Analysis On Legal Issues Of Real Estate Investment Trusts (REITs) In Our Country

Real estate investment trusts(REITs),as one of the most powerful American financial market investment tools,has the advantages of low investment threshold,small investment risk,the expected return is stable,has been favored by many investors,and many countries in the world have similar in just a few decades.In China,the government has carried out several macro-control on the real estate industry,resulting in the difficulty of financing real estate companies continue to increase.In order to survive and develop,real estate enterprises began to seek cooperation with the trust industry and solved the problem of financing.On this basis,a number of real estate trust projects appeared,which mainly uses the existing trust legal system as the basis for existence.However,it is not strictly true in the sense of REITs,and in some of these items it only has a prototype of REITs.With the rapid development of asset securitization and pan asset movement,the voice of the introduction of the REITs legal system is becoming higher and higher.Although some of the new law on China's real estate trust and investment funds played a certain role in promoting,the real estate investment trust fund is still in the making phase.Therefore,it is necessary to carry out detailed textual research and study on the published articles,analysis barrier,system construction on this basis,which will promote the perfection of the legal system.China's real estate trust and investment fund has great content,and has been a constant concern since 2005 because it is related to the beneficial to the people's livelihood in the capital market,such as it will plays a great influence on the real estate construction demand,social investors and property safety,upgrade the real estate industry,and so on."Trust real estate investment trust fund plan pilot management approach"(Draft)was revised in 2011,which let many people feel surprise,and believe that the good time of Chinese real estate investment trust fund is coming,but contrary to expectations,the bill was not formally promulgated.The growth of real estate investment trusts involves too many problems based on China's national conditions.It can be said that China's real estate investment trust fund is not a real real estate trust and investment fund in essence,but the primary stage of the preparatory stage.The downturn of the practice directly leads to the theoretical hesitation.At present,China's real estate investment trust funds can be seen everywhere,but most of the theories are wrong,such as the concept of REITs is confused and the mode of operation is the wrong.The main problem is the serious lack of theoretical innovation.This paper expounds the correct description of the theoretical concept of real estate investment fund in China,the explicit expression of the operation mode,the further development of the development obstacles,and finally discusses the construction of the legal system,which all lay the new draft of “the trust real estate trust and investment fund pilot project management approach”(Draft)in 2011 as a clue,and base on the law that is or will be issued.