第六章-房地产信托投资基金.pptVIP

第六章 房地产投资信托基金(REITs) REIT基本概念 REIT投资优势 REIT投资风险 The Link REIT案例分析 REIT投资要点提示 中国发展REIT的优势与障碍 房地产投资信托基金(REITs) 在众多投资领域中，房地产投资以其丰厚的投资利润，较好的保值性，一直是投资的热点领域。但是同时，房地产业以其资金需求量大，周转时间长的特点，使得众多的社会闲散资金和个人投资者不敢涉足该领域。 房地产投资信托基金（Real Estate Investment Trust， REIT）是一种房地产产业投资基金，可以为中小投资者提供分享商业地产利润的机会。 投资基金，一般是指由投资基金公司通过发行基金股份或受益凭证等形式向社会募集资金，再将所筹得的资金投资于有价证券、高新技术产业、基础产业等投资对象或领域，并将所获的净收益分配给广大投资者的一种集合投资制度。 What is a REIT? A real estate investment trust, or REIT, is a company that owns, and in most cases, operates income-producing real estate. Some REITs finance real estate. To be a REIT, a company must distribute at least 90 percent of its taxable income to shareholders annually in the form of dividends. (National Association of REITs ,NAREIT) REITs in USA-The Origin: Background In USA, started in 1960 (JF Kennedy became President) By Congress Intended to establish tax-favored investment measures Allow average income Americans to benefit from real estate investment managed by professionals. At the beginning, not popular due to the factors such as -Ownership only, the third party management -Tax shelter benefit for real estate. Revisions Tax Reform Act of 1986 -Allowing to own, operate and manage most income generating properties -Reduced real estate tax shelter advantages Benefits -Deduct REIT dividend from income before tax -Avoid high tax equivalent to corporate tax -REITs entities enjoy the same status under state corporate law, but only one tax burden Shortcomings -REITs company must distribute 90% of its net taxable income to shareholders—makes it difficult to reinvest in new properties Legal Requirements:Internal Revenue Code of 1986 REITs entity must be managed by one or more directors or trustees. Shares or beneficial interest in the entity, if the entity is operated as a trust, are transferable. The entity must have a minimum of 100 shareholders. The entity is not closely-held (no more than 50% of the entity’s shares may be held by five or fewer individuals. The