The Research On Transformation And Development Of China’s Real Estate Trusts

Since2003, by the macro-control policy of China’s real estate market, especially inrecent years, the purchase of the sustained and in-depth limit credit policy, put forward ahigher request to the diversification of real estate financing channel construction. Basedon this, the flexible real estate trust to absorb a large number of private capital, to meetthe financing needs of the real estate business, the growing size. China’s real estate trustin the process of rapid development, it also exposed many problems, at the same time,in the external environment the present universal asset management era andmarket-oriented interest rate reform, the traditional real estate trust transformation brookno delay.Based on China’s real estate trust transformation and development as the main line,and actively explore China’s real estate trust transition development direction, in thehope of real estate trust in the sustained and healthy development of China’s promotion,has important theoretical value and practical significance for the sustainabledevelopment of China’s real estate enterprises diversified financing, private capitalgrowing financial needs pray and trust company. Integrated use of literature researchpapers, case studies, comparative studies, expert interviews, data analysis, and logicaldeductive research methods, from a macro and micro level, the development of theoperational level, the use of institutional change theory restructuring and developmentof the real estate trust to conduct a comprehensive research and analysis. Research fromthe following aspects:①At the micro level. The use of trusts for institutional change theory to analyze thehistory of the development of the real estate research; impact analysis of assetmanagement of the New Deal and the interest rate reform for the development ofChina’s real estate trust; analysis supporting elements of the restructuring anddevelopment of real estate investment trust; summary analysis of foreign real estateinvestment trusts (REITs) evolution and Enlightenment.②At the macro level. Detailed discussion and analysis of the real estate trust modeof operation; After reviewing the history of the real estate trust on the basis of thedevelopment of China, pointed out the problems in its development; REITs fromabroad on the basis of the system, the real estate trust has categorized the problems andpropose restructuring the real estate trust development Framework. Through these studies, the paper made some achievements. With China’s realestate trust trust laws to circumvent innovation system supply and trust products and thedevelopment of change. There are many problems in the development of the traditionalreal estate investment trust in the external environment changes Pan asset managementand interest rate market reform era accelerated unsustainable. Restructuring anddevelopment of real estate trust has five supporting elements, there are practicaldifficulties in foreign REITs system of China’s development. Get real estate privateequity funds, fund of real estate trusts and asset securitization trust product innovationand development of the three paths, and build trust products transferred platform topromote the establishment of trust and trust tax registration system innovation anddevelopment of the three legislative trust system path. Proposed to strengthen themarketing channel construction, attention to external oversight role, to developinstitutional investors, increase investor education, strengthen trust-building talentsand positive innovation trust products such as the six recommendations. The researchresults can be expected for the restructuring and development of China’s real estate trustplay a reference.