Research On Real Estate Investment Trusts

Real Estate Investment Trusts (REITs) connect real estate market and capital market by its own special operating system. Developing REITs can improve the system of real estate financing and investment, which is helpful with evading risk of real estate financing and accelerating the health development of real estate.Based on analysis of the present situation of real estate finance including structure and existing problems, this dissertation researches systematically in REITs such as its significance, orientation, influence and operation. The dissertation is divided into 8 chapters: chapter 1 describes the background, significance, and comprehensive introduction, content and methodology of domestic and foreign literature in this field. In conjunction with the conception, classification and characteristics of REITs, chapter 2 talks about the experience of its development in the world, and what we can learn as well. Chapter 3 states obstacles, orientation, viable models, operating strategy and policy support of development for China REITs. Chapter 4 discusses capital source, profit source, and its risk as well as methods to avoid it. Chapter 5 analyses the elements of affecting REITs'investment return, including its operation performance and influence from price of capital market. Chapter 6 expresses the changes REITs gives to domestic real estate market and financial market, and further analyzes its impacts on GDP by building econometric models. Chapter 7 discloses the justification of REITs development in China, and analyzes game situation of relevant parties, and further presents policy proposals. Chapter 6 concludes the research, and presents future research direction.REITs makes fantastic value to gradual formation of real estate market and asset securitisation market. Due to the beginning phase of REITs theory and application in our country, the author investigates and researches how to develop REITs, and tries to find a realistic result with creative ideas and methods. This dissertation concentrates on the issues of developing REITs in our country by using economic theory, financial theory, investment theory, and statistics. On the other hand, it takes qualitative and quantitative analysis, theoretical and empirical study, to reveal the time of starting REITs along with new problems, structure, which combines with the present situation of our country, and then present relevant suggestions.