| Real estate investment trusts is one primary way of finance securitization.As the current most effective tool which integrates the three market: real estate,investment and assets securitization,it certainly becomes the most attractive property financing tools.REITs has very important realistic meanings for China.For example,it can reduce our property's dependency on the bank on behalf of the indirect financial system ,to form the real estate finance and security market product innovation system where all the civil can share its profits,to supply the investment channels for the normal investor to share the benefits from constituous economics development and property's prosperity and so on. then release our own contractual and close REITs after the relative rules and conditions attain.The text mainly includes the following inssues: Firstly, Empirical analysis from mature REITs market shows it has some characteristics: the higher return,the lower risk ,the low relativity with other investment tools,etc. It illustrated REITs' necessity on China; Secondly, the paper made clear the contractual and close REITs mode by the government's special legislations at the primary stage in China.And it designed the operation systems, mostly from product structure,operation flow,functioning subject,formation conditions, supervisory systems and termination systems,etc;Finally it analyzed the GZI's successful IPO in Hongkong and drew lessons from the examples,then put forward some relative suggestions to develop our country's C-REITs. |
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