The Study On The Legal System Of REITs

Real estate investment trust (REITs, the same below) is a typical formofrealestate securitization, real estate industry and financial markets to the maturestage of the development of modem financial product innovation. REITs haveenabled the high-yield real estate investments not only retain the character andenhance the real estate investment assets mobility and the stability of earnings,thereby to national real estate market and the capital market has played a dual rolein promoting development. At present, China's rapid economic development inthe period, on the one hand, the thriving real estate market growing demand forinnovative financing, on the other hand, investors in innovative financial productsand widen the investment channels urgent needs, both in China's real estatedemand-driven financial innovation.REITs as a real estate market in the world a more mature developmentof the financial innovations, Chinese theorists have drawn positive attention andbusiness. Research and development experience and lessons from abroad REITsexplore REITs in our development model, analyse the development of nationalREITs external environmental factors and legal norms, Combined with the realityof our country, topresent a summary of the reality of our development REITsmodel design for the current conditions of China REITs legal norms in regulatingand promoting the healthy and stable development of REITs.Chapter One introduces the principles of REITs.This part has analyzed thebasic meaning, the legal characteristic and the type of REITs, This article dividesinto the real estate investment trust the rights and interests class, the mortgageclass and the mix class,Chapter Two introduces the intemational model of REITs. This partdiscussed REITs of American and the Asian area development and theexperience emphatically. REITs already became the American individualinvestors' and organization investor's important real estate investment channeland the real estate rights and interests capital important source, its relativeproportion has even surpassed the direct investment, negotiable securitiesfinancing and the real estate forms a partnership limitedly the company way.Asia is introducing the real estate investment trust fund positively, in which Singapore,Japan, South Korea, oneself after promotes one after another has our countrycharacteristic real estate investment trust fund. Taiwan Province implemented"the real estate securitization rule"; this rule to stipulate two kind of different realestate securitization form officially: The real estate investment trust (is similar toUS's real estate investment mast) and the real estate asset mast. And the article hasanalyzed American and the Asian area difference.Chapter Three introduces our country introduces REITs the environmentanalysis. This part analyzed our country to develop the real estate investment trustnecessity and the feasibility, and developed the REITs culture, legal as well as thereal estate finance barrier to our country has carried on the elaboration.Chapter Four introduces the suggestion of Chinese REITs legal regimeconstruction. This part discussed the Chinese REITs development plan, at presenton the international REITs development pattern may divide into two big types:One is the American pattern, two is the Asian pattern. But they also only are westudy, the research object, lives in the present stage moves, does not conform toour country economy and the real estate industry development present situation.The article proposed should from ways and so on trust law, negotiable securitieslaw, real estate law consummate our country to involve REITs the related law,and proposed our country sets up the REITs legal regime to devise, adopted theform, the department responsible for the work, the operation pattern to ourcountry REITs, dismisses the system to carry on the idea.