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Research on Real Estate Investment Trusts in China

Author: WangHuai
Tutor: GanDangShan
School: Nanjing University of Finance and Economics
Course: Finance
Keywords: Real Estate Investment Trusts ( REITs ) Principal - agent Path Selection Risk control
CLC: F832.49
Type: Master's thesis
Year: 2008
Downloads: 386
Quote: 1
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Abstract


REITs (Real Estate Investment Trust, REITs) essentially is a collection of funds for real estate professionals manage investment plans. It is a typical form of real estate securitization, is the product of financial innovation in the real estate industry and financial markets to a mature stage of development, has played a dual role in promoting the national real estate market and capital market development. Financial innovation products as a more mature development of real estate, REITs, many countries and regions in the world has made remarkable achievements, which also caused an active interest of the various stakeholders. Off REITs boom, especially in the last two years, the domestic industry and academia heard the voice of hope for domestic REITs appeared early. However, it should be seen, REITs are real estate market, the financial system and other external environmental conditions at a particular stage of economic development, a functional financial innovation, government-led and indirectly through legal means to promote financial innovation. Therefore, on the basis of the experiences and lessons learned in the research and learn from foreign REITs, combined with China's actual situation, REITs legal norms designed with Chinese characteristics, promote the healthy and stable development of REITs in the specification. This article is adhering to this idea, first of all, to clarify the concept of REITs based on the economic and financial theory and practice to explore REITs origin, characteristics, classification, investment advantages, so that REITs have a clearly defined. Then analyzes the status quo of China's development of REITs and market environment, to explore the feasibility stage of China's development of REITs; subsequently combined with China's actual situation, to broaden the financing channels, the establishment of a universal benefit-sharing mechanisms, improve the capital market and change the commercial real estate operating mode two aspects, the analysis of the need for development of REITs in China. On this basis, we explore the development of REITs in China in Chapter 5, the path selection problem. Compare real estate trust schemes, listed real estate companies, closed-end industry fund the pros and cons of the three possible development path, the development of REITs in China should be based on existing trust scheme products, launched its adjustment, step-by-step with international standards can docking REITs products and to design appropriate development model. After this paper model of REITs principal - agent problem, and make recommendations for problem-solving. Then combined with the latest case analysis to explore the latest breakthrough in the development of REITs in China. Finally, REITs run the possible risk classification, and construct the corresponding risk control system, to make the structure more complete.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Trust
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