Research On The Pattern Of Real Estate Investment Trusts In Our Country

As the real estates of our country rapidly develop, the deep-rooted contradiction and problem become manifest itself. for a long time, Our country real estate enterprise financing channel is unitary and depend more on banks, liabilities rate sticks at a high level; meanwhile, as a great quantity of loans were put into real estate projects, commercial banks is confronted with the financial risks mostly aroused by real estate business. Under the background of diversity in real estate financing channel, REITs has taken seriously by real estate business and finance job already gradually as one kind of practical feasible real estate financing way. On the real estate investment trust fund research and practice has increasingly become the property sector, the financial sector and related fields, the hot topic. Real estate investment trusts, as the securitization of real estate one of the main forms, will provide investors a new investment tool for the real estate to increase new property securitization and the mode of financing. It will accelerate the emergence of China and the upgrading of the structure of the real estate division of labor, so that the entire block of properties to real estate development, leasing and transfer of a new trend in real estate finance tools to become more active and diversified real estate investment trust is expected in China given high priority and rapid development.Based on the above background, this thesis gives expositions on China's real estate investment trust for the following several aspects: The first chapter is a real estate investment trust's financial theoretical basis, including financial function theory, theory of financial development and financial innovation theory, the real estate investment trust and development of a theoretical explanation is given;Chapter II combined with China's actual conditions of the introduction of the Housing real estate investment trusts the necessity and feasibility;Chapter III of the Real Estate Investment Trust model of international comparisons, first introduced the model and the course of development of United States and Asian model, and then the two models in the Legislative Council, the different structure compared ;Chapter IV select suitable mode for China's real estate investment trust fund, and the operation mechanism design; Chapter V gives the advice on promotion of China's real estate investment trust fund of the proposed operation.