房地产准则外文译文.doc

From：[IESE Business School – University of Navarra Avda ] INVESTMENT IN REAL ESTATE: LISTED COMPANIES AND FUNDS Abstract ： In Europe today, there are two main vehicles for indirect investment in real estate: real estate investment funds and listed real estate companies. With these instruments not only does the investor take a position in the real estate market, he/she also acquires different risk/return structures, which may vary according to the instrument being used. In some European countries, real estate companies have modified their financial structure and tax position by adopting a leg