Researches On Legal System Of Asset Trust In Real Estate Securitization

Real estate industry is the leading industry of national economy, whose biggest problem is financing. As a new-emerged tool for financing, real estate securitization pours brand-new fresh blood for the healthily and fast developing real estate market. Based on Real Estate Securitization Ordinances of Taiwan, this paper makes systematic and deep research on real estate asset trust, one of the two frameworks of real estate securitization, in order to do a little bit contribution to the theory building of real estate securitization in the mainland.Firstly, this paper makes clear definition of real estate securitizaion, differentiates the term in broad sense and in narrow sense respectively, and then makes general introduction of real estate securitization.Secondly, this paper makes more deep research on the system of real estate securitization, focused on the following four aspects: 1.the operating process of real estate securitization; 2.the differentiation of asset trust of real estate securitization and investment trust of real estate securitization; 3.the difference and relationship of real estate asset trust and real estate trust; 4.the independent meaning of real estate asset trust.Thirdly, the following chapter expounds the utilization of trust principle in real estate trust, defines the legal relationship among the participants in real estate asset trust, and analyses the independence principle of trust estate and the effectiveness of trust registration.Fourthly, this paper makes deep analysis of five specific issues of real estate securities, including: 1.the channel chosen for implementing real estate securitization; 2.the estimate of the cost of real estate; 3.the benefited securities of real estate asset trust; 4.the credit strengthening and the credit assessing; 5.the protection of investors' interest. Based on the above research, this paper gives some legal suggestion, also.Finally, the fifth chapter makes a summery of this paper and gives two suggestions for implementing real estate securitization in china.