Research On The Development Of REITs In China

With the deepening of China's financial system reform and the continuous development of the real estate market,many problems in the real estate industry are becoming increasingly serious.On the one hand,the real estate market Chinese from insufficient supply into "structural oversupply",people are still on the price of despair;on the other hand,a large number of housing prices are frequent capital chain crisis,a large number of idle funds into bank savings to play a role.How to make full use of idle funds into the real estate industry,to solve the financial problems of real estate enterprises,to provide security and a better rate of return on investment channels for the people,to play the role of funds has become an important issue in the official,scholars and the public attention.Originated in the U.S.real estate investment trust fund(REITs)as a higher rate of return,good safety,relatively robust and flexible investment tools become an effective way to solve this problem,in the market and the national policy gradually under the guidance of China's market there are many similar to REITs the product.Although for various reasons,so far there is still no real significance of the emergence of REITs,but in the future,as the market improves,government policies and laws,.The optimization of the tax system,according to the situation of our country REITs will be developed,so this thesis chooses this topic to research,and enrich the research can provide a reference for the launch of REITs products in China and improve the system.This paper first introduces the background and significance of this research,reviews the research results of REITs at home and abroad,and gives the ideas and methods of this research.Then the paper introduces some related concepts and research subject,specific assets,asset securitization and investment trust funds,the definition of REITs,summarizes the operation modes of REITs,compared with several concepts similar to the REITs model,outlines the current status of foreign REITs.Then,the paper reviews the Chinese mainland REITs development model,analysis of China's existing classes in REITs,also chose Yunnan's REITs product specific case analysis,summarizes the advantages and problems of this typical case,a comprehensive analysis is put forward in our country is facing the problem of existing REITs.Then,based on previous studies,this paper make the design suitable for China REITs product model,and from the law,tax system,market environment,externalsupervision mechanism,personnel training four aspects are given to solve the problem of the proposal.Finally,the paper reviews the study,summarizes the statements and looks forward to the follow-up study.