| As an important kind of trust, the Real Estate Investment Trusts(REITs)can satisfy the need of a huge sum of funds for real estate construction, and in themean time ensure the safety of funds, which is an international maturely circulated financial system of real estate currently. On account of the comparative lag of real estate financial industry in China, Chinese real estate industry has fallen across grievous obstacles in the process of integrating into the globalization of capital market. Therefore, there will be great benefits for trying to build up Chinese Real EstateInvestment Trust system by researching the Real Estate Investment Trust system of country, especially American Real Estate Investment trust system, which can also help develop Chinese real estate industry. The Real Estate Investment Trust(REITs)is a kind of investment fund in essence. It Was established by law in the United States in1960.In fact, it is securitization of the real estate investment rights and is one kind of securitization of real estate. According to the flow of fund, the Real Estate Investment Trusts are divided into three kinds:equity one, mortgage one, and hybrid one. According to the form of organization, the Real Estate Investment Trusts are divided into company one and contract one. The vigorous development of Real Estate Investment Trusts across the world represents the trends of the real estate industry which has attracted people’s widespread attention.Since2008since second half of the year, in the state against the real estate macro-control more and more big situation, leading to rely on capital intensive development of the real estate enterprises faced very severe financial pressure, coupled with strict bank mortgage policy is the tightening of the Chinese real estate financing channel, therefore, in the current the situation of our country, the development of real estate investment trust is very important. From a macro level, the first is conducive to promoting the health of our country real estate development, help reduce our financial system risk; secondly, in favor of increasing investment channels, to meet the public capital investment requirements, rich in financial investment tool, perfecting the capital market of our country needs; thirdly, to improve the whole society capital utilization, improve Chinese real estate financial architecture. From the micro perspective, first of all, to broaden the financing channels of real estate enterprises; secondly, there is conducive to the promotion of China’s real estate industry upgrading. At present, China’s real estate industry is introduced and the development of real estate investment trust is unable to hold oneself back, in order to introduce the financial investment tools, our primary task is to improve the domestic about real estate investment trust legislation. In this paper, the author selected real estate investment trust related laws and regulations as the research object, from the domestic real estate investment trust law and regulations research present situation, and then the United States of America real estate investment trust laws and regulations related to comparing the shortcomings, finally, for our country to perfect the related laws and regulations of real estate investment trust recommendations.Besides the preface and conclusion, is divided into four chapters:the first chapter is on the real estate investment trust overview, from the United States on REITs and relevant legal provisions, combined with the real estate investment trust system origin, presented the concept of real estate investment trust, and respectively introduces the real estate investment trust characteristic, main type and the form of organization. The second chapter introduces the REITs position in China, mainly from the REITs help to promote the healthy development of real estate industry in China, to reduce the risks to the financial system, to increase investment channels, to meet the public capital investment demand three aspects; third chapter is to the United States, Europe, Japan, Hong kong Province of China and other countries and regions of the REITs system were introduced, China’s REITs construct and perfect the law system of reference; the fourth chapter is our REITs’s current situation and existing problems are introduced. Pointed out that China’s current legal system about in the lack of investment fund industry, REITs special legislation, asset securitization law, trust law, lack of tax structure, and the current real estate law and other aspects of the defects and deficiencies. The fifth chapter in view of the above questions separately from the Department of law and special law, tax law and other related law perspective briefly put forward our country to develop real estate investment trust legislation. |
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