| Since the 21st century, the global real estate industries and enterprises enter the age of real estate capital. The explosion of the subprime mortgage crisis of America strike the economic of many countries and regions all over the world in 2008, and the real estate industry seriously deserved. The Chinese government controls the real estate industry more and more frequently this year, facing the requirement of funds which increase daily, as a capital-intensive industry, the real estate industry and enterprises develop continuously, healthy and stably only through capital operation. The real estate securitization is the trend of global financial industry. For the Chinese real estate companies, it's one of the most important issues of its economic structure which searches for kinds of financing methods, the REITs establishment and distribution is one of the most strategic ways.Financial innovation is one of the most popular issues about Chinese real estate market in recent years, it also is the point of the corporation between the Chinese real estate enterprise and the investors abroad. The essence of REITs is a industrial investment funds which is securitized, it publish stocks and bonds, raise money from public investors, and employs professional institutions for the organization management. Not only REITs provide a financing channel for the real estate companies, but also it promotes the corporate structure of enterprises, and it provides investment product which is high-income and lower risk for the investors.At present, the development of REITs in China is still immature. Thanks to our economic structure, the mode of Chinese have REITs changed all the time without stable system and frame. Considering these facts, this article mainly includes three parts, in the first part, the author tells something basic about REITs, such as definition, characteristics, and categories etc, explores the asset securitization and the financial theory about REITs. In the second part, by exploring the experiences about REITs worldwide, it researches a mode of the real estate companies'distribution of REITs, and analyzes the whole process of the operations carefully which includes the preparing of asset packages of REITs, IPO, financing, Operation management and incomes distribution etc, Finally, the author analyzes the problems and resolving measures deeply in the practical operation of REITs in China. |
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