The Theoretical And Empirical Research On Real Estate Investment Trusts

With the fast development of real estate industry of our country, some deeper contradictions and questions of real estate financing start to appear. For a long time, the financing channels of real estate industry is quite simplex in our country, and it more depends on the bank, and the debt rate keeps the high trend; at the same time, the commercial bank faces the biggish finance risks which caused by the real estate because a great number of loan was invested into the real estate. Under the urgent need of multiple channels to financing channels of the real estate, Real Estate Investment Trust, as a way of the feasible real estate financing, has been recognized by real estate industry and financing industry . But the study for REITs started later in our country, and the most studies are still rested on its origin, its concept, the broad operation mode, the operation regulation, the operation and the introduce of the actuality, and less attention are the theory depth of studying for REITs, meanwhile, because of the lag in the development of REITs and the lack of the cases, the demonstration study is also deficient . So under the above-mentioned background , the article aimed at studying the theories and practice problems to development REITs from the fund characteristic, international experience using for reference, business orientation, principle-agent relationship, risks control and management principal, and proposed developmental strategy of REITs on these bases in our country.The main points and conclusions of the dissertation are as follows: (1)REITs will play an active role in Chinese real estate industry and financing, which can expand the financing resources for real estate, promote the business reform of trust companies and reduce the financial risks of real estate. (2)Influenced by different factors like state macro-economic control policies, Chinese real estate market tended to rise in 2002 and 2003 and a little bit increase in 2004. (3)The REITs experience of those developed countries like America is worthy of being used for reference by China. This article suggests that Chinese REITs should be developed, that is to say, we should create the necessary legal environment, improve market environment, establish organization structure for REITs, drive to train lots of...