Study On Application And Operation Mode Of Real Estate Investment Trusts In China

After 1999, as mainstay industry and growth engine of national economy, realestate industry has contributed a lot to keeping increasing rapidly of Chinese economy.Real estate industry is one of the typical capital denseness industries. But the characterof Chinese real estate is that small enterprises, dispersive resources and low useefficiency of social resources, which is out of accord with capital denseness industriescharacter. There is very close relationship between real estate industry and financeindustry, but Chinese real estate industry has not obtained enough sustain provided byfinance industry. What's more, after People's Bank of China issued a series of policesof to prevent real estate development in excess, the traditional financing channels ofChinese real estate enterprises have been blocked. Accordingly, pushing real estatesecuritization is one way to accelerate Chinese real estate development, and RealEstate Investment Trusts (REIT or REITs) one mode of real estate securitization. Firstly, the development situation of Chinese real estate and finance industry areanalyzed. According to the investigation and statistics of real estate investment inrecent years, the author analyzed and calculated the supply and demand situation ofreal estate development in future, which indicated that there is great dispersionbetween the supply and demand. Then according to the development of AmericanREIT, the development situation, types and operation system of REIT are introduced.Base on the preceding chapters, the author analyzed the necessity and feasibility ofestablishing REIT in China. In the fifth chapter, the operation mode of Chinese REITwas analyzed with accordance of Chinese situation. Finally, the author analyzed therestrictive factors of REIT establishment in China, and gave some suggestions to pushthe development of REIT.