The Research On The Development Model Of China’s Real Estate Investment Trusts

At present, China’s rapid economic development, the financial sector and realestate industry is the convergence in the deepening of mutual economic reform,complement each other. Financial sector to the real estate industry to provide adequatefunding, real estate finance industry was to provide a broad investment platform.However, in the course of development, we found that the real estate financing hasbeen dependent on bank loans, which not only increased the credit risk of banks,causing instability in the financial markets, but also makes the macro-control policieson the real estate useless issued by the State. In order to fundamentally solve thisproblem, we must accelerate innovation investment and financing system for the realestate market to provide long-term, stable financing channels. The development ofreal estate investment trusts is the preferred system of innovation.REITs system originated in the United States, after being adopted by manydeveloped and run successfully. The establishment of such a system has changed inthe past real estate companies dependent on bank financing situation indirectly,turned to market-based securitization direct financing model. With the acceleratingpace of economic globalization, China’s real estate investment and financing marketis bound into a major trend in the international financial system. Therefore, tochange the current real estate market a single financing channels, to establish anddevelop suitable for China ’s real estate investment trust fund system is imperative.This article is based on this background and in-depth research, the text can bedivided into three parts:The partⅠ includes an introduction, thechapterⅡ, Chapter Ⅲ. The mainresearch status at home and abroad is a combination of real estate investment trusts,real estate investment trusts definition, characteristics, classification and basic modeof operation described in detail. And through research and comparison of the UnitedStates, Japan, Singapore, the three countries REIT regime inspiration for ourdevelopment and accumulated experience in real estate investment trusts. The part Ⅱ is the chapter Ⅳ. The main operation of real estate investment trustsin the principal-agent relationship analysis. A double commission REIT regime-agent relationship, through the establishment of the principal-agent model to explorehow to develop scientific principal-agent relationship to the development of realestate investment trusts play a positive role.The part Ⅲ includes chaptersⅤand Ⅵ. This is also the focus of this article. Thebasis of the previous chapters, for the current development status of China’s realestate financial products, demonstrates the feasibility of real estate investment trustsin the development of our country and the difficulties encountered. Finally, accordingto China’s national conditions, respectively, from the optimal path, the way to raisefunding sources as well as product positioning of the four aspects of analysis, suitablefor the development of China’s real estate investment trust mode.From the results of the study, the establishment of real estate investment trusts(REITs) greatly broaden the financing channels of the real estate industry, which tosome extent, not only ease the pressure on bank credit, making China the real estatemacro control more effective, also promoted the development of China’s real estateindustry toward more robust and healthy direction.