Study On Real Estate Investment Trusts Law Problems

Chapter 1 is the basic theries about REITs (Real Estate Investment Trusts). First, this chapter talk about the relationship between asset sccuritites and REITs, clarify the question that the thesis is talking about REITs, not MBS. Second, talk about the definition and the characteristics of the REITs. On the basic studying of of the definationg of REITs from the countries of America, China Taiwan and Hongkong, according to the rule of REITs, then come to the definition of REITs of China. On the basic of these, study the difference between similar defination. The writer hopes to understand the definition of REITs better, not just the definition itself, but including the inner and the outer. The writer goes on the characteristics of the REITs, hopes to know better about the REITs. Second, this chapter talks about the classification of REITs. Especially talks about the classification of American REITs. Since REITs are first developed in America, the classification of REITs is most accurate in America, and America almost has all kinds of REITs, including old kinds and new kinds. According the history of REITs in America, the writer comes to the conclusion that in different economic situation, the REITs have different types according to the economic. Third, the writer talks about the REITs in China. Undoubtedly, REITs will be useful in China, especially for the economic of the whole society, real estate developer and the investor. So it is urgent to establish REITs in China, and China needs REITs. For more clear information, China already has some cases about REITs, they develpe well in China, but Chinese law about REITs still needs to be established.Chapter 2 is about the establishment of REITs. First, talk about the establishment of REITs in America. America has the most developed REITs, and has experience and the law about REITs. The establishment of REITs in America bascilly following the test: capital test, earning test, distribution test and tax test. The establishment of REITs is changing according to the American capital market. In the brief conclusion, the writer concludes the sussesful experience of the REITs establishment, next come to the conclusion that in China we have different kind of REITs. We have REITs in China, but they are different kinds of REITs from America. So the establishements are different. In our country, we should eatablish the same REITs in America. The REITs now we have are not REITs, they are just some kind of REITs. We should develop our REITs in China. Then the writer comes out the direction of the Chinese REITs, and talks about the real cases of REITs in China, clarify the difference between the two kinds of REITs. Second, according to the history of our REITs development, the writer comes to the establishment of REITs in China, what kind of rules we should following.Chapter 3 is the organization of REITs. First, talk about three different kinds of REITs. They are trust contract, company and limited liability partnership. These are three kind of REITs organization. And then the writer talks about the legal relationship of different kinds of REITs. Second, the writer talks about the history of the organization of American REITs. In the different stage of American REITs development, different kinds of REITs organization come out. Third, the writer outlines the suggestions of our country's REITs organization. In all the three kinds of REITs organization, according to the condition of our country and the REITs now we have, comes to the conclusion that we shoud consider trust contract REITs. Third, the writer holds the thinkding that in our country we have two exchange markets of REITs. So we can develop different in two exchange market. One is in securities exchange market, according to securities investment trust. The other is in bank exchange market. This kind of organization will follow the laws we now have. We do not have to change too much law. This way of REITs organization is practical in China's situation.Chapter 4 is the principle part of REITs. First, the writer talks about in the situation of trust contract REITs, in this kind of organation, the relationship between the principal parts is rely on trust law. But because the particilation of the REITs, so REITs need to be ruled not only by trust law, but also by other particular rules. Second, talk about the relationship between three principal parts of REITs, then according to the relationship in trust law, plus the rela cases, introduce the the principal parts of REITs in trust law, and the relationship between them according the trust law. Second, introduce the relationship between the principal parts of REITs. The writer points out which kind of right and liability are also can be used in REITs, which kind of right and liability should be ruled by particular laws. In this part, the writer talks about the the content of the princilal patrs'right and liability according to the REITs.Chapter 5 is the function of REITs. The writer talks about the running of REITs need the cooperation of the industry around. The REITs can give the industry around opportunity, but meantime, the REITs need the modification of industry around laws. Only in this way, REITs in China could develop.