Study Of Real Estate Investment Trust Laws

As one of the pillar industries in national economy,real estate industry has made rapid progress since the 1990s.But with the strengthened financial regulation in recent years, real estate developers find the traditional financing channels are not as smooth as before, thus, to seek a new financing channel is critical to the real estate industry of China; The over-30 years time of reform and opening has witnessed the transition of Chinese private capital from preliminary accumulation to capital reinvestment, how to create a secure and steady-income-flowing investment vehicle is so important to the vast number of investors. The REITs is the key to the two problems aforesaid.First,this article introduces the connotation,origin and development of REITs.Then,from the perspective of law,the article analyzes the foundation, operation and regulation of the REITs system in America and other countries by way of historical analysis, comparative analysis and positive analysis;states the legal status of parties of REITs and analyzes legal relations between them.In addition, according to the current legal conditions, this article analyzes not only the legal status and nature of REITs in China's legal system but the relevant legislation regarding REITs.This thesis includes four chapters totally.ChapterⅠis the summary of REITs. It mainly defines the concept of REITs,states its historical evolution. REITs is a type of investment fund,and by analyzing the connotation of investment fund,we think REITs is a investment organization which is created in accordance with certain conditions. By comparison with related roncepts,such as real estate trusts and real estate securitization,we can further define the concept of REITs.In addition,by recalling the origin and development of REITs,we can understand the reasons and influencing factors that many countries is introducing REITs.ChapterⅡis trust legal relationship in REITs.In this chapter, the author gives the reason why the trust system is used,that is trust's characteristics give it many functions,such as property management function, catheter-transfer function and financing function etc.; this chapter lists main parties of REITs, Especially focus on the legal relationship between them.ChapterⅢis about the working process and supervision of REITs.in this chapter,the author focuses on the operation of dynamic processes, analyzes the operating elements and legal regulation of REITs, details the investor protection,information disclosure and monitoring legal norms about REITs.ChapterⅣis construction and improvement of China's legal system on REITs.this chapter analyzes the development feasibility, practice and legal barriers etc.of REITs in China. Combining with the contents of previous three chapters,the author give some legislative proposals about construction and improvement of China's legal system on REITs.