The Research of Domestic Real Estate Investment Trusts (REITs)
|School||Shanghai Jiaotong University|
|Keywords||Real Estate Financing Mechanic Innovation REITs Operable Pattern|
Real estate is one of China’s pillar industries, it relies on capital intensively. Therefore, an effective solution addressing real estate financing problems could bring along a more promising future of the industry, and a more solid foundation for the national economy. The foremost problem confronting the industry nowadays is the structural unbalance of financing, it appears in a way that bank loans stand for most part of real estate capital recourse, and other channels such as public offering, corporate bond, trust fund and oversea direct investment, which are commonly used in developed countries, lag far behind. This situation not only constraint the development of Chinese real estate enterprises but also jeopardize the whole financial system. The purpose of this dissertation is to probe the rationality, feasibility and operable framework of settling the real estate financing problems by using REITs (Real Estate Investment Trusts).The core of this dissertation includes four parts. Firstly, analyzing the problems of various financing channels from macroscopic and microscopic angle, forecasting the future influence factors from domestic and international vision, which leads to the conclusion that mechanic innovation is a must for real estate financing. Secondly, pointing out why the existed innovative financing tools could not ameliorate the present situation, introducing the definition, category and characteristics of REITs, and comparing REITs with other real estate financing tools to indicate its advantages. Thirdly, exploring the feasibility of REITs from political, economic, social, technological, environmental, and legal aspects, outlining the framework and content of domestic REITs. Fourthly, offering advices to create better environment for REITs.The dissertation summarizes all the results at last. As well, it illuminates the inadequacy and the direction of study in future.