| Land and capital are two pillars of real estate industry, which means that real estate and financial sector inherently are interrelated closely with each other. Real estate industry can hardly develop without financial support, and real estate's cyclical change has a great influence on the financial stability. Since the reform and opening-up, China's real estate has gone through high speed development, which makes it a pillar industry in China. However, the main source of financial input of real estate industry is the bank but not the real estate finance, which increases the banking risk and decreases the development of the real estate industry.Real estate investment trusts(REITs), as a kind of financial innovation tool, since it has the benefit of setting investment, dispersing risk, tax incentives and other characteristics, is becoming an important part of the financial market and the centre of attention. In recent years some countries and regions, with reference to the American experience, REITs are developing rapidly, and have achieved good results. Therefore, it is recommended for our country to develop real estate investment trusts.Because of a lack of legal regulations relating to REITs in China, REITs will encounter many legal obstacles, so it is urgent for our country to establish legal regulation system of REITs. Therefore, in view of China's REITs legal obstacles, this article mainly talks about the way to construct an operation model of REITs suitable for China's national conditions and puts forward some suggestions to the related legislation. This thesis consists of four parts. Part one begins with an overview of REITs operation mode, compares concept of REITs with other related concepts, and introduces the basic operation mode of REITs. Part two makes a comparison among the different modes of REITs and introduces the America and Hong Kong mature market of REITs. Basing on the comparison, the author summaries the theoretical and practical experience that Chinese REITs legal system can learn from. Part three analyzes China's REITs operation mode and legislation issues. This part introduces Chinese practice of REITs, compares it with American mode, and studies on the legal barriers of REITs in China. Part four explores legal structure of Chinese REITs, concerns about a possible legal arrangement for Chinese REITs market, and focuses on the discussion of legal issues of organization forms, ways to raise money and trade, investment direction of REITs. |
PDF Full Text Request