Study On Financing Model Of The Equity Real Estate Investment Trust In Commercial Real Estate Of China

Real estate, a national fundamental industry, is of vital importance to the development of national economy. As a capital-intensive industry, strong support of finance is essential to the development and operation of real estate. The Chinese commercial real estate market has been expanding rapidly since 1990s. Problems and conflicts are arisen due to short history and little experience. It is harder to finance for commercial property companies since last few years, resulting the sustainable development of the commercial real estate being obstructed.Real estate investment trusts, as one of the most important financial innovations, were defined and authorized by the U.S. congress in the Real Estate Investment Trust Act of 1960. It is a popular real estate finance vehicle in the global property markets, especially in those mature ones. China is taking positive action to introduce REITs to the domestic real estate market in recent years.The research of the combination of REITs and the commercial real estate demonstrates the feasibility of theoretically realizing local REITs in the commercial real estate field, which embodied REITs and the commercial real estatebs characteristics and advantages respectively, and improved the validity of the resources allocation.The dissertation started from the development characteristics and process of commercial real estate. Then it analysed the REITsb development in United States and Asia countries, including their backgrounds, modes of operation and the characteristics, and discussed what can be learned for the development of China's REITs. Meanwhile the dissertation chose the corporate REITs mode compatible to the current market, based on analysing the special circumstances of the commercial REITs in China, and made an in-depth discussion of product design, and process models arrangements.