| Along with the practice of land reserve system carried on deep in China, the business of land stocked has been developed systematically, and the pressure of raising funds is gradually intensifying by enlarging the area of land purchased and reserved. Based on the analysis of the present land reserve funds raising mode of our country, this paper, combining the practical situation, proposes a new fund raising mode—Land Reserve Investment Trust Funds, which is different from the present land funds theory raised by the authorities of our country, an indirect investment conducting by the market in a trust mode.The content and achievements of this paper as following:Firstly, this research emphasizes on the operation model of the Land Reserve Investment Trust Funds. Combining with funds operation models and land reserve features, this paper analyses the organization model and operation model for Land Reserve Investment Trust Funds, and puts forward the corporation type open-ended funds to suit Chinese specific situation, while making a research on the establishment of the organization, the relationship of agencies, the funds operation system of the Land Reserve Investment Trust Funds etc.Secondly, the distribution of land income is always the focus studied by the authorities, which is more complicated for more sharing subjects joining in like the Trust company of Fund Management Company and the funds investors after bringing in the Land Reserve Investment Trust Funds. Starting from the main sharing subjects' relationship, this study analyses the land income distribution problem according to the balance of interest principle.Thirdly, Land Reserve Investment Trust Funds is a market financing tool which could not be applied to every city's land reserve center. By using DPS, a data analyzing software, and the capital asset pricing model, this paper makes sure the income of the open-ended investment trust funds, obtains the applicable conditions for Land Reserve Investment Trust Funds, and makes an empirical study by analyzing the practical situation of land primary market of Xi'an in 2005. |
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