Study On The Investor Protection Of Chinese Public Offering REITs

Public offering REITs is an internationally accepted asset allocation with many advantages and it was officially introduced into China in 2020.As a new product in China’s capital market,public offering REITs is currently in the pilot stage,and there are numerous problems related to the vitality of public offering REITs and the stability of national economic development to be solved.It is the question regulators must face and answer in this process that how to protect the rights of public investors.This paper analyzes the public offering REITs and the rights dilemma faced by investors in China,and puts forward suggestions on how to further improve the protection level of investors’ rights and interests of public offering REITs in China.In addition to the introduction,this paper contains four parts.The first part,from the perspective of the basic theory of REITs combed the origin of REITs origin,connotation,characteristics,species,distinguishing the difference between the REITs and similar concept,illustrates the vulnerability of public offering REITs structure and the differentiated protection of investors’ rights and interests,summarizes the development history and standard status of Chinese public offering REITs.In the second part,starting from the regulatory norms and governance practice of public offering REITs,it analyzes the main rights barriers faced by investors of public offering REITs in China,and finds that there are information asymmetry,defective governance structure,risk and security mismatch of public offering REITs in China.The third part identifies the basic legal relationship of public offering REITs as trust legal relationship,defines the rights and responsibilities of public offering REITs investors,fund managers and custodian within the trust legal relationship,based on fiduciary duty.The fourth part,based on the third part,puts forward suggestions on how to further improve the investor protection level of public offering REITs in China —including improving the internal collaborative governance mechanism,building a three-dimensional information disclosure system,strengthening financial supervision and improving the relief path of investors’ rights.