| Real estate investment trusts(REITs),as one of the most powerful American financial market investment tools,because has the advantages of low investment threshold,small investment risk,the expected return is stable,has been favored by many investors,in just a few decades in many countries in the world have similar.In China,the government has carried out several macro-control on the real estate industry,which has caused the difficulty of financing in real estate enterprises to increase continuously.In order to survive and develop,real estate enterprises have begun to seek cooperation with the trust industry to solve the problem of financing.On this basis,a number of real estate trust projects emerged,mainly based on the existing trust law system.But strictly speaking,this is not the real REITs,but only in some of them has the rudiment of REITs.China's real estate investment trust fund to the content of the event,since 2005 will be constantly concerned,because it is related to the beneficial to the people's livelihood in the capital market,such as real estate construction demand,social investors and property safety,upgrade the real estate industry plays a great influence.The "trust real estate trust and investment fund pilot project management measures"(Draft)was rerevised in 2011,which surprised many people,and believed that the great era of China's real estate investment trust has arrived.But it has not been formally promulgated,because the growth of the real estate trust investment fund involves too many problems on the basis of China's national conditions.It can be said that the real estate trust investment fund in our country is not the real real estate trust investment fund in essence,but it is only the primary form of the preparation stage.The downturn in the real world directly leads to the hesitation of the theoretical circle.In view of the current real estate investment trust fund in the academic literature can be seen everywhere,but most of the theory of biased idea,such as the REITs concept confusion,the mode of operation of the wrong person,the main problem is serious lack of theoretical innovation.Based on the laws that are currently or will be issued,this paper discusses the correct description of China's real estate trust investment fund from the theoretical concept,the explicit expression of operation mode,and the in-depth analysis of the development obstacles.Finally,it discusses the construction of the legal system. |
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