China Real Estate Investment Trusts (REITs) Of Legislative Research

Real Estate Investment Trust (Real Estate Investment Trusts, hereinafter referredto as "REITs") originated in the United States in the1960s of the "Real EstateInvestment Trust Law," aimed at small and medium investors to create a more flexiblefinancial instruments to promote the real estate market and the effective integration ofcapital markets. After several changes in the real estate investment trust, under thetide of economic globalization have become one of the major means of regulations toactivate and improve their real estate market around most of countries andregions.therefore, buliding the China’s real estate investment trust to speed up thelegislation system is particularly important. first practice——Auchan store in TianjinFirst Capital Trust scheme, also known as "quasi-REITs", its business model has beensubstantially close to the U.S. REITs practice. With the national release in2010thepurchase orders, limit orders and a series of control measures, the Chinese propertymarket suffered the coldest "economic winter." Small real estate investors are nolonger the preferred means of an urgent need to find a more reasonable and effectiveinvestment channels. In addition, the domestic low-cost housing development is not amajor funding gap to meet as a financing conduit for timely introduction of REITs justto solve this dilemma. Meanwhile, the CBRC,"Trust and Investment CorporationInterim Measures on Management of real estate trust business" in their efforts todevelop China is also building a full description of the real estate investment trust thelegal system without delay.The first chapter begins with background description of the topics of study andput forward the importance of real estate investment trust system, supplemented byelaborate study of foreign status on this hot, based on the domestic, explains theresearch framework and research features.The second chapter introduces two cases quasi-REITs in China (Auchan andLianhua Poly REITs) as the starting point, a comparative analysis of operating modewith the similarities and differences between U.S. REITs, REITs that current domesticstandard has yet to be improved and give some recommendations.The third Chapter selects the most mature real estate investment trust market——the U.S., REITs involving the system of values, the establishment and operationmechanism, risk aversion of legal mechanisms, in order to infer valuable experiencesto build our real estate investment trust of the legal system. The forth Chapter focuses on China’s development environment for real estateinvestment trust status, respectively, on the necessity of building a system of ChinaREITs, legal obstacles and trust products and illegal fund-raising and other aspects ofthe specification limits, that the current problems and needs to adjust the legalspecification for the smooth introduction of REITs to provide background analysissystem.The fifth Chapter aims on the basis of the aforementioned studies, to exploreChina’s real estate investment trust (C-REITs) system of legislative proposals.Withreference to organization, raising methods, risk prevention system, tax issues, tryingto give personal opinions on the implement REITs in our country.