| July11,2012the State Council print and distribute “National basic publicservice system ‘Twelfth Five-Year Plan’ notice”, which point out public rentalhousing will be focused on development and gradually become affordable housingbody, and require increase in the units of public rental housing not less than10millionduring the “Twelfth Five-Year Plan”. Public rental housing construction in ourcountry is facing large capital investment, less profit, long recovery period. How toraise funds through various channels, let public rental housing constructions enter intoa virtuous circle, which become a difficult problem that local government facing. Somany experts and scholars put forward that using REITs as a financing channels, tosolve the financing problem of public rental housing. At present, Shanghai, Tianjin,Beijing and other places carry out affordable housing REITs pilot. This articleattempts to learn from the United State and Hong Kong REITs experiences, introducesREITs into the construction of public rental housing, to solve the funds problem.The first chapter introduces the general theory of Real Estate Investment Trusts,simply analyses the definition, classification, legal characteristics and legalrelationship, which play an important role in deeply understanding of Real EstateInvestment Trusts system.The second chapter analyzes the feasibility and legal obstacles of theconstruction of public rental use of the Real Estate Investment Trust. As REITs pilothas not yet been finalized in China, and public rental housing implemented soon, thefeasibility of using REITs in the construction of public rental is the primary problemwhich this chapter should solve firstly. Secondly, transplantation of a legal systemdoes not suit all of the existing legal system certainly. Combined with our existinglegal system, analysis legal obstacles of using REITs in public rental housing becomethe focus of this chapter.The third chapter mainly introduces situations of the real estate investment trustusing in rental housing in America and Hong Kong. The United States is the firstcountry which used real estate investment trusts in their own construction of affordable housing. The conditions for establishment of the real estate investmenttrusts and special tax arrangements are worth our reference. Hong Kong’s first listedreal estate investment trust was the Link REIT, to raise funds for the construction ofpublic rental housing. This chapter focuses on the basic overview, the mainparticipants and risk information disclosure of the Link REIT, which provideexperience for China’s construction of public rental using the Real Estate InvestmentTrust.Based on above discussions, the fourth chapter put forward countermeasures andsuggestions for legal problems in threes aspects of establishment mechanism,operation mechanism, risk monitoring mechanism which appear in using REITs in theconstruction of public rental housing. |
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