Using The Experience Of The United State To Improve The Development Of REITs In China

Real estate investment trusts is a collective investment system,which is operated by professional investment organizations, and it raises the investors’ money by issuing stocks or unit income receipts, and most of the investment will be allocated to investors. Nowadays,it is developing prosperously in the United States. With a narrow financing channel,high vacancy rate and high price-to-rent ratios, it is important for the sound development of real estate finance to turn from exploiting to later property management. On 2014, CSRC has issued the agreement on furthering promote the innovative development of securities institutions,which clearly states that we should establish and do research on the operation plan, approving that the CITIC Sail Information Paln to appear on the market.“930” the New Deal is to be released in the same year, the central bank to establish the idea of REITs pilot. Therefore, from our real estate development background and policy-oriented perspective, REITs facing a rare opportunity for development.In the first part, the thesis makes a conclusion of the establishment, operation and market performance of American REITs. In the aspect of its establishment, the thesis elaborates the asset selection, credit rating enhancement method and financing method of REITs. In the aspect of its operation, the thesis introduces the different funding methods corresponding to different operation manners. Then the thesis analyzes its market performance and measures its risk control ability through REITs’ s annualised return of stocks, bonds and bills, and its ability to hedge against inflation. In the second part, the thesis analyzes the external factors that affect American REITs, such as financial market environment, real estate investment environment and legal environment. In the respect of legal environment, the author finds that relevant departments’ supervision of REITs changes gradually loosely in the history. Namely, on the condition of grasping the core requirements of REITs, to attract investors, departments loose the requirements of its business operations as far as possible. In the final part, the thesis introduces the asset management plan of CITIC Sail. On one hand, making introductions based on the key points mentioned earlier in the thesis. On the other hand, finding out the advantages of the organization structure and operation mechanism of this plan in contrast with C-REITs and its disadvantages in contrast of REITs standardized products in the United States by making a comparison between the products of early Chinese C-REITs and American REITs. In the end, combining the overall development of our country, the author proposes opinions and suggestions in the respect of the organization structure, operation cycle and revenue act of REITs products.