我国房地产投资信托reits之运作机制分析-analysis on the operation mechanism of reits in chinas real estate investment trust.docx

AbstractThe development of Chinas real estate investment trusts (C-REITs) is in the primary stage. China Securities Regulatory Commission(CSRC) and Peoples Bank of China have launched their own Rules about REITs, but none were accepted. C-REITs turned to the con st ru ctio n of lo w-i ncom e hou si ng. In this paper ,the writer intro du ce th e international basic operation mechanism of REITs. For the C-REITs, it is very important to set u p o u r o p e r a t i o n m e c h a n i s m a n d t h e m e t h o d o f r i s k c o n t r o l .Legal obstacles at the present stage of Chinas development of REITs mainly includes the following points. First of all, lacking of REITs special regulations and industry regulations. The REITs is a special form of investment fund, to set up the legal system of investment fund is an important guarantee for the development of REITs. Secondly, the current law has great obstacles in the introduction of REITs. There are many conflicts of REITs mode of international mature and China trust law, this needs to be amended in subsequent legislation. Thirdly, the present securities law do not recognize the REITs as a securities, hinders the development of REITs. Workings of REITs includes the Organizational form, the mode of capital operation, the circulation pattern of Income vouchers, the income distribution mode. In terms of organizational forms, the writer advocates contractual mode of REITs, like Hong Kong. then, in the REITs development maturity, changed to the umbrella mode or the company mode, like USA REITs. In the operation of fund, C-REITs should control the mode of direct loans, and gradually to the equity investment mode. In respect of construction of C-REITs proceeds documents circulation mode, REITs income receipts should be incorporated into the category of securities, allowing private and public offering two modes coexist, and gradually shift from the inter-bank bond market to open market. In respect of constructi