| As a kind of industrial investment tool linking social capital and real estate market, through the development in foreign countries for nearly 50 years, Real estate investment trust has shown huge system advantages and development potential. Introducing and developing real estate investment trust system plays important role in guiding social capital to effectively enter real estate market, lifting development level of real estate industry, perfecting the product structure of financial market and preventing the risk in financial market. The establishment of real estate investment trust fund may not only solve a series of matters in the development of real estate industry, such as fund lack, but also promote the perfection of financial industry and capital market, increase social investment tools. In the thesis, the author starts from introducing the basic situations and fundamental theory of real estate trust fund, demonstrates the feasibility for China to develop real estate investment trust fund by further analysis on real estate investment trust fund, in combination with the actual situations of China, constitutes the mode of real estate investment trust fund in China, in addition, the author raises development suggestion specific to future policy. From the angle of the development of fund industry in China, the investment fund industry in China has been greatly developed, in addition, investment fund has occupied more and more important status in the securities market of China. However, nearly all investment funds circulating in the securities market of China are securities investment fund, the study on industrial investment funds including real estate investment fund is little. In view that developing real estate investment trust fund has important sense for China, the corresponding study not only has intense economic sense and social sense, but also has urgency and reality sense.In the thesis, by the further research on real estate investment trust fund, on basis of relevant theoretical preparation, in combination with the actual situations of real estate industry and financial industry in China, the author discusses various modes of real estate investment trust fund suitable for the development in China and the basis on mode selection, at the same time of carefully analyzing the main obstacles affecting the development of real estate investment trust fund in China, the author raises suggestion on the development of real estate investment trust fund in China and risk prevention measures. The author introduces the"Case on design of fund trust product"of Zhongrong Real Estate on industrial investment, by the design on the trust product, solves the financing bottleneck matter of the present real estate industry in China, so to further widen the financing channel of real estate developer and the investment channel of investor and perfect the financial system in China. The concrete arrangement is listed below.Chapter 1 is the introduction, the author simply introduces the study background, purpose and sense of the thesis, present study situations at home and abroad, study thought and main contents, raises the following aspects: present real estate market lacks fund, the loaning from such financial institutions as bank becomes difficult, the real estate financial market in China has been gradually established, the utilization efficiency of large amount of social idle fund is low, many institutional investors at home and abroad need to seek for new investment direction and investment tools. Therefore, it has important reality sense to study the development of real estate investment trust fund in China.Chapter 2 introduces the theoretical basis of real estate trust investment, in the part, firstly, the author refers to the definition of authoritative institution and defines real estate investment trust fund; subsequently, the author points out that real estate trust fund has the attributes of securities, cooperation and trust. According to different categorization standards, real estate trust fund is divided into equity type, mortgage type and mixed type; open listing and trading, non-listing trading, placing REITs,close type and open type, company type and contract type.Chapter 3 discusses the interior and exterior environment for the development of real estate trust fund. The author firstly analyzes the advantages for China to develop real estate trust fund: favorable for medium and small investors to participate, fund type complies with the character of real estate industry with long investment period, fund type more easily realizes scale benefit, fund-type REITs combination investment has high safety, fund-type REITs has powerful circulation and cashing ability, etc. Simultaneously, the author also analyzes the disadvantages on the development of real estate fund: law obstacle, obstacle from taxation system, obstacle from circulation of trust product, imperfect information disclosing, imperfect supervision mechanism, property supervision system to be perfected. In order to bring into play advantages and avoid disadvantages, these obstacles shall be improved. At the end of this chapter, the author raises improvement measures on the development of real estate fund.Chapter 4 discusses various modes of real estate investment trust fund suitable for the development in China and the basis on mode selection, including selection on organization mode, business mode and issuing mode. According to the relevant laws and system of China in trust industry, securities industry and real estate industry, there are three possible paths for the development of REITs product in China, i.e. trust plan mode, real estate listing company mode, contract-type investment fund mode, by analysis, it is considered that trust company mode is the structure that most accords with REITs product requirements. The development from"trust company mode"to"company-type investment fund mode"is a kind of development manner that most suitable for the actual situations of China. While for business mode, the manner of transition from equity-type to mortgage-type will be applied for development. With the constant maturity of real estate industry and financial market in China, especially, in the case that such financial assets such as real estate loan realize securities manner, by stable development of mortgage-type REITs, fund support may be provided to real estate project of excellent real estate developer. On basis of this, the development of mixed REITs will mature naturally. For issuing mode, close type is the main option.Chapter 5 analyzes the risk on the development of REIT in China and raises prevention measures against main risks. The author firstly gives detailed and accurate definition on the risk of real estate investment fund, subsequently, analyzes the risk on the operation of investment fund in real estate industry, raises existing market risks including task risk in investment decision stage, risk in land acquisition stage and risk in project construction stage. While the operation risk of investment fund itself includes management risk, environment risk, moral risk inside fund, etc. On basis of the above analysis, the author raises the methods of preventing risk, including establishing risk avoidance mechanism, controlling project risk, specialized consulting institution controls project risk, lowering selection risk, applying the principle of dispersed investment, applying multiple combined investment, etc.Chapter 6 introduces the case on design of fund trust product of"Zhongrong Real Estate industry investment", by the general design on product, design on operation mechanism of product and the design on supervision mechanism of product, the financing channel of real estate developer and the investment channel of investor will be widened. The development of real estate trust in China needs further widening of national policy and mutual coordination and complete matching of various policies. By referring to international successful experiences and in combination with the actual situations of China, real estate trust may combine the real estate financial investment with the innovation of real estate financial tool, realize the popularity and multiple combination of real estate trust investment and financing socialization, therefore, real estate trust has bright future. |
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