Research On The Legal System And Practice Of The Real Estate Investment Trust Fund

The real estate industry in China for the development of the national economy, the importance is self-evident, but in recent years, the price of commercial housing more and more high, a real estate bubble continues to expand, make the country have to pay attention to the industry of supervision and management problems. With the promulgation of the No.121 document, in order to control the house prices plummet constantly, the state on one hand through the regulation of commercial Banks, real estate enterprise that credit-tightening funding gap continues to expand, on the other hand, through to the second set of housing policy, causing the limits of the purchase volume fell sharply, makes commercial real estate business capital shortage ask more serious. Because real estate enterprise for a long time the main mode of financing bank lending is give priority to, when the financing channel is strictly limit, after searching for new financing ways become real estate developers most paid great attention. Real estate investment trust fund as a kind of real estate investment and financing for small and medium-sized investors means, in the U.S., Europe, and Asia countries have been widely by the development of its investment funds. Real estate investment trusts have investment fund small, large gains, as well as good liquidity, just to solve the real estate industry, China’s current predicament. Therefore, this study is of practical significance.This paper describes the basic theory of real estate investment trusts beginning of the use of a comparative study of theoretical research methods, from a legal point of view of the real estate investment trust set up, operation, risk prevention, etc., were discussed. At the current our country C-REITs preparation the two solutions:banking regulatory commission (CBRC) version of the bonds and the CSRC REITs scheme of equity REITs version of the scheme, were analyzed, and points out that both in securities law, the property law, trust law, in the legal obstacles facing the tax law. Finally, the comprehensive analysis of the given before, C-REITs legislation idea scheme.This paper is divided into four chapters.Chapter 1 Overview of Real Estate Investment Trusts. This chapter for trying to real estate investment trusts an overview of the basic theory and analysis, to come to understand the real estate investment trust fund the inner meaning of. Including:a, real estate investment trust fund meaning, this paper introduces domestic and international main schools of real estate investment trust fund to the understanding of concepts and analysis; Second, the classification of the real estate investment trust fund, lists the real estate investment trusts the classification method; several mainstream Three, the United States, for example, for real estate investment trust fund five basic system, that is, organization structure, the ownership structure, asset structure, income structure, income distribution structure and arrange the tax system is introduced and analyzed; Four, analyzed the structure of organization; Five, the way it works to raise stage and formal stage are discussed and analyzed in this article.Chapter 2 Outline and Comparative Analysis of The Global REITs Development ". This chapter introduces the United States, Japan, Singapore and Hong Kong, China, and the REITs through comparison of the technique, to all countries and to set up the basic system of REITs conditions make the depth of the analysis. In addition, the author also in this chapter is the core of all countries in theory research, that is, the organizational structure, the diversification of investment and centralization, dividends and debt policy issue, introduction and analysis.Chapter 3 Establish Chinese C-REITs Practical Perspective. This chapter first analysis of the present situation of real estate industry in our country, mainly from commodity house intensified the contradiction between supply and demand, real estate enterprise financing and national investment awareness of three aspects elaborated the problem. Second, from our country current real estate investment and financing way, that is some commercial bank loans, real estate investment trust plans, real estate company listed financing, the three way, to analyze the characteristics of the financing way of the with the shortage, and with REITs system do compared and analyzed. Finally the our country introducing the C-REITs theoretical significance and practical significance of the analysis.Chapter 4 Establish Chinese Legal System of C-REITs and Legislative Proposals. This chapter of the first REITs trust law relations were analyzed, and the paper next to at present the CBRC bonds CSRC equity REITs scheme and the scheme of REITs are analyzed, and points out that these scheme, and currently existing Chinese law conflicts or legal gaps in to C-REITs, and given the content of the legislation, style, organization form, set up conditions, operation pattern, the preferential tax and the supervision system idea scheme.