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The development model of real estate investment trusts (REITS) and the legal system

Author: BiJing
Tutor: WangChuanLi
School: China University of Political Science
Course: International law
Keywords: Real estate Trust and Investment Fund REITS
CLC: F293.3
Type: Master's thesis
Year: 2011
Downloads: 289
Quote: 1
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Abstract

Two of the rapid development of China's socialist market economy since the end of the last century, the market is the real estate market and the securities market. From the real estate market has maintained a growth rate of over 30%, but due to the real estate industry is a typical capital-intensive industries, the reality encountered bottlenecks in the current development process is the lack of diversified financing channels, the real estate industry in order to solve the project The development and operation of the source of funds, there is an urgent need to open up the channels of financing outside the bank. From the securities market, China's securities market products a single type of product structure, the proportion of serious disorders. In investable varieties, high-risk equity products with a relatively low-risk bond products accounted for about rendering a 8:2 pattern. Lack of the real estate market and the securities market between the middle of the transition of the level of risk-return products. Paper, the use case law research methods and comparative jurisprudence research methods, combined with legislative and practical experience of the the mature international capital markets in the United States, Singapore, Hong Kong, on the one hand, REITs a new type of financial investment products as the risks and benefits between stocks and bonds investment products, improve China's real estate market and the securities market has positive significance, on the other hand to explore the prospects of China's development of REITS products and possible paths, and some superficial proposals related system design aspects. Given current law, REITS is an entirely new system, this article start with the the REITS definition, characteristics, participate in the basic concepts of the subject, classification describes paper is divided into three parts gradually unfolded, the final form of of REITS special legislation recommendations. Chapter: The chapter from the basic concept REITS outset that the definitions, characteristics, participate in the main classification; Secondly, the United States, Europe, Australia, Japan, Singapore, Hong Kong and other countries and regions establish REITS system development process, and a brief overview of the content of the actual case history, the legislative process, the system design features; REITS products again, the emphasis on the aspects of the establishment of the United States, Singapore, Hong Kong and other countries and regions REITS conditions listed operational processes as the starting point of all countries in the the core issues and the main direction of the industry regulator system design considerations; Finally, the combination of the first international capital markets only to the Chinese mainland real estate as an investment target REITs - GZI Real Estate Investment Fund (HK.405) analysis of the organizational structure of REITs products and the establishment of the issue and listing of operating procedures. Chapter II, REITs products to the U.S. market nearly 10 years history of the income level, the Hong Kong market is more representative of the Link REIT REITs and REITs Yuexiu the secondary market after listing performance data analysis, risk-return characteristics of REITs have clarify its fourth class of financial assets in addition to stocks, bonds, cash beyond reason; elaborated REITs product as a method of valuation of investment products can be traded: absolute valuation method and relative valuation method. \The third chapter, the chapter is divided into two parts to explore the development mode and the legal system in REITS. The first part discusses REITS development model: First, market segments, such as commercial real estate in the Chinese real estate market, non-residential real estate as of REITs the underlying assets of the real estate market growth focus, analysis REITs products in China's development prospects; Second, four legal mode to explore the development of REITs in China: trust schemes, real estate listed companies, closed-end funds and to enterprise asset securitization products carrier quasi-REITs mode; Finally, by comparing the United States, Hong Kong and other places for REITs introduced tax incentives, asset ownership, investor eligibility policy, combined with China's current regulations and policies, proposed the development of REITs in China is likely to face the problem. The second part examines the to build of REITS legal system: mainly combined before analysis, in the part of the recommendations of our of REITs system construction, including: a proposed legislative level recommendations of REITs legislative approach should be specific regulations mainly, supplemented by special provisions in various other parts of regulations; proposed preferential tax policy recommendations, the clear beneficiary of the burden and to avoid double taxation principle; proposed unity and the issue of the industry regulatory body, listed regulatory specific focus; organizational structure for REITs products, administrator, custodian status, powers and responsibilities of foreign investment restrictions, limitations of the income distribution, financing ratio system design recommendations.

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