| Recently, the proportion of real estate loan has become upward trend in bank loans. In order to prevent real estate market hidden risk finally passed on commercial bank and the financial risks brought out by house prices fluctuation, it is essential to develop direct financing. As a maturing direct financial production in recent international market, real estate investment trusts (REITs) displays persistent life, which has commonly used in many country and district. In the Period of developing domestic direct financing and establishing multi-layered real estate financing system, it is significant to opportunely adopting the REITs for house price stable, relief real estate enterprise excessive dependence on bank and resolution financing risk.As one of the real estate securitization production, REITs transforms the poor liquid real estate property into liquid REITs share, causing real estate enterprise obtain the new development funds through the relocation of existing assets. Meanwhile, as a new financial production, REITs provides the possibility for social investor to share the high return profits of real estate market. Its characteristic feature such as risk and stable returns not only can remedy the structure defect of capital market, but also have obvious attraction to institutional investors. Besides, REITs entrusts management companies and team to invest property assets and manage operation, which can improve the efficiency of property assets, effectively restrain the speculation of estate loan market, propel the rational returning of real estate and promote the healthy and steady development of real estate field. |
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