The Research Of The Chinese Legal System Of (REIT) The Real Estate Investment Trust

The real estate industry is the foundation of our economy, Wang Yulin, deputy director ofthe Policy Research Center of the construction department said: the real estate industry in thecountry’s GDP accounted for nearly10%, and32%of national4trillion Yuan investment planis directly related to the real estate. The health of the real estate industry, sustainabledevelopment is sustainable and stable development of China’s economic foundation. Theother hand, the development of the real estate industry in recent years, but people not veryoptimistic, financing, real estate development enterprise the bank height dependence ofChina’s financial system is not perfect makes the development of the real estate industry bythe financial policies and the environmental impact is very serious. Aspects of investment inthe real estate industry since2009, nationwide house prices rose one of the important reasonsof the phenomenon on the influx of private investment capital, due to the lack of effectiveinvestment channels, private investment capital choose directly acquire real property andresold in a short time to invest, that is, the phenomenon of "real estate". Although in recentyears China continue to introduce relevant real estate policies to suppress this phenomenon,but we should be aware of the issues behind the real estate industry is exposed to the realsource.REIT originated from the United States, is the issue stocks or income warrants to pooledcapital of many investors, real estate investment and management by professional bodies,holding, and in most casesoperating income apartments, shopping centers, office buildingsand warehouse real estate or real estate financing and enjoy preferential tax policies for thecompany, trust or business associations. Benefit as the world, real estate investment andfinancing system in the countries in the development of our country to solve the problem ofthe real estate industry and the financial industry. China also this year launched a pilot of theREIT, inseparable from the laws and regulations of any system is established escort Therefore,in this article the author select the relevant laws and regulations for the study, from theconcept of REIT characteristics and the pros and cons of the start and comparative analysis ofthe relevant legal concepts, and then compared with the real estate investment trust in theUnited States, Singapore, Hong Kong and other relevant laws and regulations drawninadequacies, and the combination of two of our country at this stage in progress REIT pilot mode comparative analysis, final recommendations for our relevant laws and regulations. Thispaper is consisted of four parts:The first part starting from the basic concepts of the real estate investment trust,discussed the concept of the real estate investment trust, the legal nature of the legalcharacteristics, At the same time, the part by the REIT and related concepts DiscriminationREIT in the legal system positioning to be clear.The second part of the analysis, the United States, Singapore, Hong Kong real estateinvestment trust laws and regulations. This part of the author from the REIT’s legalframework, and in all sectors of the law of specific areas, such as the area of trust law,securities law and other ancillary areas of law to a comparative analysis, and analysis ofYuexiu REIT significance of our the REIT system of construction.The third part is the elaboration of legal obstacles to carry out the situation to exist in ourpilot on the Real Estate Investment Trust REIT. This section first comparative analysis on thedevelopment of our REIT status and pilot mode exist based on the the pilot way the differentlegal obstacles to be analyzed.The fourth part is the suggestions to improve our REIT legislation, institutions of thispart of the basis in the second and third parts of the structure. Combination of pilot modeconducted from different perspectives in field of property law, trust law, securities law field,the field of tax law, real estate law, respectively, depending on the REIT model specificallyaddressed how to improve China’s Real Estate Investment Trust REIT legislation.The author hopes that the REIT regime countries through the writing of this article, aswell as the characteristics of each of our current REIT pilot mode under the current legalsystem in the presence of legal obstacles, and finally put forward their own proposals toimprove the domestic real estate investment trust legislation, hope to contribute their efforts tothe smooth development of the real estate investment trust for our successful pilot withperfect.