| Real Estate Investment Trusts (REITs) have been under the spotlight in our real estate industry. Many competent real estate enterprises in China are planning to have a try to issue the real estate investment trusts in order to improve their financing status. However, because the concept of REITs is introduced into China just in recent years and most of the research of REITs in China is only limited in the concept of REITs, their types, mode of income-producing and their developing obstacle in our country, there is no a completed specification as a guidance to tell the real estate enterprises how to issue the REITs step by step.This paper is aimed to produce a guidance to instruct the real estate enterprises how to issue the REITs step by step and then research its operation and management to give the real estate enterprises theoretical support on how to operation an REITs. First, this paper studied on the reform of traditional operational mode of the enterprises, the necessary property support and package, and the financing status. These above are the foundational requirement of REITs issue. Then, this paper analyzes the steps of how to issue the REITs, including the organization, assistant institutions, selection and optimization of issue structure, and how to raise funds. The potential fees and revenue concerning to the issue affairs and REITs operation are also discussed more or less on follow. Immediately, this paper probes into how to operate and manage the REITs through analyzing the evaluation index of REITs performance and their growth mechanism. This probe can pave the way for the smooth development of REITs. At last, this paper researches the risks of REITs in their life-span and how to deal with these risks.The paper, on one side, can enhance the research of REITs'development in our country. On the other side, it also provides the real estate enterprises in our country with a theoretical guidance of how to issue REITs and how to operate and manage REITs practically. |
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