Study On The Choice Of The Participators In Real Estate Investment Trusts

Real estate investment trusts have developed over the years in Europe and the United States and some Asian countries, which promoted the healthy development of these countries' real estate market and financial market. In view of the current stage of China's national conditions and real estate investment trusts own merits, the relevant parties are calling strongly for the implement of REITs in china.Some domestic scholars have carried out theoretical studies on China's real estate investment trusts. This paper study on the choice of the participators of real estate investment trusts in china. About this context, domestic researches are vacant or not deep enough.In order to classify the reality-based of the choice of REITs' participators in china, this paper firstly study the development of real estate investment trusts at home and abroad by comparative analysis. Then, through studying the relationship between the participators by Principal - agent theory under different variables, this paper seeks for the theoretical significance the model shows for the choice of REITs' participators.On the basis of the comparative analysis for china's launch models of REITs, this paper gives that the trust companies are the best candidates for china's REITs' sponsors. In the empirical party, this paper collects the data of trust companies in 2007 and classifies these companies by hierarchical cluster analysis. The three former companies are the best pre-selection for china's REITs' sponsors. Finally, this paper gives suggestions for the REITs' participators such as investors, trustees and monitoring body.