A Study On The Mode Of Chinese Real Estate Investment Trusts

As a major pillar industry of Chinese national economic development, Chinese real estate is of great significance. Real estate investment trusts (REITs), the property of financial instruments, is generally recognized to be effective in the investment and financing channels of the real estate market by international community.In China, because real estate developers have been sufficient sources of funds of banks, coupled with less-developed capital market, REITs has failed to form and develop in China. However, with the state's macro regulation and control strengthened, the development of the capital market and the real estate market's own development needs, in China establishing the urgency of REITs have become increasingly obvious. REITs become theoretical and industry research. In practice, all trust companies also actively use trusts to invest in real estate, and continuously developed to circumvent policy barriers and innovative products. However, as a nursery in foreign mature market economy and improve the relevant laws and regulations of the REITs, China can not copy. Therefore, although Chinese theorists have researched and explorated REITs for the industry to the Chinese market and the law. However, the current lack of systemic integration and clarification, the Chinese model REITs also a lack of in-depth research clearly.This paper used a relatively qualitative research and analysis, and case study research methods to systematically study REITs, discussed the meaning of REITs, classification and characteristics, and impactd on the Chinese real estate market and the capital marketAfter comprehensively comparing the main foreign countries and regions and the status quo of chineses REITs development, the paper offers some constructive views and policy recommendations for Chinese REITs model establishment and then sets up a relatively complete frame to research Chinese REITs model.The detailed chapter arrangements are as follows:The first chapter is the guidance. It analyses main purpose and meaning of this research, brought forward the overall thought ang and major structure.The second chapter is theoretical discussion.After introducingthe concept, classification and characteristics of REITs, this paper expounded on the the trust system theory of REITs related theory.The third chapter is compared study. Based on the system of the United States is the birthplace of REITs and its theoretical and practical development of the most perfect and mature, Malaysia is the first to establish REITs market in Asia, Japan is Asian largest REITs market development, Singapore is Asian most rapid development of REITs is the second largest market, Hong Kong and the mainland market relationship, and so on. As United States, Malaysia, Japan, Singapore, Hong Kong five major countries and regions for study, from the history, major external environmental factors, the Trust model and organizational structure of REITs for a detailed analysis and comparison. On this basis, clearing market and legal environment of REITs development, REITs is an inevitable trend of financial real estate industry.The fourth chapter is empirical research. It analyses the status of the real estate trust in China, sums its character, and selects the most typical of the current significance of the China Real Estate Trust case for depth profiling. The fifth chapter of the Chinese model REITs will lay the foundation. In addition, this paper analyses the development of China REITs feasibility and significance.The fifth chapter is the construction of Chinese REITs model. Through the legal system and organizational structure perspective, the paper analyses that China should choose REITs Asian model. In particular pathway choice, mainly from the investment funds and REITs form two state perspective. Trust in China's real estate cases, investment, and China should choose interest-REITs. From morphology, China should choose contractual REITs. Then, the paper from the policy and legal aspects, the financial system and market segments, the credit environment and the credit system in three dimensions further analysis of the existing system in the development of REITs are facing obstacles. Finally, in the light of the obstacles facing the development of China REITs model specific policy recommendations.Finally, the paper's overall vision and the main points are summarized...