain	certain	ADJ
fbem-357	84	22	market	market	NOUN
fbem-357	84	23	risks	risk	NOUN
fbem-357	84	24	.	.	PUNCT
fbem-357	85	1	acknowledgment	acknowledgment	NOUN
fbem-357	85	2	funded	fund	VERB
fbem-357	85	3	by	by	ADP
fbem-357	85	4	the	the	DET
fbem-357	85	5	innovation	innovation	NOUN
fbem-357	85	6	and	and	CCONJ
fbem-357	85	7	entrepreneurship	entrepreneurship	NOUN
fbem-357	85	8	training	training	NOUN
fbem-357	85	9	program	program	NOUN
fbem-357	85	10	for	for	ADP
fbem-357	85	11	college	college	NOUN
fbem-357	85	12	students	student	NOUN
fbem-357	85	13	of	of	ADP
fbem-357	85	14	anhui	anhui	PROPN
fbem-357	85	15	university	university	PROPN
fbem-357	85	16	of	of	ADP
fbem-357	85	17	finance	finance	NOUN
fbem-357	85	18	and	and	CCONJ
fbem-357	85	19	economics	economic	NOUN
fbem-357	85	20	:	:	PUNCT
fbem-357	85	21	research	research	NOUN
fbem-357	85	22	on	on	ADP
fbem-357	85	23	the	the	DET
fbem-357	85	24	impact	impact	NOUN
fbem-357	85	25	mechanism	mechanism	NOUN
fbem-357	85	26	of	of	ADP
fbem-357	85	27	reits	reit	NOUN
fbem-357	85	28	on	on	ADP
fbem-357	85	29	china	china	PROPN
fbem-357	85	30	's	's	PART
fbem-357	85	31	infrastructure	infrastructure	NOUN
fbem-357	85	32	construction	construction	NOUN
fbem-357	85	33	under	under	ADP
fbem-357	85	34	the	the	DET
fbem-357	85	35	background	background	NOUN
fbem-357	85	36	of	of	ADP
fbem-357	85	37	high	high	ADJ
fbem-357	85	38	-	-	PUNCT
fbem-357	85	39	quality	quality	NOUN
fbem-357	85	40	development	development	NOUN
fbem-357	85	41	(	(	PUNCT
fbem-357	85	42	project	project	NOUN
fbem-357	85	43	no	no	INTJ
fbem-357	85	44	.	.	PUNCT
fbem-357	85	45	:	:	PUNCT
fbem-357	85	46	202110378040	202110378040	NUM
fbem-357	85	47	)	)	PUNCT
fbem-357	85	48	.	.	PUNCT
fbem-357	86	1	references	reference	NOUN
fbem-357	86	2	[	[	X
fbem-357	86	3	1	1	NUM
fbem-357	86	4	]	]	X
fbem-357	86	5	zhang	zhang	PROPN
fbem-357	86	6	hanyan	hanyan	PROPN
fbem-357	86	7	.	.	PUNCT
fbem-357	87	1	research	research	NOUN
fbem-357	87	2	on	on	ADP
fbem-357	87	3	real	real	ADJ
fbem-357	87	4	estate	estate	NOUN
fbem-357	87	5	investment	investment	NOUN
fbem-357	87	6	trusts	trust	NOUN
fbem-357	87	7	(	(	PUNCT
fbem-357	87	8	reits	reit	NOUN
fbem-357	87	9	)	)	PUNCT
fbem-357	88	1	[	[	X
fbem-357	88	2	d	d	X
fbem-357	88	3	]	]	X
fbem-357	88	4	.	.	PUNCT
fbem-357	89	1	graduate	graduate	PROPN
fbem-357	89	2	school	school	NOUN
fbem-357	89	3	of	of	ADP
fbem-357	89	4	chinese	chinese	PROPN
fbem-357	89	5	academy	academy	PROPN
fbem-357	89	6	of	of	ADP
fbem-357	89	7	social	social	ADJ
fbem-357	89	8	sciences,2005	sciences,2005	NOUN
fbem-357	89	9	.	.	PUNCT
fbem-357	90	1	[	[	X
fbem-357	90	2	2	2	NUM
fbem-357	90	3	]	]	X
fbem-357	90	4	dong	dong	PROPN
fbem-357	90	5	huiying	huiying	NOUN
fbem-357	90	6	.	.	PUNCT
fbem-357	91	1	analysis	analysis	NOUN
fbem-357	91	2	on	on	ADP
fbem-357	91	3	financing	financing	NOUN
fbem-357	91	4	mode	mode	NOUN
fbem-357	91	5	of	of	ADP
fbem-357	91	6	infrastructure	infrastructure	NOUN
fbem-357	91	7	construction	construction	NOUN
fbem-357	91	8	project.2021	project.2021	PROPN
fbem-357	91	9	.	.	PROPN
fbem-357	91	10	hebei	hebei	PROPN
fbem-357	91	11	university	university	PROPN
fbem-357	91	12	of	of	ADP
fbem-357	91	13	finance	finance	PROPN
fbem-357	91	14	,	,	PUNCT
fbem-357	91	15	ma	ma	PROPN
fbem-357	91	16	thesis	thesis	NOUN
fbem-357	91	17	.	.	PUNCT
fbem-357	92	1	[	[	X
fbem-357	92	2	3	3	X
fbem-357	92	3	]	]	X
fbem-357	92	4	hao	hao	PROPN
fbem-357	92	5	sixian	sixian	PROPN
fbem-357	92	6	.	.	PUNCT
fbem-357	93	1	new	new	ADJ
fbem-357	93	2	infrastructure	infrastructure	NOUN
fbem-357	93	3	promoting	promote	VERB
fbem-357	93	4	high	high	ADJ
fbem-357	93	5	-	-	PUNCT
fbem-357	93	6	quality	quality	NOUN
fbem-357	93	7	development	development	NOUN
fbem-357	93	8	research.2021	research.2021	PROPN
fbem-357	93	9	.	.	PROPN
fbem-357	93	10	liaoning	liaoning	PROPN
fbem-357	93	11	university	university	PROPN
fbem-357	93	12	,	,	PUNCT
fbem-357	93	13	ma	ma	PROPN
fbem-357	93	14	thesis	thesis	NOUN
fbem-357	93	15	.	.	PUNCT
fbem-357	94	1	[	[	X
fbem-357	94	2	4	4	NUM
fbem-357	94	3	]	]	X
fbem-357	94	4	li	li	PROPN
fbem-357	94	5	lin	lin	PROPN
fbem-357	94	6	.	.	PUNCT
fbem-357	95	1	research	research	NOUN
fbem-357	95	2	on	on	ADP
fbem-357	95	3	reits	reit	NOUN
fbem-357	95	4	financing	financing	NOUN
fbem-357	95	5	mode	mode	NOUN
fbem-357	95	6	of	of	ADP
fbem-357	95	7	commercial	commercial	ADJ
fbem-357	95	8	real	real	ADJ
fbem-357	95	9	estate	estate	NOUN
fbem-357	95	10	companies	company	NOUN
fbem-357	95	11	in	in	ADP
fbem-357	95	12	china.2019	china.2019	PROPN
fbem-357	95	13	.	.	PROPN
fbem-357	95	14	ma	ma	PROPN
fbem-357	95	15	thesis	thesis	PROPN
fbem-357	95	16	,	,	PUNCT
fbem-357	95	17	southeast	southeast	ADJ
fbem-357	95	18	university	university	NOUN
fbem-357	95	19	.	.	PUNCT
fbem-357	96	1	[	[	X
fbem-357	96	2	5	5	NUM
fbem-357	96	3	]	]	X
fbem-357	96	4	lian	lian	PROPN
fbem-357	96	5	jijun	jijun	PROPN
fbem-357	96	6	.	.	PUNCT
fbem-357	96	7	case	case	NOUN
fbem-357	96	8	study	study	NOUN
fbem-357	96	9	on	on	ADP
fbem-357	96	10	return	return	NOUN
fbem-357	96	11	risk	risk	NOUN
fbem-357	96	12	of	of	ADP
fbem-357	96	13	penghua	penghua	NOUN
fbem-357	96	14	qianhai	qianhai	PROPN
fbem-357	97	1	vanke	vanke	NOUN
fbem-357	97	2	from	from	ADP
fbem-357	97	3	the	the	DET
fbem-357	97	4	perspective	perspective	NOUN
fbem-357	97	5	of	of	ADP
fbem-357	97	6	investors.2021	investors.2021	PROPN
fbem-357	97	7	.	.	PUNCT
fbem-357	98	1	ma	ma	PROPN
fbem-357	98	2	thesis	thesis	PROPN
fbem-357	98	3	,	,	PUNCT
fbem-357	98	4	guangdong	guangdong	PROPN
fbem-357	98	5	university	university	PROPN
fbem-357	98	6	of	of	ADP
fbem-357	98	7	technology	technology	NOUN
fbem-357	98	8	.	.	PUNCT
fbem-357	99	1	[	[	X
fbem-357	99	2	6	6	NUM
fbem-357	99	3	]	]	PUNCT
fbem-357	99	4	ye	ye	NUM
fbem-357	99	5	jiahui	jiahui	PROPN
fbem-357	99	6	.	.	PUNCT
fbem-357	100	1	risk	risk	NOUN
fbem-357	100	2	research	research	NOUN
fbem-357	100	3	on	on	ADP
fbem-357	100	4	infrastructure	infrastructure	NOUN
fbem-357	100	5	reits.2021	reits.2021	PROPN
fbem-357	100	6	.	.	PROPN
fbem-357	100	7	beijing	beijing	PROPN
fbem-357	100	8	jiaotong	jiaotong	PROPN
fbem-357	100	9	university	university	PROPN
fbem-357	100	10	,	,	PUNCT
fbem-357	100	11	ma	ma	PROPN
fbem-357	100	12	thesis	thesis	NOUN
fbem-357	100	13	.	.	PUNCT
fbem-357	101	1	[	[	X
fbem-357	101	2	7	7	X
fbem-357	101	3	]	]	X
fbem-357	101	4	gao	gao	PROPN
fbem-357	101	5	siyu	siyu	PROPN
fbem-357	101	6	.	.	PUNCT
fbem-357	102	1	empirical	empirical	ADJ
fbem-357	102	2	analysis	analysis	NOUN
fbem-357	102	3	of	of	ADP
fbem-357	102	4	factors	factor	NOUN
fbem-357	102	5	influencing	influence	VERB
fbem-357	102	6	reits	reits	PROPN
fbem-357	102	7	returns.2020	returns.2020	PROPN
fbem-357	102	8	.	.	PROPN
fbem-357	102	9	south	south	PROPN
fbem-357	102	10	china	china	PROPN
fbem-357	102	11	university	university	PROPN
fbem-357	102	12	of	of	ADP
fbem-357	102	13	technology	technology	NOUN
fbem-357	102	14	,	,	PUNCT
fbem-357	102	15	ma	ma	PROPN
fbem-357	102	16	thesis	thesis	NOUN
fbem-357	102	17	.	.	PUNCT
fbem-357	103	1	[	[	X
fbem-357	103	2	8	8	NUM
fbem-357	103	3	]	]	X
fbem-357	103	4	dai	dai	PROPN
fbem-357	103	5	guofeng	guofeng	PROPN
fbem-357	103	6	.	.	PUNCT
fbem-357	104	1	discussion	discussion	NOUN
fbem-357	104	2	on	on	ADP
fbem-357	104	3	real	real	ADJ
fbem-357	104	4	estate	estate	NOUN
fbem-357	104	5	financing	financing	NOUN
fbem-357	104	6	channels	channel	NOUN
fbem-357	105	1	[	[	X
fbem-357	105	2	d	d	X
fbem-357	105	3	]	]	X
fbem-357	105	4	.	.	PUNCT
fbem-357	106	1	institute	institute	PROPN
fbem-357	106	2	of	of	ADP
fbem-357	106	3	fiscal	fiscal	ADJ
fbem-357	106	4	science	science	NOUN
fbem-357	106	5	,	,	PUNCT
fbem-357	106	6	ministry	ministry	NOUN
fbem-357	106	7	of	of	ADP
fbem-357	106	8	finance,2011	finance,2011	PROPN
fbem-357	106	9	.	.	PUNCT
fbem-357	107	1	[	[	X
fbem-357	107	2	9	9	NUM
fbem-357	107	3	]	]	SYM
fbem-357	107	4	li	li	PROPN
fbem-357	107	5	jingyuan	jingyuan	PROPN
fbem-357	107	6	.	.	PUNCT
fbem-357	108	1	research	research	NOUN
fbem-357	108	2	on	on	ADP
fbem-357	108	3	the	the	DET
fbem-357	108	4	effect	effect	NOUN
fbem-357	108	5	of	of	ADP
fbem-357	108	6	new	new	ADJ
fbem-357	108	7	infrastructure	infrastructure	NOUN
fbem-357	108	8	on	on	ADP
fbem-357	108	9	china	china	PROPN
fbem-357	108	10	's	's	PART
fbem-357	108	11	economic	economic	ADJ
fbem-357	108	12	transition	transition	NOUN
fbem-357	108	13	to	to	ADP
fbem-357	108	14	high	high	ADJ
fbem-357	108	15	-	-	PUNCT
fbem-357	108	16	quality	quality	NOUN
fbem-357	108	17	development.2021	development.2021	PROPN
fbem-357	108	18	.	.	PROPN
fbem-357	108	19	ma	ma	PROPN
fbem-357	108	20	thesis	thesis	PROPN
fbem-357	108	21	,	,	PUNCT
fbem-357	108	22	china	china	PROPN
fbem-357	108	23	foreign	foreign	PROPN
fbem-357	108	24	affairs	affairs	PROPN
fbem-357	108	25	university	university	NOUN
fbem-357	108	26	.	.	PUNCT