| As a financial instrument,REITs can not only optimize the real estate financing structure,but also effectively avoid the impact of real estate industry fluctuations on the financial system.It is a major innovation in Chinese real estate financing methods.However,since the introduction of REITs in China,there are no specific laws and regulations to make clear provisions on REITs,and relevant laws and regulations have not modified the terms involved in REITs,as a result,the risks existing in China REITs are difficult to be effectively prevented.At present,China REITs face policy risks,legal risks,and liquidity risks,analyzing these risks and guarding them is significant.From the legal point of view,in order to prevent the risks of REITs,it is necessary to solve the legal problems existing in the risk prevention of REITs in China,and to construct a risk prevention system for REITs.The first chapter of this paper introduces the principle of REITs.The current situation of China REITs is analyzed by taking CITIC’s special asset management plan and Penghua Qianhai Vanke REITs as examples.The second chapter introduces the classification of risks,and analyzes the risks and prevention of REITs in China.On the basis of the second chapter,the third chapter puts forward the legal problems in the risk prevention of China REITs,including the legislative issues of China REITs securities,the lack of special legislation,and the unmodified laws.And the lack of risk prevention mechanisms such as credit rating,information disclosure,and regulatory system.The fourth chapter draws on the legal experience of US REITs risk regulation and draws inspirations from the risks of China REITs.The main content of the fifth chapter is to propose legal countermeasures for the problems existing in risk prevention,including clarifying the legal attributes of REITs in China,improving the relevant legislation of REITs,establishing risk prevention mechanism for REITs,and strengthening REITs supervision,standardize the credit rating mechanism,and improve the information disclosure system. |
