Real Estate Investment Trusts Development In Our Country

The thesis analyzes the real estate financial market of our country from the tiny view and the macroscopic side. Due to the single financial channel and the unbalancing financial market, the article thinks that our country hasn't yet had a good real estate financial market. Following the development experience of the real estate market in the abroad, the article discusses the importance of the REITs from four aspects, that is to promote the safety of the financial system, to perfect the structure of the real estate financial market, to provide a kind of safe product to investor and to develop the real estate business in our country.The thesis systematically introduces five aspects of the REITs: the concept, the operating process, the business model, the inner control mechanism, and the regulatory. Furthermore, the thesis carries on contrast analysis to the development process of the overseas mature REITs, particularly discusses the American REITs model in detail. And then the thesis summaries American experience in the taxation policy. In addition, focusing on the quick development of REITs in Hong Kong and Singapore, the thesis makes a concrete comparison of the two local REITs' Markets to provide some references to someone that is preparing the REITs going to the overseas market, and provides an important choice model for Chinese REITs development.According to the analysis of the development process and the present condition of Chinese real estate financial market, the thesis finds out the difference between the REITs in our country and the standard REITs in international markets. Furthermore, the thesis brings forward the whole strategic target of our country's REITs, i.e. the equity type of real estate investment trust funds, and discusses the three aspects of the REITs, i.e. the law environment, the inner control, and the information disclosure. Finally, in order to match whole strategy the thesis casts four sub-strategies of Chinese REITs, i.e. the strategy of organization, the strategy of product position, the strategy of global competition, and the strategy of core competitive edge.