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Legal Analysis and Suggestion for Real Estate Investment Trusts of China

Author: LiYaPing
Tutor: GuGongYun
School: East China University of Politics and Law
Course: Economic Law
Keywords: Real Estate Investment Trust Real Estate Asset Trust Real Estate Securitization Legal Analysis Legislative Perfection
CLC: D922.282
Type: PhD thesis
Year: 2007
Downloads: 766
Quote: 8
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Abstract


In 1970, China opened up its economic market to the whole world. The speedy economic development created a huge interest for other countries, specially developed ones. Since China has become a WTO member, it has been opening its market to foreign potential investors worldwide according to the required schedule. The investors not only have been investing their money in China but also introducing worldwide financial mechanisms and instruments into China. Those well-developed investments, mechanisms, and instruments have been gradually changing local China business styles and structures.At the same time, China’s real estate market was over invested due to the huge money rush into China from other countries and territories. China’s government promulgated constantly a series of Macro-Control Policies aiming at cooling down the overheating development of real estate from 2003 until 2006. At the beginning of 2003, restrictions were raised on the loan requirements for real estate developers to borrow money from banks or trust companies. Those restrictions have broken down the loan chains of real estate developers, banks, and trust companies. Real estate developers lost their main financial support from banks and trust companies under the enforced execution of Macro-Control Policies. Finding other new tactics became extremely important as their financial resources became a severe and inevitable topic for all real estate developers in China.Real Estate Investment Trusts (REITs) originated in the USA in the 1960s. It was one of the new financial strategies. REITs allowed investors to actively participate in the real estate market without a significant amount of money. To real estate developers and operators, REITs provides effective access to capital markets, which support the growth of the real estate industry. The significant characteristics of REITs has captivated the real estate developers’ attention. Even though no specific regulations have been developed so far; REITs has been discussed in academia for over 10 years in China. Since the Macro-Control Policies had been announced, it looks like REITs have gathered a large amount of attention from the public. Even though REITs has been- considered by the public as one possible method for the capital market in China, we still have to analyze the necessity and feasibility of REITs in China. What structures of REITs should be included in China’s legal system if the Chinese government decides to adapt REITs as a financial mechanism? Answering these questions is the major purpose of this dissertation.In order to reach to these goals this article discusses REITs with a variety of perspectives. There are a total of eight chapters in this article, but overall speaking, there are four fundamental sections; first, discussion on the basic legal concepts and legal relations of REITs (Chapters 1&2 ) ;secondly, an introduction to the regulations and perspectives of some countries or territories on REITs (Chapter 3 to 5, those chapters were focused on the related regulations and REITs listed products on the stock market in the USA, Singapore, Japan, Korea, Hong Kong, and Taiwan) ; thirdly, an introduction to the regulations and developments in China that are similar to REITs (Chapter 6) ; fourthly, suggestions about the legal structure of China from a general economic perspective (Chapter 7) and then also from a more specific perspective (Chapter 8) .Given that there is less research regarding REITs on legal issues and relation aspects in China, this dissertation tried to presuppose what the legal structure and the contractual relationships would be like if China adopted the REITs system. This is in the contents of Chapter 1&2. In light of the comparative information that was reviewed in Chapter 3 to 6. this dissertation also tried to suggest a proper structure of REITs in China at the present time, submit the opinions of the legal hierarchy of REITs, and the detailed contents of REITs system that may be proper for China. Chapter 7 & 8 contain the above discussion.China has abundant real properties which can serve as constant resources to support the development of REITs in China. Should REITs be successfully executed China would undoubtedly become the largest REFT market in Asia, and would also be equally competitive and comparable with the USA and EU market Yet is this hypothesis true? It all depends on the well-set structures of REITs systems and the strong enforcement of law. Also. fortunately China can learn from other countries to regulate the new REITs system. Therefore, what purpose of this dissertation is not only to integrate the regulations and experiences of REITs of the above mentioned countries or territories, but also to analyze those regulations and cases, and to try to find the similarities and differences between them. The significant challenge of this topic is to presuppose that the REITs system in China, and most of the presupposed suggestions were derived or inspired from the practical experiences of those countries. This article should contribute as an essential reference for purpose of building up the REITs system in China. Thank you.

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CLC: > Political, legal > Legal > Chinese law > Financial Law > Trust, Credit Act
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