房地產(chǎn)開發(fā)企業(yè)信托融資研究-外文翻譯外文文獻(xiàn)

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譯文：題目：房地產(chǎn)開發(fā)企業(yè)信托融資研究一、房地產(chǎn)投資信托基金的內(nèi)涵（一）房地產(chǎn)投資信托基金的界定房地產(chǎn)投資信托基金（簡稱REITs）是一種以發(fā)行收益憑證的方式匯集特定多數(shù)投資者的資金，通過發(fā)行股票（基金單位），集合公眾投資者資金，由專門機(jī)構(gòu)經(jīng)營管理，通過多元化的投資，選擇不同地區(qū)、不同類型的房地產(chǎn)項(xiàng)目進(jìn)行投資組合的金融信托產(chǎn)品。與傳統(tǒng)金融產(chǎn)品相比，房地產(chǎn)投資信托基金最大的特點(diǎn)是可以積聚眾多中小投資者的資金，利用專業(yè)的管理團(tuán)隊(duì)的管理水平和經(jīng)驗(yàn)，依靠信用評級(jí)機(jī)構(gòu)、律師、會(huì)計(jì)師事務(wù)所和證券委員會(huì)的監(jiān)管，進(jìn)行多元化的投資組合，享受稅收上的優(yōu)惠，實(shí)現(xiàn)投資效益。REITS自20世紀(jì)60年代在美國面世以來，不但在本國得到廣泛發(fā)展，而且迅速被日本、新加坡、韓國、香港等國家和地區(qū)引人和采用。REITs從本質(zhì)上來講是一種信托投資基金，滿足信托設(shè)立依據(jù)、信托目的、信托當(dāng)事人信托的法定構(gòu)成要素，具有信托財(cái)產(chǎn)獨(dú)立性的特點(diǎn)，受《信托法》及其他相關(guān)法律的保護(hù)。與此同時(shí)，房地產(chǎn)投資信托由于其自身獨(dú)特的特點(diǎn)，對受托人的資格、義務(wù)，稅收的稅率及優(yōu)惠等作了明確的規(guī)定和限制，因此房地產(chǎn)投資信托具有強(qiáng)行法的性質(zhì)。（二）房地產(chǎn)投資信托基金的現(xiàn)狀房地產(chǎn)調(diào)控以來，房地產(chǎn)企業(yè)融資渠道出現(xiàn)了比較大的變化。在銀行貸款收緊，企業(yè)債、證券市場再融資大門緊閉的狀況下，開發(fā)企業(yè)不得不另辟蹊徑，于是信托融資得到了較快發(fā)展。相關(guān)研究報(bào)告顯示：2010年1-8月，房地產(chǎn)信托產(chǎn)品發(fā)行規(guī)模已超過1047億元，和2009年房地產(chǎn)信托全年發(fā)行規(guī)模449億元相比，翻了一倍多。其中8月發(fā)行規(guī)模為221億元，發(fā)行數(shù)量為50個(gè)。據(jù)Wind資訊統(tǒng)計(jì)，2010年，國內(nèi)15家上市房地產(chǎn)公司通過信托融資渠道，共獲得資金合計(jì)114.5億元，平均每家地產(chǎn)公司融資7.63億元。其中，融資額超過10億元的地產(chǎn)公司有5家，融資額在5億元至10億元之間的地產(chǎn)公司則有3家，而融資額小于5億元的上市公司則有7家。部分房地產(chǎn)企業(yè)信托融資情況數(shù)據(jù)來源：根據(jù)各上市公司公告整理在央行收緊銀行信貸后，房地產(chǎn)信托異軍突起，有力支撐了房地產(chǎn)商的開發(fā)投資經(jīng)營活動(dòng)。相對銀行貸款而言，房地產(chǎn)信托計(jì)劃的融資方式可以降低地產(chǎn)公司整體融資成本，節(jié)約財(cái)務(wù)費(fèi)用，而且期限彈性較大，有利于地產(chǎn)公司持續(xù)發(fā)展。但從引入房地產(chǎn)投資信托基金的探索性實(shí)踐看，盡管它受到了理論界的密切關(guān)注，并且得到了業(yè)界的追捧，但業(yè)界所看重的卻并不是它的長期的融資渠道的功能，而是把它當(dāng)成了所謂的“過橋資金”，或者說是取得銀行資金的“敲門磚”。這樣，實(shí)際上也就在相當(dāng)大的程度上使之失去了存在的意義。同時(shí)，房地產(chǎn)信托在投資過程中，絕大多數(shù)都是采取貸款的形式，采取的仍然是債權(quán)的形式，這等于是原有銀行貸款的簡單替代，并沒有解決風(fēng)險(xiǎn)與收益不對稱的根本性問題，而且在這個(gè)過程中信托業(yè)的風(fēng)險(xiǎn)也在增加。房地產(chǎn)投資信托基金在的這種理論功能與現(xiàn)實(shí)的反差須進(jìn)一步實(shí)踐、觀察、改進(jìn)，以便發(fā)揮出它在房地產(chǎn)融資中所應(yīng)有的積極作用。（三）大力發(fā)展房地產(chǎn)投資信托基金的可行性分析首先，政策支持。2008年12月21日，中國國務(wù)院辦公廳發(fā)布了《關(guān)于促進(jìn)房地產(chǎn)市場健康發(fā)展的若干意見》（國辦發(fā)〔2008〕131號(hào)），其中重點(diǎn)提到，“支持房地產(chǎn)開發(fā)企業(yè)合理的融資需求”。在具體措施方面，明確表示“開展房地產(chǎn)投資信托基金試點(diǎn)，拓寬直接融資渠道”。目前，國務(wù)院已批準(zhǔn)北京、上海、天津三城市為房地產(chǎn)信托投資基金試點(diǎn)城市。其次，法律逐漸完善。從2005年起，銀監(jiān)會(huì)陸續(xù)發(fā)布了多個(gè)關(guān)于房地產(chǎn)信托業(yè)務(wù)的監(jiān)管文件。迄今為止，銀監(jiān)會(huì)對房地產(chǎn)信托業(yè)務(wù)的監(jiān)管政策和要求除最低資本金、二級(jí)資質(zhì)、“四證齊全”外，還包括禁止向開發(fā)商發(fā)放流動(dòng)資金貸款、禁止進(jìn)行商品房預(yù)售回購、禁止信托公司以信托資金發(fā)放土地儲(chǔ)備貸款，以及將投資附回購形式的變相融資行為視同貸款管理等一系列監(jiān)管政策，初步形成了房地產(chǎn)信托業(yè)務(wù)監(jiān)管的政策體系。最后，信托融資的投資主體已初步形成，具體表現(xiàn)在以下兩個(gè)方面：首先，個(gè)人金融資產(chǎn)迅速增長。經(jīng)濟(jì)體制改革后釋放出來的經(jīng)濟(jì)高速增長，帶來了個(gè)人收入的迅速增長，個(gè)人的投資需求也大大增加；其次，機(jī)構(gòu)投資者隊(duì)伍正在壯大。隨著社會(huì)保障制度和社會(huì)福利制度的改革，已經(jīng)建立規(guī)模巨大的各種社會(huì)公益事業(yè)基金，這些社會(huì)公益基金將成為機(jī)構(gòu)投資者。二、美國的REITs發(fā)展對的啟示目前，西方發(fā)達(dá)國家已經(jīng)形成了以REITs為核心、以傳統(tǒng)融資渠道為基礎(chǔ)的多元化房地產(chǎn)融資模式?？偨Y(jié)美國REITs的發(fā)展?fàn)顩r及特點(diǎn)，美國的REITs發(fā)展對的啟示主要表現(xiàn)在以下三個(gè)方面。（一）完善的法律和稅收制度是REITs發(fā)展的基石美國的經(jīng)驗(yàn)表明，REITs的發(fā)展需要完善的法律法規(guī)和稅收制度，以提供良好的外部環(huán)境。美國在1960年通過的《房地產(chǎn)投資信托法案》明確了REITs的基本制度框架，同年國會(huì)也通過了議案，修訂《國內(nèi)稅收法典》，使REITs享有與共同基金同樣的特殊稅收優(yōu)惠待遇。根據(jù)美國稅法規(guī)定，只要投資信托公司的收入分配給受益人，投資信托公司就無需交稅。股東要按收到的股息和資本收益付稅。美國大多數(shù)的州都遵從這項(xiàng)聯(lián)邦條約，也不要求REITs繳納州所得稅。同時(shí)，1960年的美國稅法修正案，在給予REITs稅收優(yōu)惠待遇的同時(shí)，還對其組織結(jié)構(gòu)、股東構(gòu)成、資產(chǎn)構(gòu)成、收入來源和分配比例等方面也做出了明確的規(guī)定。此外，公開上市的REITs還必須按照《證券法》的規(guī)定完成注冊程序后才能上市交易，按照《證券交易法》的要求提交公開報(bào)告和進(jìn)行信息披露，并遵守SEC制定的上市規(guī)定、準(zhǔn)則和要求。所有這些法規(guī)和制度，能夠在最大程度上保護(hù)REITs投資者的利益，從而保證了REITs的健康發(fā)展。（二）市場需求是REITs發(fā)展的根本動(dòng)力國際經(jīng)驗(yàn)表明，兩方面的需求是推動(dòng)REITs產(chǎn)生和發(fā)展的重要力量。一是來自于房地產(chǎn)行業(yè)的融資需求，二是來自于投資者的需求，主要是機(jī)構(gòu)投資者的作用。二戰(zhàn)后美國城市化進(jìn)程的加快帶來了房地產(chǎn)行業(yè)的快速發(fā)展，然而傳統(tǒng)的房地產(chǎn)金融方式并不能滿足對融資的巨大需求，客觀上要求有新的金融服務(wù)方式，而REITs正是適應(yīng)這一需求而產(chǎn)生的。另一方面，REITs的發(fā)展需要機(jī)構(gòu)投資者的廣泛參與。目前美國REITs中50%以上為機(jī)構(gòu)投資者持有，研究表明機(jī)構(gòu)投資者的引入大大提升了REITs公司管理決策的質(zhì)量、提高了REITs的績效和市場透明度，減少了反常的投資波動(dòng)、促進(jìn)了REITs行業(yè)的健康發(fā)展。（三）REITs自身的不斷變革和創(chuàng)新是其發(fā)展的保證REITs源于美國，迄今已有近50年的歷史。20世紀(jì)90年代以來，REITs在美國迅猛發(fā)展，逐步成為商業(yè)地產(chǎn)投資的主流。而這其中一條重要的經(jīng)驗(yàn)就是自身始終堅(jiān)持不斷變革和創(chuàng)新，具體而言主要表現(xiàn)在以下幾個(gè)方面：一是所有權(quán)形式的多樣化。從最初成立時(shí)唯一的權(quán)益型，到抵押型和混合型，之后又陸續(xù)推出了參與抵押型REITs等多種形式，以適應(yīng)市場的不同需求；二是結(jié)構(gòu)形式的創(chuàng)新。為了給私人房地產(chǎn)投資的證券化開辟道路，創(chuàng)立了與房地產(chǎn)經(jīng)營合伙公司合作的UPREITs結(jié)構(gòu)和DOWNREITs結(jié)構(gòu)。這兩種結(jié)構(gòu)的出現(xiàn)為REITs發(fā)展提供了長期的成長架構(gòu)，進(jìn)一步促進(jìn)了REITs的快速發(fā)展；三是管理結(jié)構(gòu)的變化。隨著相關(guān)法律規(guī)定的調(diào)整，大部分REITs由以往所必須采用的外部管理，轉(zhuǎn)變?yōu)閮?nèi)部管理，避免了外部管理中所存在的各種利益沖突，提高了公司的整體經(jīng)營業(yè)績；四是規(guī)模經(jīng)營的趨勢。由于規(guī)模經(jīng)營的優(yōu)勢，在20世紀(jì)90年代中期，REITs市場上發(fā)生了一系列重大的規(guī)模擴(kuò)張活動(dòng)。規(guī)模擴(kuò)張的形式，既有購買單一資產(chǎn)和資產(chǎn)組合的形式，也有不同REITs合并的形式；五是經(jīng)營策略的轉(zhuǎn)變，主要體現(xiàn)為積極調(diào)整所持有的資產(chǎn)結(jié)構(gòu)，注重資產(chǎn)的流動(dòng)性；積極調(diào)整債務(wù)結(jié)構(gòu)，使用較低的財(cái)務(wù)杠桿；規(guī)避風(fēng)險(xiǎn)，實(shí)施穩(wěn)妥的投資策略。三、完善房地產(chǎn)投資信托的對策分析（一）健全REITs發(fā)展的政策環(huán)境房地產(chǎn)投資信托基金應(yīng)該是未來房地產(chǎn)企業(yè)股權(quán)融資的一個(gè)主要途徑，但在目前REITs法律體系還有諸多不完善的地方，如沒有專門的《產(chǎn)業(yè)投資基金法》，而現(xiàn)行的法律規(guī)定投資基金只能投資于“上市公司流通股、國債和現(xiàn)金等高流動(dòng)性資產(chǎn)”上。此外專項(xiàng)法的缺失、相關(guān)配套法律的缺失等也是影響REITs發(fā)展的重要因素。因此，一方面，應(yīng)該加快與REITs相關(guān)的立法建設(shè)，只有在完善法律的基礎(chǔ)上，房地產(chǎn)信托才能更加健康、快速地發(fā)展。另一方面，盡快制定房地產(chǎn)信托業(yè)務(wù)指引，實(shí)現(xiàn)統(tǒng)一規(guī)范監(jiān)管。信托作為一種直接融資工具，運(yùn)作方式包括貸款、股權(quán)投資、夾層融資等多種類型，在房地產(chǎn)項(xiàng)目的選擇標(biāo)準(zhǔn)等方面也有必要與銀行信貸有所差別，才能體現(xiàn)信托的靈活性和獨(dú)特性。目前房地產(chǎn)信托已經(jīng)發(fā)展成為多家信托公司的最主要信托業(yè)務(wù)之一，業(yè)務(wù)規(guī)模和產(chǎn)品創(chuàng)新層出不窮，但一直缺乏統(tǒng)一的業(yè)務(wù)規(guī)范，監(jiān)管政策散見于多個(gè)文件當(dāng)中，因此，建議監(jiān)管部門制定出臺(tái)統(tǒng)一的房地產(chǎn)信托業(yè)務(wù)指引，以促進(jìn)市場規(guī)范發(fā)展和風(fēng)險(xiǎn)防范。（二）大力推行房地產(chǎn)信托產(chǎn)品創(chuàng)新首先，改善信托產(chǎn)品的期限結(jié)構(gòu)設(shè)計(jì)。在產(chǎn)品設(shè)計(jì)中引入彈性期限結(jié)構(gòu)，即信托公司可根據(jù)項(xiàng)目進(jìn)度提前或延遲結(jié)束信托計(jì)劃。這種延遲期，也可以看作是一種風(fēng)險(xiǎn)緩沖的安排，可為企業(yè)多方籌集資金或者信托公司處理變現(xiàn)抵押物提供時(shí)間。其次，增強(qiáng)信托產(chǎn)品的安全性。在風(fēng)險(xiǎn)控制過程中，可引入相關(guān)專業(yè)化的中介機(jī)構(gòu)，介入整個(gè)信托計(jì)劃的風(fēng)險(xiǎn)控制過程，對信托計(jì)劃進(jìn)行信用增強(qiáng)。同時(shí)，可引進(jìn)信譽(yù)好有影響力的信用評級(jí)機(jī)構(gòu)對信托產(chǎn)品進(jìn)行信用評級(jí)。由信用評級(jí)機(jī)構(gòu)在獨(dú)立、客觀、公正的原則下，通過標(biāo)準(zhǔn)化的風(fēng)險(xiǎn)評級(jí)流程和風(fēng)險(xiǎn)指標(biāo)體系，對信托產(chǎn)品的信用狀況做出準(zhǔn)確的評估，最大限度的提示出風(fēng)險(xiǎn)所在，保護(hù)投資者利益。最后，改變信托產(chǎn)品收益支付方式。為滿足投資者的不同偏好，信托投資公司可以增加收益支付方式，如對不同的計(jì)劃采取不同的收益支付方區(qū)域經(jīng)濟(jì)縱橫式或是通過對同一計(jì)劃收益的劃分，采用相應(yīng)的收益支付方式。（三）發(fā)展和完善信托產(chǎn)品的二級(jí)交易市場首先，構(gòu)建信托交易流通平臺(tái)，可考慮成立信托信息交易中心，構(gòu)建信托合同轉(zhuǎn)讓信息的集中平臺(tái)，負(fù)責(zé)接納各個(gè)公司開發(fā)的信托計(jì)劃，搜集潛在交易顧客的意愿信息，披露的轉(zhuǎn)讓信息，各個(gè)信托計(jì)劃的客戶可以共享交易信息，通過這種方式有效降低信托合同轉(zhuǎn)讓過程中的交易成本。其次，推行信托產(chǎn)品在整個(gè)行業(yè)內(nèi)的標(biāo)準(zhǔn)化。由于現(xiàn)有房地產(chǎn)信托產(chǎn)品基本是以特定項(xiàng)目為核心進(jìn)行的設(shè)計(jì)安排，產(chǎn)品缺乏標(biāo)準(zhǔn)化，不具有可復(fù)制性，導(dǎo)致投資者難以進(jìn)行選擇判斷，也不利于信托產(chǎn)品流通。未來應(yīng)盡可能制定的標(biāo)準(zhǔn)化的信托合同、信托計(jì)劃、標(biāo)準(zhǔn)化的權(quán)益證書以方便流通。（四）制定優(yōu)惠的房地產(chǎn)信托稅收制度在國外，80%的房地產(chǎn)投資靠稅務(wù)驅(qū)動(dòng)，20%靠投資理念驅(qū)動(dòng)，稅務(wù)驅(qū)動(dòng)是值得提倡的。房地產(chǎn)信托業(yè)務(wù)中涉及的財(cái)產(chǎn)不僅包括資金，還包括土地、房產(chǎn)等類型，這類財(cái)產(chǎn)過戶、流轉(zhuǎn)、價(jià)值增值導(dǎo)致的稅收問題更為突出，稅收負(fù)擔(dān)過重直接抑制了業(yè)務(wù)的創(chuàng)新發(fā)展空間。由于房地產(chǎn)信托對于房地產(chǎn)業(yè)的發(fā)展，甚至對整個(gè)國民經(jīng)濟(jì)的運(yùn)行都起著積極的推動(dòng)作用，因此，我們有必要出臺(tái)相關(guān)法律法規(guī)、條例對房地產(chǎn)信托實(shí)行稅收優(yōu)惠，以鼓勵(lì)其發(fā)展。具體而言，就是借鑒國際經(jīng)驗(yàn)，遵循稅負(fù)公平、避免重復(fù)納稅、便于征管等原則，在財(cái)產(chǎn)轉(zhuǎn)移時(shí)暫緩征稅，對于信托期滿相關(guān)房產(chǎn)等產(chǎn)權(quán)真實(shí)轉(zhuǎn)移的，按照國家現(xiàn)行規(guī)定由財(cái)產(chǎn)原產(chǎn)權(quán)方和新產(chǎn)權(quán)方交納相關(guān)稅收，如果沒有發(fā)生實(shí)質(zhì)的財(cái)產(chǎn)轉(zhuǎn)移，財(cái)產(chǎn)交回給委托人，則應(yīng)免于征稅。（五）培育合格的機(jī)構(gòu)投資者隊(duì)伍目前，保險(xiǎn)公司、社?；?、企業(yè)年金基金、投資基金、銀行理財(cái)產(chǎn)品已經(jīng)具有一定規(guī)模并表現(xiàn)出了強(qiáng)大生命力。REITs風(fēng)險(xiǎn)較低、收益穩(wěn)定的特點(diǎn)能夠滿足此類機(jī)構(gòu)投資者的要求。同時(shí)實(shí)證分析表明，在投資組合中加入REITs能夠降低投資風(fēng)險(xiǎn)、提高收益率。因此政府相關(guān)部門應(yīng)鼓勵(lì)企業(yè)年金基金、投資基金、銀行理財(cái)產(chǎn)品積極配置REITs產(chǎn)品。

原文：FinancingofChina'srealestatedevelopmententerprisestrust1、Connotationofrealestateinvestmenttrusts1.1DefineRealestateinvestmenttrustsRealEstateInvestmentTrusts(referredREITs)isawayofissuingvoucherspooledincomefundsqualifiedmajorityofinvestors,throughtheissuanceofequity(fundunits),acollectionofpublicinvestorsfundsmanagementbyspecializedagencies,throughdiversifiedinvestmentSelectdifferentregions,differenttypesofrealestateprojectsportfoliooffinancialtrustproducts.Comparedwithtraditionalfinancialproducts,thebiggestfeatureofREITsistheaccumulationofmanysmallinvestorsfunds,theuseofmanagementandexperienceinprofessionalmanagementteam,relyingoncreditratingagencies,lawyers,regulatorsandtheSecuritiesCommissionofCertifiedPublicAccountantsconductdiversifiedportfolio,enjoypreferentialtaxonrealizedinvestmentreturns.REITSsincethe1960sintheUnitedStatesavailable,notonlyinthecountryhasbeenwidelydeveloped,butwasquicklyintroducedandusedinJapan,Singapore,SouthKorea,HongKongandothercountriesandregions.REITsInessenceatrustfundtomeetthetrustestablishedinaccordancewiththestatutorypurposeoftheconstituentelementsoftrust,trustpartyoftrust,thetrustpropertyhasthecharacteristicsofindependence,bythe"TrustLaw"andotherrelevantlaws.Atthesametime,therealestateinvestmenttrustbecauseofitsuniquecharacteristics,thetrusteequalifications,duties,taxratesandotherbenefitswereclearlydefinedandlimited,andthereforethenatureofrealestateinvestmenttrustshasforcedlaw.1.2SituationofrealestateinvestmenttrustsSincetheregulationofrealestate,realestatefinancingchannelsforenterprisestherehasbeenabigchange.Underthetighteningofbankloans,corporatebonds,thestockmarketclosedthedoorrefinancingsituation,thedevelopmentofenterpriseshaveanotherway,sotrustfinancinghasbeenrapiddevelopment.Relatedresearchreport:JanuarytoAugust2010,therealestatetrustproductsissuesizehasmorethan104.7billionyuan,and2009full-yearrealestatetrustissuesizeof44.9billionyuancomparedwithmorethandoubled.WheretheAugustissuesizeof22.1billionyuan,issuenumberis50.AccordingtoWindInfostatistics,in2010,thedomestic15listedrealestatecompaniesthroughatrustfinancing,wonatotalof11.45billionyuanoffunds,theaveragerealestatecompaniesandfinancing763millionyuan.Amongthem,theamountoffinancingmorethan1billionyuanofrealestatecompanieshavefive,theamountoffinancingbetween500millionto1billionyuanofrealestatecompanies,therearethree,andlistedcompaniesislessthan500millionyuanoftheamountoffinancing,thereareseven.Tablesection12010therealestatebusinesstrustfinancingdatasources:Accordingtothelistedcompanyannouncementsfinishingafterthecentralbanktightenedbankcredit,realestatetrustshavesprungupeverywhere,strongsupportforthedevelopmentofrealestateinvestmentbusinessactivities.Relativetobankloans,thefinancingofrealestatetrustschemescanreducetheoverallcostoffinancingrealestatecompanies,savingfinancialcosts,andgreaterflexibilityintheperiod,infavoroftherealestatecompany'scontinueddevelopment.However,theintroductionofexploratorypracticeofrealestateinvestmenttrusts,despiteitbeingcloselywatchedtheorists,andsoughtafterbytheindustry,buttheindustryislookingat,butnotitslong-termfinancingofthefunction,butThinkofitasaso-called"bridgefinancing",orobtainbankfinancingis"steppingstone."Thus,itisactuallyaverylargeextentsothatlossofthemeaningofexistence.Meanwhile,therealestateinvestmenttrustintheprocess,thevastmajorityareintheformofloans,totaketheformofdebtremains,andthisistantamounttosimplyreplacetheexistingbankloans,doesnotsolvethefundamentalproblemofasymmetricriskandreturnandtherisksintheprocessofCITICTOEICisalsoincreasing.REITsinourtheoryandrealitycontrastfunctionshouldbefurtherpractice,observation,improvedinordertoplayapositiveroleintherealestatefinancingasitshould.1.3FeasibilityAnalysisChinatodeveloprealestateinvestmenttrustsFirst,policysupport.December21,2008,theStateCouncilissuedthe"OpinionsonPromotingthehealthydevelopmentoftherealestatemarket"(GuoBanFa[2008]No.131),whichhighlighted"reasonablysupportthefinancingneedsoftherealestatedevelopmentbusiness."Inaspecificaspectofmeasuresmade??itclearthat"thepilotinrealestateinvestmenttrusts,expanddirectfinancingchannels."Currently,theStateCouncilhasapprovedtheBeijing,Shanghai,Tianjincityforrealestateinvestmenttrustspilotcities.Secondly,thelawgraduallyimproved.From2005onwards,ChinaBankingRegulatoryCommissionhavereleasedanumberofregulatorydocumentsonrealestatetrustbusiness.Sofar,theCBRCregulatorypoliciesontherealestatetrustbusinessandinadditiontotheminimumcapitalrequirements,secondaryqualifications,"fourcardsarecomplete",butalsoincludeabanonworkingcapitalloansgrantedtodevelopers,realestatesaleisprohibitedrepurchaseprohibitTrustcompanytograntlandreserveloanstrustfunds,andtoinvestwithrepurchasefinancingbehaviorregardedasadisguisedformofloanmanagementandaseriesofregulatorypolicies,initiallyformedarealestatetrustbusinessregulatorypolicysystem.Finally,thefinancingofinvestmenttrusthastakenshape,specificallyinthefollowingtwoaspects:First,therapidgrowthofpersonalfinancialassets.Afterthereleaseofhigh-speedeconomicreformeconomicgrowthhasbroughtrapidgrowthinpersonalincome,personalinvestmentdemandalsoincreasedsignificantly;secondly,ourorganizationisgrowingranksofinvestors.Withthereformofthesocialsecuritysystemandsocialwelfaresystem,Chinahasestablishedahugevarietyofsocialwelfarefunds,thesesocialwelfarefundwillbeinstitutionalinvestors.2、TheUSREITsInspirationtoChinaCurrently,theWesterndevelopedcountrieshaveformedthecoreofREITstotraditionalfinancingchannelsbaseddiversifiedrealestatefinancingmode.SummarizesthedevelopmentofUSREITsandcharacteristicsofthedevelopmentofUSREITsinspirationtoourcountrymainlyinthefollowingthreeaspects.2.1ImprovethelegalandtaxsystemisthecornerstoneofthedevelopmentofREITsUSexperienceshows,REITsneedtoimprovethedevelopmentoflaws,regulationsandtaxsystemtoprovideagoodexternalenvironment."RealEstateInvestmentTrustAct"adoptedbytheUnitedStatesin1960definedthebasicinstitutionalframeworkofREITs,thesameyearCongressalsopassedabilltoamendthe"InternalRevenueCode"tomakeREITsenjoythesamespecialtaxtreatmentandmutualfunds.AccordingtoUStaxlaw,aslongastheinvestmenttrust'sincomedistributiontobeneficiaries,investmenttrustsdonotneedtopaytaxes.Dividendsandcapitalgainsreceivedbytheshareholdersaccordingtopaytaxes.MostUSstateshavefollowedthefederaltreaty,nordoesitrequireREITstopaystateincometax.Meanwhile,theUStaxlawamendmentin1960,andingivingpreferentialtaxtreatmentofREITsalsoitsorganizationalstructure,shareholderstructure,assetcomposition,incomesourcesandthedistributionratio,itisalsomade??clear.Inaddition,publiclytradedREITsmustalsobecompletedinaccordancewiththeprovisionsofthe"SecuritiesAct"canbetradedaftertheregistrationprocess,submitreportsandpublicdisclosureofinformationinaccordancewiththerequirementsofthe"SecuritiesExchangeAct"andtocomplywiththelistingrequirementsoftheSECtodevelopguidelinesandrequirements.Alltheserulesandregulations,toprotecttheinterestsofinvestorsinREITsmaximumextent,thusensuringthehealthydevelopmentofREITs.2.2MarketdemandisthefundamentaldrivingforceforthedevelopmentofREITsInternationalexperienceshowsthatdemandforbothistopromotetheemergenceanddevelopmentofREITsimportantforce.First,fromthefinancingneedsoftherealestateindustry,thesecondisthedemandfrominvestors,mainlytheroleofinstitutionalinvestors.AfterWorldWarIItheUnitedStatestospeeduptheprocessofurbanizationhasbroughtrapiddevelopmentoftherealestateindustry,butthetraditionalwayofrealestatefinanceandcannotmeetthehugedemandforfinancing,callsfornewfinancialservicesonanobjectivemanner,andisadaptedtotheneedsofREITsgenerated.Ontheotherhand,REITsdevelopmentrequiresbroadparticipationofinstitutionalinvestors.Currentlymorethan50percentofUSREITsheldbyinstitutionalinvestors,researchshowsthattheintroductionofinstitutionalinvestors,REITsgreatlyenhancethequalityofmanagementdecision-makingandimprovetheperformanceofREITsandmarkettransparency,reducingtheabnormalfluctuationsininvestment,andpromoteREITshealthydevelopmentoftheindustry.2.3REITsowncontinuouschangeandinnovationistoensurethatitsdevelopmentREITsfromtheUnitedStates,sofar,nearly50yearsofhistory.Sincethe1990s,REITsrapiddevelopmentintheUnitedStates,andgraduallybecomethemainstreamofcommercialrealestateinvestments.Andanimportantexperiencewhichisitselfalwaysadheretotheconstantchangeandinnovation,specifically,mainlyinthefollowingaspects:First,thediversificationofformsofownership.Fromtheinitialestablishmentoftheonlyequity-type,thecollateraltypeandmixedtype,andlaterlaunchedatypeofmortgageREITsandotherformsofparticipation,inordertoadapttothedifferentneedsofthemarket;thesecondisthestructureintheformofinnovation.TosecuritizationofprivaterealestateinvestmentopenthewaytothecreationofstructuresandDOWNREITsstructureUPREITscooperationwithrealestatebusinesspartnership.Bothstructuresappeartoprovideforthedevelopmentofalong-termgrowthofREITsarchitecturetofurtherpromotetherapiddevelopmentofREITs;thethirdischangemanagementstructure.Withtheadjustmentofrelevantlawsandregulations,mostREITspreviouslybyanexternalmanagementmustbeapplied,intotheinternalmanagement,toavoidconflictsofinterestthatexistintheexternalmanagement,improvethecompany'soveralloperatingperformance;fouristhescaleofoperationtrend.Becauseoftheadvantagesofscaleinthemid-1990s,REITsaseriesofmajorscaleexpansionactivityoccursonthemarket.Intheformofscaleexpansion,bothpurchasedintheformofsingleassetandportfolioofassets,therearedifferentformsofREITsmerger;fivechangesinbusinessstrategy,mainlyheldtoactivelyadjustassetstructure,focusingontheliquidityofassets;activelyadjustdebtstructure,theuseoflowerfinancialleverage;avoidrisks,implementasoundinvestmentstrategy.3、ImproveChina'srealestateinvestmenttrustsCountermeasures3.1AsoundpolicyenvironmentforthedevelopmentofREITsREITsshouldbethefutureofoneofthemainwaystherealestatebusinessequityfinancing,butthelegalsysteminourcountrytherearemanyREITsimperfections,suchasournospecial"IndustryInvestmentFundLaw",andthattheexistinglegalprovisionsInvestmentFundonlyinvestinthe"tradablesharesoflistedcompanies,bondsandcash,highliquidassets."Alsomissing,missingspeciallawsrelatedlawsarealsoimportantfactorsaffectingthedevelopmentofREITs.Thus,ontheonehand,ChinashouldacceleratetheconstructionassociatedwiththeREITslegislationonlyimprovethelegalbasis,therealestatetrustcanbemorehealthyandrapiddevelopment.Ontheotherhand,thedevelopmentofrealestatetrustbusinessguidelinesassoonaspossible,toachieveastandardizedregulation.Trustasadirectfinancinginstruments,modalitiesincludemanytypesofloans,equityinvestments,mezzaninefinancing,realestateprojectsintheselectioncriteria,itisalsonecessarytovarywithbankcredit,inordertoreflecttheflexibilityanduniquenessofthetrust.Currentlytherealestatetrusthasgrowntobecomeoneofthemosttrustbusinessmorethantrust,thebusinessscaleandproductinnovationafteranother,butithasbeenthelackofaunifiedservicestandards,regulatorypoliciesarescatteredamongmultiplefiles,therefore,recommendedthattheregulatoryauthoritiesformulatedaunifiedtherealestatetrustbusinessguidelinestofacilitatethedevelopmentofmarketregulationandriskprevention.3.2VigorouslypursuerealestateinvestmenttrustproductinnovationFirst,thetermstructuredesignedtoimprovetrustproducts.Theintroductionofthetermstructureofelasticityinproductdesign,thattrustcanadvanceordelaytheendofthetrustschemeaccordingtotheprojectschedule.Thisdelayperiodcanalsobeseenasariskbufferarrangementforenterprisesraisefundsortrustcompanyhandlingcashcollateralprovidedtime.Second,enhancethesecurityoftrustproducts.Riskcontrolprocess,canbeintroducedrelevantspecializedagencies,riskinterventionplancontrolprocessthroughouttheTrust,theTrustplanstocreditenhancement.Atthesametime,youcanintroducegoodreputationinfluentialcreditratingagencycreditratingsontrustproducts.Bycreditratingagenciesintheindependent,objectiveandimpartialmanner,throughstandardizedriskratingprocessandriskindexsystem,thecreditstatusofthetrustproductstomakeanaccurateassessmentoftheriskliestipstomaximizeandprotecttheinterestsofinvestors.Finally,changetheincometrustproductspayment.Tomeetthedifferentpreferencesofinvestors,trustandinvestmentcompaniescanincreaserevenuepaymentmethods,suchasdifferentprogramstakedifferentincomepayerorregionaleconomiccrossbarbydividingearningsforthesameprogram,usingthecorrespondingbenefitspayment.3.3DevelopandimprovethesecondarymarkettrustproductsFirst,buildtrusttradingdistributionplatform,considertheestablishmentofatrustinformationexchangecenter,centralizedplatformtobuildtrustcontractthetransferofinformation,isresponsibleforthedevelopmentofeachcompanyacceptedthetrustplanstocollectinformationonpotentialtransactionswishesofcustomers,thetransferofinformationdisclosure,thetrustplanscustomerscansharetransactioninformationinthiswayreducesthetrusttransfercontractduringtransactioncosts.Secondly,theimplementationofstandardizedtrustproductsintheentireindustry.Astheexistingrealestatetrustproductsbasicarrangementisdesignedasthecoreofaparticularproject,thela