Real Estate Securitization

The purpose of the thesis is to bring in suggestion on constructing the legal approach to realise the real estate securitization, which is the legal system of the real estate investment fund through researching on the essence of the real estate securitization. This financial innovation has been extentively and thoroughly discussed in the field of economics, while been paid little avtention in the law circle. The thesis examines the legal essence of the real estate securitization from the angle of law, and makes an comprehensive and thorough inquiry into the real estate investment fund, basic system and the theory of trust. The thesis consists in five parts besides the introduction.Part Ⅰ. The evolvement and historical development of the real estate investment fund. The thesis firstly introduces the background about the evolvement of the real estate investment fund-the financial innovation, and expounds in detail the significance and the influence to the industry of investment funds. Then the thesis generally introduced the historical development of the real estate investment fund in several countries, especially America.Part Ⅱ. The system function of the real estate investment fund. The essence of the real estate investment fund lies in connecting both parties of the funds as a financial intermediary. The party of funds supply finds a new channel to invest and the party of funds demand gets a lower-costed financing way. Thus the combination and variety of investment strengthen the management of liabilities and disperse the investment risks. Moreover, due to the expensive and long-range character of the real estate, benefits owed to the obligee of the real estate are not easily realized. By the way of the real estate securitization can exhances the mobility of the real estate.Part Ⅲ. The foundermental theory of the real estate investmentfund, the thesis begins with the scope of the real estate in the civil law theory. It includes the land and things fixed on land. The rights of the real estate includes both the real estate ownership and obligation with the real estate hypothecary. The thesis then expounds the parties and their jural relations existing in contractive investment funds, company founds and special design for the protection of the relating investors.Part Ⅳ. The analysis of the trust legal principle of the real estate investment fund. Founding and operating the real estate investment is concerned with several parties and bring about legal relations between these parties. Those legal relations are mostly traditional civil legal relations and legal relation of investment trust. The thesis systematically analyses the latter. Firstly, the author looks back upon the history of trust, from the traditional civil trust to commercial trust, and points out that the legal principle of trust can be applied to the existing real estate investment fund. Secondly, the trust principle analysis is exercised in American investment corporations. Lastly, after introducing the legal system and the theoric achivevement in several countries, the thesis analyses the trust principle of constructive real estate investment fund, and points out it is trust while it differs from general trust. It should be special trust. Meanwhile, the thesis finds out hard points on constructing the relation between the parties of contract investment fund and bring in counter measures.Part Ⅴ. Concluding remarks梕stablishing the legal system of the real estate investment fund in China. Linked with the practice in china and considered with the legal obstacles may be confronted when enforcing the real estate securitizzation, the thesis definitely analyses the registration system of the real estate trust , the law of trust industry ,securities law , the trust tax system and the management of the real estate investment fund , then brings in some counter measures.