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FinancingofChina'
srealestatedevelopmententerprisestrust
1、Connotationofrealestateinvestmenttrusts
1.1DefineRealestateinvestmenttrusts
RealEstateInvestmentTrusts(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.
1.2Situationofrealestateinvestmenttrusts
Sincetheregulationofrealestate,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.
1.3FeasibilityAnalysisChinatodeveloprealestateinvestmenttrusts
First,policysupport.December21,2008,theStateCouncilissuedthe"
OpinionsonPromotingthehealthydevelopmentoftherealestatemarket"
(GuoBanFa[2008]No.131),whichhighlighted"
reasonablysupportthefinancingneedsoftherealestatedevelopmentbusiness."
Inaspecificaspectofmeasuresmadeitclearthat"
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、TheUSREITsInspirationtoChina
Currently,theWesterndevelopedcountrieshaveformedthecoreofREITstotraditionalfinancingchannelsbaseddiversifiedrealestatefinancingmode.SummarizesthedevelopmentofUSREITsandcharacteristicsofthedevelopmentofUSREITsinspirationtoourcountrymainlyinthefollowingthreeaspects.
2.1ImprovethelegalandtaxsystemisthecornerstoneofthedevelopmentofREITs
USexperienceshows,REITsneedtoimprovethedevelopmentoflaws,regulationsandtaxsystemtoprovideagoodexternalenvironment."
RealEstateInvestmentTrustAct"
adoptedbytheUnitedStatesin1960definedthebasicinstitutionalframeworkofREITs,thesameyearCongressalsopassedabilltoamendthe"
InternalRevenueCode"
tomakeREITsenjoythesamespecialtaxtreatmentandmutualfunds.AccordingtoUStaxlaw,aslongastheinvestmenttrust'
sincomedistributiontobeneficiaries,investmenttrustsdonotneedtopaytaxes.Dividendsandcapitalgainsreceivedbytheshareholdersaccordingtopaytaxes.MostUSstateshavefollowedthefederaltreaty,nordoesitrequireREITstopaystateincometax.Meanwhile,theUStaxlawamendmentin1960,andingivingpreferentialtaxtreatmentofREITsalsoitsorganizationalstructure,shareholderstructure,assetcomposition,incomesourcesandthedistributionratio,itisalsomadeclear.Inaddition,publiclytradedREITsmustalsobecompletedinaccordancewiththeprovisionsofthe"
SecuritiesAct"
canbetradedaftertheregistrationprocess,submitreportsandpublicdisclosureofinformationinaccordancewiththerequirementsofthe"
SecuritiesExchangeAct"
andtocomplywiththelistingrequirementsoftheSECtodevelopguidelinesandrequirements.Alltheserulesandregulations,toprotecttheinterestsofinvestorsinREITsmaximumextent,thusensuringthehealthydevelopmentofREITs.
2.2MarketdemandisthefundamentaldrivingforceforthedevelopmentofREITs
InternationalexperienceshowsthatdemandforbothistopromotetheemergenceanddevelopmentofREITsimportantforce.First,fromthefinancingneedsoftherealestateindustry,thesecondisthedemandfrominvestors,mainlytheroleofinstitutionalinvestors.AfterWorldWarIItheUnitedStatestospeeduptheprocessofurbanizationhasbroughtrapiddevelopmentoftherealestateindustry,butthetraditionalwayofrealestatefinanceandcannotmeetthehugedemandforfinancing,callsfornewfinancialservicesonanobjectivemanner,andisadaptedtotheneedsofREITsgenerated.Ontheotherhand,REITsdevelopmentrequiresbroadparticipationofinstitutionalinvestors.Currentlymorethan50percentofUSREITsheldbyinstitutionalinvestors,researchshowsthattheintroductionofinstitutionalinvestors,REITsgreatlyenhancethequalityofmanagementdecision-makingandimprovetheperformanceofREITsandmarkettransparency,reducingtheabnormalfluctuationsininvestment,andpromoteREITshealthydevelopmentoftheindustry.
2.3REITsowncontinuouschangeandinnovationistoensurethatitsdevelopment
REITsfromtheUnitedStates,sofar,nearly50yearsofhistory.Sincethe1990s,REITsrapiddevelopmentintheUnitedStates,andgraduallybecomethemainstreamofcommercialrealestateinvestments.Andanimportantexperiencewhichisitselfalwaysadheretotheconstantchangeandinnovation,specifically,mainlyinthefollowingaspects:
First,thediversificationofformsofownership.Fromtheinitialestablishmentoftheonlyequity-type,thecollateraltypeand