REITs在中国商业地产融资模式中的应用研究.docVIP

REITs在中国商业地产 融资模式中的应用研究 THE STUDY AND APPLICATION OF REITs FOR CHINA’S COMMERCIAL REAL ESTATE FINANCING MODE  摘 要 自2009年新的一轮房地产业高涨发展后，中国国内的房地产市场面临着新的转折点。一方面政府大力推进城镇化，房地产作为重要产业需要发展；另一方面，房地产价格的快速上涨带来了严重的社会问题并且在行业内积聚了大量资金，给金融系统的稳定带来风险，政府开始调控地产业的发展。在过去的数十年间，我国的房地产行业也一直在摸索中前进，各种规章制度都不健全，导致国内的地产业发展有些畸形。伴随着中国经济的快速发展，房地产作为重要的部门也必须跟上步伐。房地产是资金密集型的行业，在国内政策限制尤其以信贷约束为主的调控收紧时，房地产行业能否继续前进取决于国内的地产商能否开拓新的融资渠道。本文将就欧美发达国业已成熟的房地产资产证券化来为中国的房地产尤其是商业地产发展提供借鉴经验。文章主要从发达国家市场上业已成熟的商业地产资产证券化模式REITs，来探讨其在中国发展的可能性。文章将主要分析REITs的发展背景和经济环境，以及相关的法律制度，政策优惠等，进而结合中国实际国情分析中国商业地产证券化道路面临的问题，然后得出中国未来可行的证券化道路。 关键词：商业地产，资产证券化，REITs，风险管理，法律保障  ABSTRACT The real estate industry has gained mushroom growth since 2009, now the mainland real estate market is facing a new critical point. On the one hand, the new administration is giving great impetus to urbanization, real estate industry needs to develop as a core department; on the other hand, the price of real estate rises sharply and it has caused serious social problem, the industry has attracted so much capital that it exposed risk to the financial system, the government decided to control the development of real estate industry. During the past decades, this industry is developing with learning, property right and legal insurance are all falling behind, leading to twisted structure. As the whole economic is growing rapidly, the real estate need to keep growing as an important department. But the section is capital intensive, when the policy is against the industry developing especially when the credit policy is tightening; whether this industry can move forward depend on its capability of innovation on financing. This paper is trying to introduce the developed countries’ securitization to China’s young real estate market. The paper is studying the main patterns of China’s commercial real estate securitization: REITs and the possibility of development in China. The main discussion will focus on the background, economic conditions, the rele