Legislation Research On Introduction Of Real Estate Investment Trusts

As one of supporting industries of national economy, the real estate industry needs huge funds. The first consideration of most real estate participants is how to satisfy real estate construction's need of funds and make the investment safe in the meantime. Under the circumstance that the real estate industry of our country highly depends on banks and the government reduces money supply, setting up diversified real estate financial system is the urgent demand which could lower bank credit risk, widen investment channel and stimulate a speedy and healthy development of the real estate industry. In recent years, ushering in real estate investment trust has become a consensus in many ways and been a hot spot to probe. Real Estate Investment Trusts originated in the United States (brief name REITs), and other countries in the world adopt it extensively because of its special system advantage. Ushering in and developing REITs is of great benefit for many aspects, such as solving the real estate industry's currently development bottleneck in our country, further perfecting finance and trust industries and satisfying needs of medium and small investors for financial products. Based on deep analysis of current environments of economy and institution in China, the thesis does research on ushering in REITs by law to our country and makes a path choice that we should establish listed closed-end REITs in contractual type.This thesis commences from basic concepts to explain basic theories of REITs, and emphasizes to analyze trust legal relation and regulation legal relation which occur in the process of REITs. Owing to exotic, the thesis introduces general situations of development and legislation of REITs in America and Asia, and summarizes the meaning for our country in the forth part. Based on our current realistic environment, it analyzes the necessity and possibility of ushering in REITs and points out existent legal barriers and institutional imperfection in China. In the end, the thesis analyzes the path choice and legislation mode of ushering in REITs from a variety of angles, and puts forward a few important legislative suggestions.