| After 1999, as mainstay industry and growth engine of national economy, real estate industry contributed a lot to keep China's economy increasing. The characteristics of China's real estate market are featured by small enterprises, dispersive resources and deficiency in using social resources, which is out of the expectations what the real estate should be. There is a very close relationship between real estate market and financial market, but China's real estate market does not get full support from financial market. What's more, after People's Bank of China issued a series of polices to prevent real estate from developing in excess; the traditional financing channels of China's real estate enterprises have been limited. Accordingly, pushing the new financial tool is very urgent. Previous research showed that the real estate investment trust which has been invented in America originally is an efficient way to finance the real estate market.This essay is structured as follows; first, we analyzed the economy and finance theories of real estate investment trust and compared with international development. In the second chapter, we made necessity and feasibility analysis to develop real estate investment trusts in China. We believed that China is suitable to develop real estate investment trusts.Chapter three has studied the operation mode of real estate investment trusts in China. Through comparing different organizational forms of real estate investment trusts, we concluded China is suitable for developing contract type of real estate investment trusts at present. In addition, the essay also probed into the business mode which can be launched in real estate investment trusts, such as Rights and interest investment, creditor's rights investment. In Chapter four we analyzed the limitation and put forward some suggestions. |
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