The Operation Mode And Legal Regulation Of Real Estate Investment Trusts (REITs) In China

Real Estate Investment Trust(hereinafter referred to as REITs)originated in the United States,is a collection of investment trust which mainly invested in commercial real estate and brings income from real estate as a return on investment to trust holders.In recent years,the voice of the country on the release of REITs is getting higher and higher.On the one hand,REITs opened up new channels of investment for investors;on the other hand,REITs also increased financing channels for real estate companies.Because China's REITs legislation is not completed yet,REITs has not officially started.At present,there are many domestic REITs products.In June 2015,approved by China's Securities Regulatory Commission,Penghua Qianhai Vanke REITs launched.As China's first public REIT,Penghua Qianhai Vanke REITs received a wide attention.The author thinks that Penghua Qianhai Vanke REITs breakthrough in many aspects,but there still some differences exist between PenghuaQianhai Vanke REITs and American mainstream REITs.This paper makes “Penghua Qianhai Vanke REITs” as the starting point,analyses REITs in the mode of operation and legal regulation in China.