Legal Analysis Of The Low-rent Housing Investment Trusts (reits)

"Everyone has a right to housing, " which is based on the right to housing is a fundamental right of citizens, the state has a responsibility and obligation to respect, protect and realize the citizens right to housing. Establish and improve housing security system is the country's implementation of its obligations and an important move. Low-rent housing system, the housing security system as an important component of the solution to the problem of housing for low-income families to play an active role.At present, China's low-rent housing system is in the initial stage, in the bottleneck of funding constraints, the slow development. Some scholars have suggested that may be foreign real estate investment trust mature experience, and set up the China low-rent housing REITs (Real Estate Investment Trusts, known as REIT, the plural form of RETIs, namely, real estate investment trusts) , the low-rent source of funds to resolve the problem. REITs is still time to enter the domestic light, the lack of its development of the necessary legal environment, and low-rent domestic scholars to the REITs were mainly confined to the study of economics and management levels, from the level of the low-rent Housing Law of REITs, more sporadic and have not yet formed a system. Law Research lag, the impact of low-rent development of REITs in the country, failed to play a low-rent housing mitigation funds bottleneck problems. Therefore, in-depth analysis of the development of low-rent housing REITs face legal issues, and based on this design operational and systematic laws and regulations, and the low-rent housing REITs development, and promote the building of low-rent housing system is extremely important, and the theoretical value practical significance.In view of this, the article in the exploration of attitudes, from the low-rent domestic REITs and the concept of the system development process and proceed with the low-rent model REITs ideas and feasibility analysis, the low-rent housing REITs legal system to build a more systematic and comprehensive Discussion. The author hopes that by the above exposition of China to the development of low-rent housing system benefits.In this paper, some 27, 000 characters, is divided into three parts:Part I The introduction of the concept of low-rent housing REITs. REITs first introduced the concept of the development of the status quo, classification and operational flow, and again the REITs and other financial instruments were compared, and a general investment trust in the world, the development of China's development and the introduction of REITs inspiration. Secondly, introduced a low-rent housing system in the country and the development of the issue, and stressed that impede the further development of low-rent housing system is the source of funding problems. Discussed in the above consolidated on the basis of low-rent room and leads to the idea of combining REITsPart II The low-rent model envisaged REITs and the feasibility analysis. First introduced China's development of low-rent model envisaged the REITs and ideas that can be used in the practical operation of the Trust Fund into REITs in the mode of operation of the practice. Secondly, China's development of low-rent analysis of the feasibility of the REITs, and matching that with the gradual improvement of laws and regulations, China's investment trust for the use of low-rent housing construction financing as well as the huge market demand, have stable sources of funding, but also to promote Residential industry sustainable development, and improving the efficiency of low-rent housing system and the transparency of the banking assets of risk mitigation is of practical significance.Part III The low-rent construction of the legal system of REITs. On the part of China's low-rent housing REITs legal system construction, is the focus of the article. REITs, the former low-rent model design and feasibility analysis on the basis of legal principles from the author, legal environment, and specific measures, the law convergence and risk control five aspects of low-rent Housing Construction REITs legal system. First, from the separation of ownership of assets with independence and the independence and civil liability limited to the three aspects of the low-rent legal principles to analyze REITs. Secondly, the United States REITs summed up the legal environment of China's low-rent housing REITs legislation revelation: the establishment of the special law on REITs, and the strengthening of tax-free circulation and "conditional concessions" of the legislative principle. The author believes that the low-rent REITs China's legal system construction, the key is to formulate uniform low-rent housing REITs special regulations, creating a low-rent development of the REITs legal environment, and to start on specific legislative measures. Construction of a legal system, risk control and the relevant existing legal norms need to pay attention to the problem of convergence is the focus of this article to a simple study.