Research On The Development Of China’s Real Estate Investment Trusts

Invest in real estate market real estate trust fund as a kind of a relationship with thecapital investment in industry society, after50years of experience in foreign countries, hasshowed great potential development, and system of advantage. Real estate investment trust(RealEstateInvestmentTrusts, REITs) originated in the United States, it is actually a kind offund investment securitization industry, is made up of a fund and related sponsors to investorsimplementation of beneficiary certificates, and put together the social idle funds, by the goodreputation of financial institutions bear to raise funds managed, then put raised funds insecurities investment of real estate and property development projects. In the process ofinvestment, the issuer is more focused on distributed diversified investment, invest the moneyin the different types and different parts of the project, focus on professional managementcombined with multivariate investment, effectively reduce the risk and get a lot of investmentincome. From the above definition is easy to find, the domestic real estate trust fund as a wayof financial investment, is a kind of mode of securitization of real estate. Between thefinancing channels of real estate has been used to study and draw lessons from REITsexperience in developed countries is introduced the importance of REITs in our country, andput forward the domestic REITs in the range of feasibility study of the actual direction anddetailed operating mode and policy advice.Real estate industry is highly dependent on bank capital and cause risk to be absorbed bythe bank of a large number of real estate market, there by encouraging financial accumulateda lot of real estate financial risks. So, there are estate industry be eager for outside the bankfinancing way, to deal with the operating conditions of real estate development and theproblems of lack of funds. Under this situation, there are estate investment trust sentered thevision of our country. This article first introduces the general situation of real estateinvestment trust fund, and then through the analysis of implement the necessity and feasibilityof REITs in our country, and around the world within the scope of the comparative study onREITs experience of developed countries, sumup experience of national real estate financingdevelopment effective, finally the pattern choice of REITs in our country make acomprehensive study, find a conform to the way of real estate financing development ofREITs in China. In this paper, the research content is divided into six chapters:First chapter is introduction, through to the selected topic background, the selected topicsignificance and literature review both at home and abroad is introduced, the formation of themain research contents, research methods and research frameworkThe second chapter introduced the concept and features of REITs classification,operation pattern, the REITs system the basic framework of parsingThe third chapter presents foreign current situation of the development of REITs, tocompare the REITs, REITs in Japan, and Singapore REITs development mode, summarizestwo main model of REITsThe forth chapter develops on REITs in our country reality, through different case showsthe current situation of the development of REITs in our country at present stage, and pointsout that the development obstacle of REITs in ChinaThe fifth chapter positive factors, combining with the development of REITs in ourcountry from the pattern selection, operational aspects such as the basic framework designpossible path suitable for China’s national conditions of REITsThe sixth chapter REITs run external environment optimization, with laws andregulations, capital market, talent, etc, as the breakthrough point, put forward policySuggestions for development of REITs in China.