| Chinese trust companies returned to the main field after the accomplishment of the reconstruction of Chinese trust industry. And the first Real Estate Fund Trusts(REFTs) was launched in Jul. 2002. Especially, when People's Bank of China enhanced the administration of the loan which invests in the Real Estate in 2003, Chinese REFTs developed quickly. Until Dec. 2006, about 50 billion RMB were invested in Chinese real estate industry by REFTs. The REFTs played an important role in Chinese real estate industry and trust industry. But at present Chinese REFTs usually provided short term loan to some real estate company which not reach the banks' loan requirement to increase these companies' capital in cash and help them get fund form banks. This kind pattern didn't accord with governmental economic and industrial policy. To control the trend that the risk in the real estate industry was pervading in total finance industry, CBRC enhanced the administration of the REFTs in 2005. So Chinese trust companies begin to research and develop new operational mode of REFTs.At present, Many Chinese researchers focus on how to establish Chinese REFTs' risk measurement model and how to ameliorate Chinese REFTs. Based on the other researchers' conclusions on REFTs, the discourse has finished hereinafter work:â‘ Based on introducing Chinese REFTs' developing status, this discourse analyzed Chinese REFTs' defect of governance structure and irrelevant investor location. And then through establishing theoretical mode, I analyzed the relationship between REATs' investor location and the real estate company's behavior;â‘¡Based on analyzing and comparing these famous credit risk measurement models, the discourse adjusted KMV REFTs risk measurement model, and use Monte Carlo simulation to analyze the risk of a real REFTs case.â‘¢Based on studying some foreign advanced operational modes of the Real Estate Investment Trusts(REITs), the discourse combined modern porfolio with the investment and management of REFTs. |
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