| In recent years, since real estate industry in China developed quickly, there is a huge gap between supply and demand of capital. For a long time, the loan from commercial banks has been the main channel for the financing of Real estate enterprises ,about 70% funds for real estate development is from the contribution of commercial banks, thus, they assume great risk in the service. For Chinese real estate construction industry ,it is the time to find multi policy of financing.And recently, a tool of the financial innovation in the real estate industry called REITs (the abbreviation of the Real Estate Investment Trusts)has been quickly developed in worldwide.The REIT is a company that owns, and in most cases, operates income-producing real estate such as apartments, shopping centers, offices, hotels and warehouses. Some REITs also engage in financing real estate. The shares of many REITs are freely traded, usually on a major stock exchange.Real Estate Investment Trusts(REITs)originated from America, and has been developed rapidly in the globe. Furthermore, it has been introduced into some Asia counties and regions and great development brought there. According to the international experience, through speeding up financial innovation and promoting development of the real estate enterprises, we can solve the problem of shortage of funds by introducing Real Estate Investment Trusts. thus, it is great significant for the China's economic development. First, REITs as low risk financial instruments, facilitate the amalgamation of the real estate market and capital market, and provide investors of a mew choice to invest. Secondly, it's beneficial to make the information from real estate industry more transparent and decrease management risk from banks.There is not a real REITs Company yet in our country at present, and the study on REITs in the academic circle of China has just begun, which has not formed a system. But the condition of economic and regulations in China have been changed greatly, we should design a new model of REITs according to the demand of real estate industry.This report began with the formation of REITs in China, explains how to construct a new mode of REITs for financing and tries to provide constructive suggestion for setting up relevant mechanism in our country. It is claimed that, we should develop the S-REITs and in the legal regulation of REITs, we should not only improve related legal system, but also introduces specific legislation, establishing a legal system of REITs which suited to China's needs.The whole report is comprised of four parts(chapters):The first chapter aims to introduce the principle of REITs, including its concept categories and legal relations between the parties of REITs.The second chapter compares the experience and lessons of REITs development in USA Singapore HongKong of China Japan and China's Taiwan region, especially the history of REITs in USA. Through comparative analysis between them, it provides the path of selection of target model in China.The third part generally analyzes the laws and regulations in the world. At first, it analyzes the development of the American REITs and the changing of the REITs legal system. Then it analyzes the development of REITs in Asia and Europe and the effects of the legal system in those countries. Also it points out the Structure and theEstablishing rules in America, Asia and European, and points out the relationship between them. Thus, it can provide constructive suggestion for setting up relevant mechanism of law on REITs in our China.The fourth points out target model in China to develop REITs through comparative analysis. And in accordance with legislative experience of Asia, we should enact a Special law on REITs in China, as well as to add the related laws such as favorable tax treatment and information transparent.At last as the conclusion of this report, Succinctly summes up the views of the author . |
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