A Case Study On The Operation Mode Of CITIC Qihang "REITs"

With the deepening of Chinese market-oriented reform,the domestic real estate market has become an important choice for many institutional investors after more than ten years of rapid development.However,due to the real estate industry has the characters of capital-intensive,long-term investment,complex procedures,strong professional etc.,most of small and medium investors are abandoned outside the market.Besides,the real estate investment depends too much on commercial banks in China,it is not conducive to the financial market stability.As the important achievement of financial innovation of real estate,Real Estate Investment trusts(REITs)was born in 1960 in the United States,and entered the Asian market around 2000.In the overseas developed market,REITs plays an important role in the real estate capital market.REITs market starts late in China,it is still in the stage of theoretical research and pilot run.This article intends to describe and analyze the operation mode of CITIC Qihang "real estate investment trusts(REITs)",compare it with the mature market REITs and two domestic properties and overseas listed typical REITs representatives,YUEXIU REITs and Capita Land REITs,and summarize its own characteristic and future development proposals.Furthermore,it gives the revelation to deepen the domestic REITs market,including phased implementation,laws and tax incentive system perfection,land use term and property protection,fund and asset management talents,etc.