Research On Legal System Of Real Estate Investment Trust (REITs)

From the beginning of1990，the global market economy entered the stage ofcapital，and rapid development. Part of the China real estate belonging to the marketeconomy，but also to conform to the trend，actively into the global economy. Chinanow has1,3billion people，so，only to the development of the real estate industryefforts，can make the rapid development of economy. When it comes to the real estateindustry，people will think of the investment, therefore，it is closely related to thefinance of the real estate industry. Real estate on the market of general merchandise，are fixed，high price，not splitting characteristics of integrity，the out of the ordinarycharacteristic，decided to invest in real estate to invest a lot of money，but also moneyrunning speed is slow，the risk is big，will cause a shortage of capital projects comeone after another，inability to respond to economic challenges. So，a lot of the industryparticipants would consider such a problem in the first place，how to ensure thesecurity of the investment，but also to achieve real estate construction capital demand.At present，China’s real estate financial development is still in the initial stage，so withthis related rules and regulations are not complete，it shows no guidance practice havebeen introduced in the system，not for economic development，other regulations hasnot yet promulgated.Real estate investment trust from its origin to the present，has gone throughnearly a hundred years of history，it not only legislation is more perfect，and operationis also more stable. At present，the real estate investment trust（REITs）has graduallybecome an important form of trust，but the development of China’s real estate financeindustry compared to developed countries，is still lagging behind，although the TrustLaw，but for real estate investment trust issues have not been established and ensuringclear， which has become one of the important factors to restrict， sustaineddevelopment of China’s real estate industry therefore，through the research ofoverseas REITs laws and regulations，to promote our country in the financial industrydevelopment，and strive to establish a trust fund for real estate，and finally to develop China’s national conditions of the real estate investment trust (C-REITs) system，widen the financing channel，also will be the inevitable choice of market economy.REITs in many countries in the world have different development，this paper isbased on the development，not only study it in our country and foreign developmentsituation，the development of other industries have a relationship with him，thendiscard its dross，select the essence，to establish and perfect our country REITs，at thistime，the promulgation and establishment of REITs is very important. This paper usesthe method of historical analysis，comparative analysis，quantitative analysis and soon in economic research，and to the laws and regulations as the breakthrough point，to have some economic，management of academic theory，comparative analysis andtheory development in the aspects of REITs in Asia，Europe and USA，combined withthe reality of development in China，comprehensive study on it.