Dissertation > Political, legal > Legal > Chinese law > Financial Law

The Legal Analysis and Legislative Proposal of Real Estate Investment Trust

Author YangPengWei
Tutor ZhangZhongYe
School East China University of Political Science
Course Economic Law
Keywords Real Estate Investment Trusts Real Estate Securitization Legislative proposals
CLC F832.49;D922.28
Type Master's thesis
Year 2010
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Real estate investment trust is a form of real estate securitization, resulting in the 1960's the United States. It refers to the Trust through a public or private placement of two or more client focused legal owner of the funds, according to the client's wishes in his own name, for the benefit of the beneficiary or a specific purpose, real estate or business enterprises The main use of the subject of the real estate trust funds management, use and dispose of behavior. The first part of this paper analyzes the legal concept of real estate investment trusts, by category, compare it with other similar methods show similar investment concepts and the similarities and differences. Next, the birthplace of the United States from its real estate investment trust system starting to study the development of the system to change the path, which explains a system for the development and progress of the country's legal system is closely linked. Meanwhile, the East Asian countries and regions conducted to explore the system of real estate investment trusts were summarized, intended to explain the introduction of these new systems and the relationship between the national legal framework, but also for the country to introduce this system provide useful lessons experience. The second part of this article analyzes the real estate investment trust established system of necessity and possibility. Real estate investment trust exists in our country and developed a series of necessary and sufficient conditions. First, the status quo of China's real estate investment requires a credit from the banks, the low threshold of investment to meet the investment needs of investors. Secondly, there is the reality of financial innovation to circumvent the possibility of financial risks. In this paper, these two forms of institutional real estate investment trust established the necessity of elaboration. The investor's investment capacity and demand as well as the status of the trust industry is precisely China's development of the inherent advantages of this system. Then, through some of China's real estate investment trust is similar to a trust fund exploration programs and industry, summed up these practices with the real estate investment trust gap analysis of the pros and cons of these practices for the next real estate investment trust established to provide experience and lessons learned. The last part is the focus of this article. The existing legal framework, is unable to establish real estate investment trusts, only through a series of new legislative breakthroughs, to cross the existing law trust property tenure, prudent investment trust law obligations of the trust property hierarchy, and related securities laws and deficiencies in the system. In this paper, real estate investment trusts legislative system of special legislation, organizational forms, the establishment of conditions, tax incentives, investor protection and other aspects put forward their own proposals.

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