| The real estate market has basically formed in China. Applied study and theory on the capital market is beginning. Study on real estate investment trust (REIT) plays a vigorous role in development REIT in China.Analyzed the state quo of real estate finance, draw on the experience of the foreign REIT on the real estate finance, the paper draw a conclusion that importing REIT may upgrade the capital market, that may cut down the burden of the real estate in the bank, that may attract the investor. At the meantime, that may transfer of the real estate business from construction,selling to management and administration over a long period of time. The paper analyzes the background and condition of American REIT, concludes the foreign experience and difficult. After issued 121 file in June 2003 in China, the bank cut down supports to the real estate .It is importance of open up the new financial road .it is time to develop REIT In China nowadays. The paper mainly introduces the REIT working in American (organized system,specialized management,free transfer,Portfolio,beneficial tariff,effective supervision and control) ,concludes the foreign experience and difficult. The paper prides into how to get up, how to run, prides into the law and system. Especially, analyzing the REIT focus---income and risk, it is fit of the Portfolio theory. So that we revises and get up the Portfolio model of material object after analyzed the stock Portfolio classics model. Also, since REIT belongs to the trust-agency relation, the paper presents the necessity, use of the body, preponderance of REIT supervision and control. It is enriched REIT understanding to us. Lastly, the paper is useful to get up REIT and fix position in china.
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