A Comparative Study On Real Estate Investment Trusts (Reits) Legal System

Real estate industrial has become the barometer of the entire economic development,and its health is directly related to the overall national economic development.At present,with the new round of sustained macro-control,the state of shortage of funds in the real estate industry has not been fundamentally changed and its financing channels have been tightened further.At the same time,China's real estate industry has gradually entered a new era,and the change in the development stage is in urgent need of a shift in the mode of development.REITs have been proved to be powerful tools for solving the above two problems in other countries and regions.However,as the world's second largest economy,China has not established such a system yet.The development of the market in recent years highlights the urgent need for China to establish its own REITs.At the same time,the practices of REITs in different fields have also shown different patterns.The method of Rechtsvergleichung is considered as a necessary way for establishing the REITs system in China.After examining the characteristics of whole-process operation of REITs,this essay studies the three most important legal aspects in current REITs,namely,the establishment of legal system and taxation of REITs legal system and risk control legal system.By comparatively studying the above three issues respectively and combining with the current situation in China,this essay puts forward the issues that China should pay attention to in the final establishment of a REITs fund system.in particular:The first part of the article describes the basic issues of REITs.It is considered that the essence of REITs funds is the fund operated under the principle of trust and the origin,status quo and main types of REITs in other countries and regions are briefly introduced.The second part focuses on the international comparison of the establishment of legal system of REITs.It starts from the four dimensions of organizational structure,asset conditions,income conditions and distribution conditions.It considers that the United States provides the most flexible rules for the establishment of REITs while Hong Kong is relatively harsh in relative terms,while Singapore lives in the middle of the two,but it is closer to the model of Hong Kong.The reason for the above differences lies in the fact that the industrial and social structure of the three places are different in reality.The third part of this essay compares the REITs from the perspective of the tax law system and holds that they have common ideas of smoothing in the design of the relevant legal system of taxation and deserve our attention when discussing the establishment of China's REITs system.In addition,REITs in Hong Kong,China do actually have preferential tax treatment,but only focus on different point.The fourth part of this essay comparatively studies the risk control legal system of REITs and holds that the regulatory thinking of primary category control and proportional control in the three places plays a very important role in the REITs system.Trustee and other obligations of indirect regulation of ideas to prevent and control risks.In the last part of this essay,we should take the accurate grasp of the differences between the three REITs and their causes,and in light of the current situation in China,we should adopt the more aggressive and decentralized way to construct China's REITs,with a dynamic development of its timely adjustment and improvement.