| Under the conditions of the globalization and the quick development of the Chinese economy, there appears to be a quickly-development tendency in the Chinese real estate industry. Since the real estate industry is a fund-sensitive industry, the tendency of the industry call for the financial innovation in the Chinese real estate industry.As an important financial channel of real estate industry, a new securities product too, Real Estate Investment Trusts (REITs) has been attracted the attentions of the relative experts in the industry. According to the authoritative forecast, REITs will be one of the most important innovations of our country during the 21st century.The development course of REITs is discussed in detail .And find that the U.S. REITs is the outcome of revolution of American tax law, belongs to the tax-law driving type. By the contrast, it develops by instituting special acts about the REITs in the contries and regions represented by the USA.Hongkong, whose REITs are deveioped for improving the market environment, is the special legislation driving type.There is no REIT in real meaning in China now, but there are a lot of investment productions with REITs-element. And pass the research on the feasibility demonstration on C-REITs, this article consider that it is necessary and possible for china to development REITs.According to successful experience and theory of America and Hongkong , and considering facts in china, the article gives some design about the basic framework of REITs , for example: organizational structure, trading method, establishment and dissolution. Secondly, basic on the research on the core factors causing the success of U.S. REITs, the article gives some deep designs about the core factors of C-REITs.At last, three typical cases are discussed, and get the enlightening guidance of the C-REITs.Through the research, clear the characteristics and development of REITs, and give the overall design about the development path of C-REITs. |
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