The Study On The Trust Investment Fund Development Of Chinese Real Estate

Real Estate Investment Trusts (REITs) is an investment approach characterized by collecting numerous investors' funds, which are operated by professional management company and eventually invested in real estate business. REITs are classified into three categories: equity REITs, mortgage REITs and hybrid REITs depending on asset holding. Equity REITs own and operate income producing real estate for a long-term investment purposes. Currently in China, due to the ample capital source of bank, additionally with the lacking of the development in the capital market, the existence of the Real Estate Investment Trusts has never been requested and substantially discussed. While with the intensifying of the national macroeconomic regulation and requirement of the real estate market's and capital market's development, the necessity of the establishment of equity REITs has gradually come into view.Based on the analysis of the mode of other country's REITs and social factors, economic factors, tax factors and law system of china, the thesis leads the conclusion: In respect of the organization mode, contractual fund should be primarily developed fund.