| The real estate industry as a pillar industry of national economy and its importance is self-evident, especially for developing countries, has a population of 1.3 billion Chinese is more strategic significance. But with the real estate bubble in recent years, expanding the intensity of China's financial supervision in the gradual strengthening of the traditional financing channels for real estate developers are no longer as smooth as before, it is imperative to find new financing channels. Encountered in the real estate industry, financial bottlenecks, the Chinese people are in the economic development in the accumulated wealth. On the one hand the real estate industry developed slowly due to shortage of funds the other hand, the investing public can not be because of a lack of investment channels for revenue-sharing. Real Estate Investment Trusts (REITs) as a small investment, big returns, liquidity, a good investment products, just to solve the real estate industry, China's current predicament, the more and more by the vast number of investors of all ages. And real estate investment trusts (REITs) are also formally introduced the pace faster and faster. China Banking Regulatory Commission and Central Bank prepared a "real estate collective investment trust business Pilot Management Measures" after the exposure draft, the "management approach" has entered the formal promulgation of sprint stages.Therefore,this study is of practical significance.This paper describes the basic theory of real estate investment trusts beginning of the use of a comparative study of theoretical research methods, from a legal point of view of the real estate investment trust set up, operation, risk prevention, etc., were discussed. Designed by a comparative analysis of China's real estate investment trust development model.The body is divided into three chapters.The first chapter of "real estate investment trusts basic theory research." This chapter attempts to introduce the basic theory of REITs to provide a prerequisite for the study of principles, including: First, real estate investment trusts defined; Second, real estate investment trusts the origin and development; three, types of real estate investment trustsforth .The second chapter of "the value of real estate investment trust system." This chapter by the United States and other Asian countries the introduction of REITs, compared to arrive in China REITs, and the differences between them for the next chapter sets the stage design of our REITs. Include: First, functional orientation of real estate investment trust; Second, real estate investment trust operations and work flow; three real estate investment trust's risk prevention mechanism.Chapter III is "to build China's real estate investment trust system." Through this chapter, our analysis of various aspects of the development of REITs, REITs selected to build China a few important part of the organizational form from our REITs, modes of operation, the trustee selection, raising methods, the investment direction, the respective risk control six of the China's legal framework for REITs operate under the basic pattern. Include: First, China's development of real estate investment trusts necessity and feasibility; Second, China's development of real estate investment trusts legal obstacles; Three, China's real estate investment trust schema design.
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