| Since from 2001, 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. Meanwhile, many people always complain that the price of housing grows so quickly. In order to restrain the expansion of real estate bubble, and melt the finance risk, the government begins to restrict loans that will provide to real estate. More and more domestic land agents are faced with difficulties in financing, and they need to find some new financing channel. Furthermore, the amount of resident save continuously grows, and also locates a high level in a long time. It means that the capital market needs many investment channels, especially those which have low risks. Because of the reasons above and its higher and steadier revenue, as a tool of financing channel of real estate, REITs arouse many attentions widely in Chinese mainland.The Real Estate Investment Trusts (REITs) is a mature investment and financing tool in the real estate market abroad. We can comprehend the REITs as a kind of trust, by which many investors'money, which will be left-off during one period, is gathered to set up an organization, and what the main work of this organization is to investing money on the real estate market. By managing these assets, and at the end of the investment, as the return of the money, the investors share the return of the investments from the real estate assets.REITs is able to provide new financial channel for real estate sector, reduce the operating risk for banks, optimize the allocation of resources by encouraging the competition among real estate sector, urge the real estate company to improve the managing structure, provide new investing channel for the massed and improve financial system. It is the feasible effective way and necessary choice during the real estate finance innovation. Because the relevance law and the market environment are not perfect, REITs couldn't exploit its advantages by now in China. It needs to be developed in the practice. This paper emphasizes on how to build an operating mode for REITs and the specific operating system under our actual national conditions.This paper mainly includes eight chapters. It starts with introducing the background and meaning of this article, and introduces the present situation. In the second chapter, by discussing the relative knowledge of REITs, such as definition, categories, characteristics etc., the author wants to make sure that readers have a good understanding about REITs. In chapter 3, it continues to study the experience of mature REITs in U.S., Hong Kong and Singapore, including course of developing, framework and so on, to make sure that readers have an overall understanding of REITs development in different countries. In the fourth chapter, the paper focuses on the necessity of developing REITs and the important problems we should deal with when we develop REITs in China, and introduces two cases of China-centric REITs listed out of China mainland as referential experience in chapter 5. In chapter 6, the author discusses the feasibility of establishing REITs in China. Based on above research, Chapter 7 and 8 consider about the situation in China, state the mode of REITs we should choose in China and draw the conclusion. |
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