Study On The Development Model Of Real Estate Investment Trusts In China

Real estate investment trusts(REITs)is the product of asset securitization.As an innovative tool of real estate finance,it can enhance the liquidity of the real estate market,broaden the financing channels for real estate enterprises,and provide real estate investment opportunities for small and medium-sized investors.At present,China's real estate is in a critical period of transformation from incremental market to stock market.The financing channels of real estate enterprises are narrow,and the heavy asset mode has not been effectively changed,the construction of low rent house is lack of funds,the public investors cannot enjoy the high profit with the real estate market boom.REITs has developed in many countries in the United States and Asia.It's necessary to introduce REITs to solve the above problems.China has the basic conditions for the development of REITs in the aspects of investor demand,the maturity of the real estate market and the financial market,and has issued a series of similar REITs products.However,they are different from the standard REITs products in nature,liquidity,recruitment objects,risk and return.Most of them are functions of serving capital channels,which cannot solve the structural problems of the above real estate market and financial market.This paper analyzes the necessity,feasibility and obstacles of the developing REITs in China by using the methods of literature analysis,case analysis and interview.Summarize the development experience of REITs in the United States and Asian countries,refer to the development model of REITs in different stages and different environment in other countries,combined with the existing conditions and industry experts' opinions,giving the suggestions of the set-up model of REITs in China.Suggest the organizational structure using contract type,the portfolio model using equity type,the management model using external type.In order to promote the further development of REITs in China,this paper also suggests improving the current legal system at the national level,making specific legislation for REITs,setting up preferential tax system and information disclosure system.