Dissertation > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Trust

Study on Real Estate Investment Trusts (REITs)

Author ZhuJingYu
Tutor ZhaoHeMin
School Wuhan University
Course Finance
Keywords Real Estate Investment Trusts Financing Channel Pattern Selection Real Estate Securitization
CLC F832.49
Type Master's thesis
Year 2005
Downloads 580
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Real Estate Investment Trusts (REITs), which has been rapidly developed in the security markets of foreign countries in recent years, is a Collective Investment Trust Scheme. It is publicly traded in the Exchange, and specializes in real estate industry activities or invests in mortgage loans. REITs has not only offered a financing channel outside the bank for the real estate industry’s development, but also offered a kind of investment products with stable income and low risk for investors.This dissertation analyses the development course of REITs in America, Hong Kong, Singapore, Japan, S. Korea etc, and especially focuses on the product characteristic of REITs. Then it summarizes the development model of REITs and requirements for legislation, and then analyses and proves feasibility & necessity that our country develops REITs to the current market condition, economic environment in our country, and finally it explores the pattern selection of REITs in our country.The dissertation includes 5 chapters besides the conclusion part. The Chapter 1 is the foreword, which includes the background, meaning and domestic and international research about the REITs.Chapter 2 is a summary of the Real Estate Investment Trusts. Section 1 introduces the status in quo of foreign REITs. Section 2 focuses on American REITs, and makes a deep analysis on the development course, investment characteristic, pattern of operation. Section 3 compares the American pattern and Asian pattern of REITs, and concentrates on three aspects: legislation, organize structure and condition for public trade, which offers a reference pattern for Chinese REITs.Chapter 3 discusses the necessity and feasibility that China develops REITs. From such angles as the persistent development and upgrade of China’s real estate industry, and the completion of China’s financial market, Section 1 demonstrates the necessity that our country develops REITs. Section 2 demonstrates the feasibility of China’s based on the development of China’s financial and trust section, investment principal part of our country’s REITs, Real Estate Funds market of China, and increasing of foreign capitals.According to foreign countries’ experiences, our country’s present economy and system environment, Chapter 4 discusses the operation pattern of our country’s REITs, and draws a conclusion that our country should choose contractual and closed listed property funds as REITs pattern in China. Then from several aspects such as Management Company, trustee’s responsibility and qualification, regulation of core investment, distribution policy of income, the author proposes the structure and function of China’s REITs.Chapter 5 discusses the obstacles that hamper our country’s REITs and gives the corresponding countermeasure we should take. From the angles of social culture background, laws and regulations, relevant professional, Section 1 analyses the obstacle that our country develops the REITs. Aimed at the foregoing obstacles, Section 2 proposes the measures that our country should take to develop REITs.The conclusion is that our country should develop REITs as soon as possible.Innovation of this dissertation: There is not a real REITs Company yet in our country at present, and the study on REITs in the academic circle of China has just begun, which has not formed a system. This dissertation carries on a theoretical exploration and discussion on this aspect, and proposes a pattern selection of our country’s REITs. The author tries hard to play a role in taking over from the past and set a new course for the future.

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