| Real estate industry, which takes the leading role of a nation's economy, has for many years been depicted as one of the most profitable industry in China, but with the strengthened financial regulation in recent years, real estate developers find the traditional financing channels are not as expedite as before, thus, to seek a new financing channel is critical to the real estate industry of China; the over-20 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 grass investors. The REIT is the key to the two problems aforesaid.This article, from the perspective of law,' analyzes the foundation, operation and regulation of the REIT system in America and Germany by way of positive analysis; set forth the legal relations between investors, investment company and banks respectively acting as beneficiary, trustor and trustee, and the legal status of the three parties by graph. In addition, according to the current legal conditions, this article analyzes not only the legal status of REIT in China's legal system but the relevant legislation regarding REIT.At the end, based on the current real estate financing conditions, it also demonstrates that establishing REIT system which is compatible to China's situation is necessary and doomed. |
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