The Real Estate Investment Trust And Its Macroeconomic Effects

In recent years, China's real estate industry has been rapid developing. The added value of the real estate of the country's GDP has increased year by year, the real estate has become a major pillar industry in the national economy, But from the beginning of 2001, with the rapid growth in real estate, there have been a overheated investment growth, and this has driven the rapid growth of fixed asset investment, the domestic economy is becoming overheated, so, the central government issued a series of real estate regulation and control policies to control over the scale of investment. As long real estate development is highly dependent on credit financial support, macro-control focus on the real estate credit. In June 2003, People's Bank of China issued "on further strengthening the management of real estate credit business notice", the commercial banks enhanced the threshold of the real estate development loans and business loans lenders liquidity, This not only increased the cost of the real estate business access to credit funds, but also tensioned the link of the fund of the real estate enterprises, and the real estate companies began seeking new sources of funding, in this context, as a new funds supply, the real estate trust emerged as the times require.The emergence of the real estate trust, on the one hand richen real estate financing channels for enterprises, provided a reliable source of funds, on the other hand, as a market-oriented means, it can affect the macroeconomic policies, and promote the country's economic development areas. This paper is to explore the real estate trust and the macroeconomic effects from this perspective.