The Study On The Legal System Of REITs

Real estate investment trust(REITs,the same below) is a typical form of real estate securitization,real estate industry and financial markets to the mature stage of the development of modern financial product innovation.REITs have enabled the high-yield real estate investment assets mobility and the stability of earnings,thereby to national real estate market and the capital market has played a dual role in promoting development.At present,China's rapid economic development in the period, on the one hand,the thriving real estate market growing demand for innovative financing,on the other hand,investors in innovative financial products and widen the investment channels urgent needs,both in China's real estate demand-driven financial innovation.The main purpose of this paper is the combination of foreign real estate investment trusts development and the promotion of the relationship between the legal systems,analyze the legal institution of REITs' development issues deeply and comprehensive,and make the relevant legislation in the future and suggestions to the problems existed in the REITs.The four parts of this paper are discussed.Chapter one is the basic theory of the real estate investment trusts.Distinct the meaning of REITs,analyze the classification and the main features of REITs,and analyze the special trust legal relationship of REITs based on "Trust Law" theory.Chapter two is the system of the foreign real estate investment trusts.The real estate investment trusts of the United States is the earliest and most prosperous,so we make focused on the U.S.origin of the real estate investment trust and development. At the same time,we also introduced REITs in the Asian countries and introduced the development of Singapore,Hong Kong,Japan as important.Chapter three is studies on our current real estate investment trust.Discussing the inevitability of our development of REITs,and make the main legal issues and the reality of the legal obstacles of our REITs.Chapter four is the suggestions of Chinese development model of REITs and related legal system to improve.The author suggest the establishment and development of Chinese REITs legal thinking which from the formulation of special laws,improve the relevant legal system,choice of development models and so on.