Research On Key Points Of REITs-like Product Design

China's real estate industry is facing the transformation from the incremental era to the inventory era.The asset-securitization mode of thinking has been transformed from asset-heavy mode to asset-light mode,and the expansion of financing channels and deepening of its connection with the financial industry has become the most important subject in this industry.Real estate asset securitization is not only the reform of real estate industry,but also the major reform of China's financial industry.Real estate investment trust(REITs),as an important financial instrument of real estate asset securitization,has been widely concerned.According to foreign experience,REITs can not only provide financial support for real estate enterprises in the development and operation end,but also be a kind of public real estate investment product with strong defensive ability.Therefore,accelerating the development of REITs in China is of great significance for promoting the reform of the real estate industry and the financial industry.However,standardized REITs are restricted by current domestic laws and regulations,tax system,real estate business model,financial market,real estate market environment and other factors.As a result,some financial products that have the characteristics of standardized REITs and are different from standardized REITs are called "quasi-reits".Class REITs are the transition products of China's REITs from nothing to existence.The birth of class REITs not only plays a part in the role of REITs,but also lays a foundation and accumulates experience for the official issuance of REITs in China in the future.Class REITs possess some features and functions of REITs through unique product design,and at the same time avoid some objective restrictions in China at present.By analyzing the development process of REITs in China and the analysis of reits-like products,this paper combined with the relevant laws and theories of finance to summarize the product design ideas and operating points,and put forward possible problems and corresponding solutions on the current design ideas of REITs products.