China's Development Path Of The Real Estate Investment Trusts Choose

With the fast development of real estate industry of our country some deeper contradictions and questions of real estate financing start to appear. For a long time, the financing channels of real estate industry is quite simplex in our country, and it more depends on the bank, and the debt rate keeps the high trend; at the same time, the commercial bank faces the biggish finance risks which caused by the real estate because a great number of loan was invested into the real estate. Under the urgent need of multiple channels to financing channels of the real estate, Real Estate Investment Trust, as a way of the feasible real estate financing,has been recognized by real estate industry and financing industry.But the study for REITs started later in our country, and the most studies are still rested on its origin, its concept, the broad operation mode, the operation regulation, the operation and the introduce of the actuality, and less attention are the theory depth of studying for REITs, meanwhile, because of the lag in the development of REITs and the lack of the cases, the demonstration study is also deficient.Under the background, this paper proposed the concept of real estate investment trust, hope the research of real estate investment trusts, real estate investment trust that our country should follow the development path.First of all, the beginning of this article (Chapter 2), pointed out that the definition of real estate trust funds,real estate investment is the main purpose of the investment funds, a series of certification requirements, the Trust Fund to meet these conditions can be said as "real estate investment trust" and the various tax concessions available. To China is not common in real estate investment trust funds onto the stage, and a summary of its general form, and pointed out the real estate investment trusts (REITs) advantage.After the principal part of this article (Chapter 3), summarizing the symbiotic relationship between real estate finance to start, to a symbiotic relationship from biology into real estate, proves existence of a symbiotic relationship, summed up China's real estate industry existing financial symbiotic relationship, and that in the real estate investment trust are developed, the ideal state of the financial relationship that the current Chinese real estate industry a lot of problems, both from the real estate industry this financial symbiotic relationship,and to This problem is called "structural defects" in the end of this chapter, leads to the concept of real estate investment trust that our country is to solve a variety of structural defects, and only start from the structure of the real estate industry, that is, the development of real property This particular fund investment trust.Chapter 4 of this article, the international real estate investment trust to develop a summary of experience. First of all, the home of real estate investment trust the United States, conducted a lessons learned, summarized the conditions of its establishment, the type of construction of the main structure and its defects have also been concluded that the reason why the U.S.real estate market, subprime mortgage crisis occurred, It gradually over the past decade to strengthen its financial closely related symbiotic relationship, summed up the United States recognized the structural problems of our country for the following construction of real estate investment trust, to avoid US-style subprime mortgage crisis provides a basis.Second, this section also summarizes the economically more developed, the system constitutes a more perfect in Europe, the development of real estate investment trust overview, and our geographical, cultural, economic conditions are very close to the Asian country's development experience, in particular, introduced China's national conditions,the most similar population density of Japan and Singapore in the system design and areas requiring attention.Finally, based on the United States, Europe and Japan comparison, this section summarizes the foreign experience, that trust is the development of real estate investment trust my best choice, the development of China real estate investment trusts should follow this form.Chapter 5 of this paper is the development of real estate investment trust in China's policy proposals.In conclusion, China's real estate investment trust must face the development environment based on the United States, Europe and other countries through the development of REITs pattern, structure, compare the listed conditions, the paper proposed the development of REITs in China's proposal to create the necessary legal environment, the necessary conditions to improve the market environment and further summarizes China has kept all types of "quasi" real estate investment trust fund, that China's development of real estate investment trust has several parts need improvement, and development of housing in China optimal real estate investment trust built environment and provide reasonable suggestions.