| For a long time, more than 55% development funds of real estate industry has come from bank loan, which leads to much dissymmetry in real estate industry among single financial market, developing speed and important status of"mainstay industry". Moreover, the benefits of economy growth, increasing value of land and price of real estate, which were shared by public, have been taken up by minority person and institution at short notice. The fair and reasonable benefit-share mechanism has not been established. So, during the period of reforming, real estate industry in China has developed fast, but much risk has also been accumulated.Real Estate Investment Trusts (REITs for short) can not only be one source of developing funds of real estate industry, but also provide another choice for society idle capital in order to that public can share high benefit produced by high developing speed of real estate industry and be propitious to establish the fair and reasonable benefit-share mechanism.At present, REITs is at discussion phase due to lacking for essential arrange of basic law and system in China. Real estate trust is the transition product of REITs for the moment and which exists many problems which lead to much risk. It is found that imperfect operation pattern is one of important reasons through make a detail research on real estate trust of China. The invested objects are categorized two groups: general real estate project and high grade real estate project in the paper based on the influence of project risk to real estate trusts. From the angle of increasing the capability of counter-risk for Trust Investment Corporation, some reformation suggestions about perfecting operation pattern of real estate trust will be proposed aiming at different real estate project. |
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