A Research On The US Real Estate Investment Trust

The real estate industry has more than 200 years history, and formed a relatively complete market system, legal system and the macro-control system. At present, the real estate industry has become a global economic leader, has made important contributions for the economic and social development. Therefore, the domestic and foreign scholars have paid more attention to the real estate industry research. The real estate financial industry is accompany with the real estate industry rapidly develop, the European and American countries that be represented by US, already had the relatively mature operating system and the operation experience. Some related theories research is also takes the backing by the American real estate financial industry present situation. Since the 1980s, the United States real estate research speed has sped up, concentrated on the real estate credit instruments, real estate mortgage rates and the real estate finance market, and other fields. This article strives to through the American REITs research, seeks to the successful development experience of the US real estate finance, find out the mode of operation that more suitable for China's national conditions, in the future the real estate finance as well as the real estate investment trust development will make for China uses for reference.This article divides into five parts. The first part (Introduction), have outlined the theory significance and the practical significance of the article, summarize for the domestic and foreign scholars about this topic research's related literature, introduced briefly the article structure arrangement, the research mentality, have induced this article major point and have pointed out the innovation of the article.In the second part, the article mainly introduced REITs meaning and the types. The article mainly introduced meaning and the type of the REITs. The REITs actually is the real estate group joint capital spending plan managed by the specializations, This part defers to the different standard to divide into different several types for the REITs.In the third part, the article mainly introduced the United States REITs the development of the status quo. First, reviewed the American REITs to have set up the background which as well as it passes through; second, the detailed summary of the United States REITs was established conditions. The US sets up the strict request and the standard for the REITs, no matter from the legal aspect or organization is given strict restraint and limitations.In the forth part, the article introduced the operation mechanism of the US REITs. First, summarized the US organizes model and their business scope. Based on this, analyze US REITs movement's advantages, from the capital stock, the fluidity, the income and the low risk and so on six aspects in detail. At the same time, also from passed the burden the loss, to reduce the preferential benefit, the historical income and the inferior property four aspects elaborated its malpractice. Full analysis developed country finance movement advantages, not only may cause the Chinese scholars to develop the field of vision, simultaneously may the financial industry development make the caution in the future for China.In the fifth part, this article has analyzed the Chinese REITs prospects for development. From the present situation, the necessity and the feasibility, will do faced with the difficult three aspects to the Chinese real estate trust's future by the perspective, and summarized the American REITs with to inspire to China's model. This article believed that the REITs will be the Chinese real estate industry future development direction, although the present China has not had defers to the American pattern development completely the condition, but the REITs in certainly will become the Chinese real estate financial industry important financing method in the near future.The conclusion part, has designed one kind specially the REITs which for, the low income earners serves, this kind of fund through ways and so on set managing finances, scale effect, in the certain extent dodged the real estate price to rise as well as more and more rampant evil intention continually fries the room phenomenon to give the housing pressure which, the low income crowd brought, and proposed several should follow development guidelines.