房地产信托基金的发展探究.docxVIP

摘 要中国自20世纪90年代以来，房地产和证券两个市场高速发展。从房地产角度来说，我国房地产市场从20世纪90年代之后开始迅速发展，年均增长率达到 37.8%，并且由于中国居民的需求和城镇化进程的加快，我国房地产市场未来仍有很大发展空间。伴随着城镇化的发展，许多居民从选择购房变为租用廉价房屋来居住，这就自然需要地产商改变其传统经营模式，形成“建房+经营”的新模式，用以解决房地产企业商业模式不断创新的问题。虽然现况 REITs 在我国的实行面临着许多困难与障碍，但其能为我国的房地产业提供看可观的民间资金，同时还能在一定程度上避免由于过度投资需求引发的投机风险。现阶段我国的房地产市场正积极的探索房地产信托基金发展的最优路径，本文在阐述房地产投资信托基金基本理论和总结各国经验的基础上，对我国发展 REITs的现状与障碍进行了进一步的研究，并且分析其可行性和必要性。本文共分为五章。首先，阐述房地产信托投资基金的概念、类型、优势特点、运作方式和风险等基本原理。其次，探讨我国建立REITs的必要性和可行性。再次，分析现阶段中国存在的法律障碍和制度上的缺陷。最后，借鉴国外的发展经验，对我国房地产托投资基金的发展进行探究并提出建议。关键词： REITs；房地产融资；房地产投资ABSTRACTIn the 1990 of the 20th century, the real estate market and the securities market havedeveloped into fast-growing markets. Judging from the real estate market, it began to developrapidly in the late 1990s, its average annual growth rate is as high as 37.8%, and since therigid demand of the residents in the Mainland, there is still great scope for development in thefuture. As the urban population increases, many people will choose to rent cheap House ratherthan buy a House, it will need to change the traditional business model of real estateenterprises to form a build, operate new model, developers of business model innovationissue has been resolved. REITs are hot topics of Chinas real estate finance in recent years,although current practice REITs in China faced many difficulties and obstacles, but they canprovide large amounts of private capital for Chinas real estate industry, but also to someextent avoided risks due to excessive speculation caused by investment demand. Real estatemarkets are actively exploring the development of REITs in China at the present stageoptimal path, this article in providing insights into the real estate investment trustdevelopment theory and the experience of other countries on the basis of experience, on thecurrent stage of development in China conducted a comprehensive analysis of real estateinvestment trust fund, and combined with the current situation, focusing on the analysis oftwo different RE