China's Development Of Real Estate Investment Trust Research

Recently. REITs (Real Estate Investment Trusts) becomes more and more popular in many country. REITs provides other financing channel for real estate industry. And it.can provide production with perfect profits and low risk to invest. It is critical and useful to develop REITs in China based on the experience of other country.This text is spoken of with development of REITs in the world, the text introduce that REITs, one kind of investment product, is becoming more and more popular and then explain the develop mode , structure, type and the request of IPO. To receive valuable experience, the text research the investment characters of REITs.The article is received down from positive and normative angles --Two respects of methods of the question of economics research-probing into the development of REITs in China. While analyzing in the positive respect, through the phenomenon of real estate market and financial market in China, the text state the importance, the feasibility, and the development of REITs in China. In the following normative analyzing, focusing the problems I have studied in positive analyzing, the text propose the conditional request of law and system and the choice of access when we develop REITs in China. On macroscopic, we should perfect the condition of law including law of real estate, law of trust, law of stock, law of enterprise and the policy of tax and so on to accelerate the development of REITs in China. On microcosmic. three kinds of mode are proposed (mode of trust, mode of enterprise and mode of fund);then I give advice of aims of REITs invests (equity of investment, stock investment, the other financial products). At the end of the article, I introduce the establishment of supervising and the education of professional expert of REITs.In my opinion ,we should access to the success of REITs slowly in China, not directly. We must study , practice and take enough experience, and develop REITs in China step by step.