| As a backbone industry to the national economy, the real estate industry plays an important role in the development of domestic economy. As the sub-industry, the commercial real estate ushered in the expansion since 1990s. The commercial real estate has advantages such as:obtaining the commercial atmosphere through unified management to get stable rental income, obtaining great appreciation income through long-term hold. And it is good to change the abnormal development mode that developers excessively develop housing estate to obtain the short-term sales profit, while the residents mob-rob houses to keep the purchasing power of the currency. But various problems and contradictions have been occurred due to the situations such as: distemperedness of domestic commercial real estate market mechanism, lack of development experience, the simplification in financing channels, the huge capital demand in development operation period. Therefore our commercial real estate can not be developped continuably.Real Estate Investment Trusts (hereinafter referred to as REITs) is a kind of real estate investment securitization, it emerged in the 1960s as a kind of innovative financial products, it has the characteristic as easily financing, liquidity, strongly controlled risks and high yields, meanwhile REITs make those small investors to participate in commercial real estate investment, and it can be freely traded like stocks. Therefore REITs is worldwide favored.At present, REITs cause a positive attention in China and the related pilot job in brewing, but there will be many obstacles and problems during the practice. The author wants to give out countermeasures and suggestions in developping REITs through drawing and summarizing the successful experience in the United States, Japan, Singapore and Hong Kong, combined with actual situation for domestic commercial real estate market.The paper starts from the commercial real estate characteristics and operating rules, analysing the current development, operation mode, financing channel, the existing problems in domestic and international commercial real estate; Subsequently, comparing and analysing the background, operation mode, legal system design and characteristics between American and Asian real estate investment trust to give our domestic real estate investment trust some good examples for reference. Finally, this paper discusses the present situation in domestic commercial real estate investment trust development and give out the mode selection and policy recommendations for the domestic commercial real estate marketin in developing REITs. |
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