| As a highly capital intensive industry of China’s economic development,the real estate industry has become essential to important industry. However, the current development status of China real estate perspective, funding sources over a single, over-reliance on bank lending, leading to a significant risk of real estate gradually invasion to banking, financial institutions caused a great impact. The face of these unfavorable factors, real estate and capital markets must be strengthened risk dispersion. The real estate investment trusts (REITs) as a new way of financing gradually developed, as the majority of investor attention innovative financial products, but China’s current REITs are mainly from abroad mature experience of some countries, the lack of a Chinese characteristics model of development, and is not fully in line with our current reality situation. In this regard, research scholars at home and abroad to make a lot of research, hoping to explore a more realistic situation to adapt to China’s development model REITs.Financed through REITs model has a great advantage, not only to broaden the financing channels real estate companies, and can avoid the huge risk of financial markets, and further promote financial market innovation. As a securitization industry investment funds, REITs with high liquidity and relatively stable profitability, retail investors can gather a lot of money and improve efficiency in the use of funds circulating solve the difficult real estate project cash flow problems and then to promote the healthy development of the entire real estate industry.This article based on "Ask a question-analysis of the problem-to solve the problem," the context for article narrates. First, based on the current China’s real estate investment trusts exist a series of obstacles, the problems facing the development bottleneck, puts forward the urgent development of REITs in line with our national conditions, development model; secondly, through literature review, theoretical analysis methods combined with practical case studies, comparative in REITs development model, China and some foreign countries, the gap between the advanced and mature experience of REITs from abroad; once again, summed up China’s development of real estate investment trusts advisory opinions, and further explore suitable for China’s development path REITs.This total is divided into the following six chapters:The first chapter is the introduction section. Introduces the research background and significance of the article, the research content and frameworks, research methods and technology roadmap, research innovation and inadequate. The second chapter is relevant theory and research review. Mainly for an overview of the current domestic and international research literature REITs and achievements are summarized.The third chapter is the status of the development of REITs in our analysis. This chapter mainly describes the current course of development in our country, the obstacles facing the development, feasibility and necessity for China’s development.The fourth chapter is the development of our existing REITs pattern case studies. Select YueXiu case of REITs in Hong Kong-listed REITs and Wanda Group trial mode analysis of case examples were carried out.The fifth chapter describes the development of the international REITs mature experience, focusing on analysis of Hong Kong, Singapore, South Korea, Japan and other Asian countries, represented by the real estate trust REITs development model and the U.S. model of development, through comparative analysis, pointed out the future of China REITs direction of development.The sixth chapter is the development of REITs in our policy proposals and path selection. This chapter is a core part of the article, first of all, for the development of REITs in our country the necessary legal regulatory environment, risk control system, information disclosure system and personnel and put forward relevant policy recommendations; Secondly, put forward for the development of China’s national conditions REITs path.This article is a reference and study abroad in some mature development model based on REITs to our existing and circumstances of the particular economic system as a starting point, put forward for the country’s REITs development model, which is China’s real estate and financial markets an innovative forces to promote China’s real estate and financial industry healthy development of great significance. But REITs model presented in this paper is only a theoretical analysis, the specific implementation and operation and no deep analysis expounded. |
PDF Full Text Request