房地产投资信托发展研究探究.pdf

第 11 卷第 6 期 辽宁工程技术大学学报(社会科学版) Vo l. 11 ,No. 6 2509 年 1 1 月]ournal of Liaoning Technical U ni versity( Social Science Edition) Nov. 2009 房地产投资信托发展研究 孙召会，李广磊 〈东北财经大学经济与社会发展研究院，辽宁 大连 116023) 摘要z 针对中国房地产市场存在融资难、风险大、结构散、市场不成熟等问题，结合中国房地产市场现状和 REITs 的优点，采 用理论分析方法分析了 REITs 对弥补中国房地产业不足和促进房地产业健康发展的重要性，最后指出了中国发展 REITs 存在的问题，并提出中国应加快出台房地产信托相关政策并且努力发展股权类 REITs. 关键词:房地产;信托;REITs 中图分类号:F 830.8 文献标识码:A 文章编号: 1008-391X(2009)06-0584一03 Research on real estate investment trust development SUN Zhaohui , LI Guanglei CR巳earch Acadamy on Ero∞mic. 段对a1 D:velo阳1eI1t ，Ibngbei Univ缸sity of Fmance and Eronomics ,Dùian 11仅因，α也la) Abstract: The rea1 estate market of China has a 10t of prob1ems , such as difficulties in finding financé sourc巳， high risk , scattered structure ,immature market and so on. This thesis anna1yzes the importance of REIT for making up the defects of the real estate market and promoting rea1 estate to deve10p healthily combined with the current conditions of the real estate market and the advantages of REITs according to the above-mentioned prob1ems by using the theory ana1ysis. Finally ,it points out the prob1ems existing in the development process of REITs in China and puts forward the method to solve the problem by mak- ing po1icies re1ated to rea1 estate trust and making great efforts in developing stock - ownership type of REITs. Key words: rea1 estate; trust; REITs Estate Investment Trusts , REITs) 就是以房地产 O 引言 项目为融资对象的一种信托产品。他是由基金公司 REITs 作为一种房地产证券化产品，受益凭证 和其他发起人向不确定的投资者发行受益凭证，将 可以公开交易和转让，使不动产流动起来，有利于房 社会上的资金集中起来，汇集成具有一定规模的信 地产价值发现风险的分散转移，解决房地产流动性