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In this paper, under the premise of a clear connotation and characteristics of real estate investment trusts (REITs) , based on U.S. REITs the birthplace and Development of the system most perfect , Singapore is the first established by the REITs market in Asia , Hong Kong and the mainland market kinship reasons motivation from development , initiated the establishment of core investment policy , tax requirements , income distribution policy aspects of these three countries REITs market comparative analysis . National laws are in line with the principle to regulate the market , protect investors , defined with the provisions of the various aspects of the REITs . The comparison is not difficult to see the the REITs system lies in three aspects of the income distribution policy, tax requirements and investment policies . Based analysis of REITs system , this paper combined with the status quo of China 's real estate, real estate financing , and the legal system , from legal constraints , operating constraints , tax policy, financial intermediation , the circulation system , the six aspects of the real estate system analysis in our existing system the development of the obstacles faced by the REITs products . Then , from the point of view of the of REITs basic organizational forms , the combination of China 's market environment and legal system of corporate lease two development models were analyzed . Accordance with the principle of small, controllable high development costs , the paper argues that China should first carry out contractual REITs through special legislation . Finally, according to the conclusion of this article on the development of REITs in China to make policy recommendations .
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