Research On The Real Estate Investment Trust Fund Operation Mode In China

Real estate investment trusts (REITs) is a kind of way of public offering qualified majority of investors pooling funds, by the specialized investment institutions in real estate investment management, and integrated investment income distribution to a trust fund for investors in proportion, it is an important means of developed country often see real estate securitization.The significance of this study lies in the thesis is based on America and Asia Pacific REITs market development, from the perspective of product design, analysis for China’s market environment and legal system of REITs operation mode. Taking the minimum legal obstacles to the system as the goal, analysis Chinese to stage the most likely the REITs operation mode of development.This article uses the research technique mainly is:through access to professional statistical data, verify some views and conclusions in this paper; the method table tools such as contrast analysis, find out the common points and differences in material, summarized the common characteristics of mature mode; data or conclusions references and research analysis, etc..The main work of this thesis and conclusions are as follows:first, the real estate investment trust fund analysis, reasons of its development is described and its rapid development in the overseas market, the basic type of REITs to make a more comprehensive analysis. Secondly, from the development environment of real estate investment trust fund analysis, discusses the current social conditions, economic situation, the development of the real estate industry demand in China are suitable for the establishment and development of REITs market. Then, this paper makes a comparative study on the USA and Asia Pacific Real estate investment trust fund operation mode, and the paper lists USA mode and the Asia Pacific pattern case, from Tishman and CapitaLand’s case, the practical application and experience more clearly aware of the REITs products. Finally, this paper analyzes the trust, listing Corporation, closed fund REITs different characteristics and on our existing policy matching degree, and then deduces that suitable to China’s current situation of the real estate investment trust fund model of closed-end fund mode.