China's Real Estate Investment Trust Model To Explore

Through more than twenty years of reform, as mainstay industry and growth engine of national economy, real estate industry has contributed a lot to keep increasing rapidly in Chinese economy. Real estate industry is one of the typical capital denseness industries. But the character of Chinese real estate is that small enterprises, dispersive resources and low use efficiency of social resources, which is out of accord with capital denseness industries character. There is very close relationship between real estate industry and finance industry, but Chinese real estate industry has not obtained enough sustain provided by finance industry. What's more, after People's Bank of China issued a series of policies to prevent real estate development in excess, the traditional financing channels of Chinese real estate enterprises have been blocked. Accordingly, we attach importance to Real Estate Investment Trust (REIT) due to its advantage of management specialization, investment portfolio, risk decentralization and flexibility. So REIT develops rapidly.This article included five parts.The first part introduced the conception and sort of REIT, and analyzed actuality and problems of Chinese REIT.The second part proved the necessity and feasibility of developing REIT in our country. In the aspect of necessity, the author proves from reducing the bank risk, widening financing channels, optimizing resource. In the aspect of feasibility, the author stated from real estate market and systems, REIT institution and investment subject.The third part introduced American REIT. This part firstly introduced the cause and development of American REIT and secondly introduced American REIT from law request, operation mode and supervision mechanism which were used for reference by Chinese REIT. Finally, it summarized the successful experience of American REIT.The fourth part researched the REIT mode in China. The paper researched Chinese REIT mode not from a certain aspect but from an angle of system and discussed it from system environment, operation mechanism and supervision...