Mode Selection And Legal Countermeasures Of REITs In China

REITs is the third kind of credit system in addition to traditional direct financing and indirect financing.Up to now,China has not set the specific development mode of REITs.Therefore,taking the mode selection and Legal Countermeasures of REITs as the research content,exploring which mode to develop REITs in China can enrich and improve the relevant research theories of REITs and formally launch REITs in China Financial products with important financial innovation significance provide theoretical basis.Overseas,public REITs play a leading role in the market.However,due to the imperfection of tax policy and legal system,China has not established a clear REITs system,and has not launched standardized public offering REITs.In recent years,regulatory agencies and the market have been calling for and exploring the public offering REITs,and China has also carried out some policies to promote the public offering REITs."Singapore sovereign wealth fund GIC and China shopping mall operator Joy City holding group have been approved by the regulatory authorities to pilot the issuance of China’s first public REITs," according to the report.Although the authority has not confirmed its authenticity,it also shows that it is imperative to open the market of Chinese public offering REITs.What kind of mode should the public offering REITs go forward in our country should be the next focus.In addition to the introduction and conclusion,the research content of the paper is divided into five parts.The main contents of each part are as follows:Chapter one is REITs overview.This part first introduces the concept of REITs and three kinds of classification: public offering type and private placement type,equity mortgage type and hybrid type,company type,contract type and partnership type.Then,we analyzes the two frequently mentioned but indistinguishable concepts of professional terms,public REITs and similar REITs,and makes a systematic comparison between the two concepts,so that the following related explanations can be more easily understood.Chapter two is about the current situation of REITs in China.This part introduces the relevant exploration and policy guidance of REITs products in China.Through three representative cases and a summary of China’s policies,it is revealed that China’s REITs market has huge potential and the government has the willingness to support.At this time,it is just the right time to establish and develop China’s REITs market.Chapter three is the empirical analysis of REITs’ extraterritorial law.This part introduces the current situation,establishment and operation mechanism of the United States and some Asian countries and regions.Based on the comparison between the decentralized legislation mode of the United States and the special legislation mode of Asian countries,this paper points out that according to the current situation of our country,we should learn the special legislation mode of the Asian region in the legislation mode,and we can learn from others in the aspects of legislation content and supervision.At the same time,it also points out that the REITs special law cannot and does not need to cover all the processes of REITs.In the provisions of the REITs special law,it can clearly point out the application of other laws,so as to maintain the simplicity of legislation and avoid repeated legislation.Chapter four is the exploration of the legal organization mode of public offering REITs in China.The legal system of public offering REITs is the core of the whole REITs system,so it will be discussed separately in this part.This part first introduces the legal organization mode of developing public REITs in the current environment of our country: new bond mode,company mode,public fund mode,public fund + asset support special plan mode,analyzes the advantages and disadvantages of the four modes,and then establishes the multi-attribute decision-making model,through the four modes of legislative cost,structural cost,transaction cost,implementation cost Through the analysis,the conclusion is that the public fund and asset support special plan mode is more suitable for the current situation of China’s development.Chapter five is the legal countermeasures to develop REITs in China.This part points out that the special legislation can solve the risk prevention problem of REITs in China to a certain extent.But in addition to special legislation,other relevant laws and regulations also directly affect the risk prevention of REITs in China.Therefore,this paper puts forward countermeasures from two aspects of legal connection and supervision system,in order to make REITs take root and sprout better in China.