| As a typical form of real estate securitization, REITs is a product of the financial innovation after the real estate industry and financial markets developed to the mature stage. REITs have not only retained the high-yield character of the real estate investments, but also have enhanced the mobility of the real estate investment assets as well as the stability of earnings. Thereby REITs had promoted the development to both the national real estate market and the capital market by dual ways. As China's economics developing rapidly, the innovation of the financing is being demanded increasingly by the thriving real estate market; meanwhile, investors demanding urgently on both the innovative financial products and widen the investment channels.As a kind of developed financial innovation of the real estate market in the world, REITs is driving a lot of active attentions of the theorists and the enterprises in China. To figure out the developing pattern of REITs in China by studying the successful experience and the failure lessons of the aboard REITs, we should realize that REITs is born in special condition including law system, economic environment, the period of the real estate developing, financing system and so on. So only when we analyze the external environment factors and the legal norms, combined with the reality of China, can we present a summary of the developing model of REITs in China.From this viewpoint, Chapter 2 illustrated the definition, characteristics and the developing situation about REITs. Chapter 3 analyzed the feasibility and necessity of developing REITs in China. Chapter 4 compared the structure and the pattern of REITs between USA and other Asian countries, and made the option. Then the author studied the GZI REITs and pointed out that to develop native REITs is the only way for developing REITs in China. Chapter 5 designed the REITs project which fit for the law system and our reality. And provide the suggestions for constructing the outer system of REITs. |
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