| Since the government launched the reform and open policy, the real estate industry has developed rapidly in our country, and now it becomes a very strong industry in China, especially in the period of the tenth five-year national plan, it increased by 20% every year and had impetus for our country's 8% GDP growth every year.It was calculated that before 2003, 70% funds of the real estate industry were bank loans. Therefore, banks take high risks. So the central bank promulgated the No.121 file, because of it, it's very difficult for real estate enterprises to get loan from banks, and many real estate enterprises are in short supply of funds. They have the dangers of intermit of funds chain.Especially in late September 2005,the association of bank jail promulgated the NO.212, which is the Notice To strengthen Partial Services Risk of Trust Investment enterprises, which caused many property development enterprises to fall into the difficult conditions.Under the background of seeking for new ways of collecting funds, real estate invest (trust) fund, as a investment stretching across the real estate industry and the financial capital industry, is a utilizable investment tool without doubt. Especially for the current situation of deficient ways of collecting funds, it has the vital significance to the real estate industry market and the finical market to establish real estate investment trust fund.Based on defining the real estate investment (trust) fund, and introducing the development situation of home and abroad, the article discusses the feasibility of establishing REITs in China separately from the real estate industry situation, the industrial background as well as experiences of the foreign developed countries or the local advanced districts. Moreover, the article analyzes the necessities to establish REITs from the government finical policies and contradictory between the bodies of trust suppliers and funds demanders.Finally, with the domestic cases and American... |
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