1、Financing of Chinas real estate development enterprises trust1、Connotation of real estate investment trusts1.1 Define Real estate investment trustsReal Estate Investment Trusts （referred REITs） is a way of issuing vouchers pooled income funds qualified majority of investors, through the issuance of
2、equity （fund units）, a collection of public investors funds management by specialized agencies, through diversified investment Select different regions, different types of real estate projects portfolio of financial trust products. Compared with traditional financial products, the biggest feature of
3、 REITs is the accumulation of many small investors funds, the use of management and experience in professional management team, relying on credit rating agencies, lawyers, regulators and the Securities Commission of Certified Public Accountants conduct diversified portfolio, enjoy preferential tax o
4、n realized investment returns. REITS since the 1960s in the United States available, not only in the country has been widely developed, but was quickly introduced and used in Japan, Singapore, South Korea, Hong Kong and other countries and regions.REITs In essence a trust fund to meet the trust esta
5、blished in accordance with the statutory purpose of the constituent elements of trust, trust party of trust, the trust property has the characteristics of independence, by the Trust Law and other relevant laws. At the same time, the real estate investment trust because of its unique characteristics,
6、 the trustee qualifications, duties, tax rates and other benefits were clearly defined and limited, and therefore the nature of real estate investment trusts has forced law.1.2 Situation of real estate investment trustsSince the regulation of real estate, real estate financing channels for enterpris
7、es there has been a big change. Under the tightening of bank loans, corporate bonds, the stock market closed the door refinancing situation, the development of enterprises have another way, so trust financing has been rapid development. Related research report: January to August 2010, the real estat
8、e trust products issue size has more than 104.7 billion yuan, and 2009 full-year real estate trust issue size of 44.9 billion yuan compared with more than doubled. Where the August issue size of 22.1 billion yuan, issue number is 50. According to Wind Info statistics, in 2010, the domestic 15 listed
9、real estate companies through a trust financing, won a total of 11.45 billion yuan of funds, the average real estate companies and financing 763 million yuan. Among them, the amount of financing more than 1 billion yuan of real estate companies have five, the amount of financing between 500 million
10、to 1 billion yuan of real estate companies, there are three, and listed companies is less than 500 million yuan of the amount of financing, there are seven. Table section 1 2010 the real estate business trust financing data sources: According to the listed company announcements finishing after the c
11、entral bank tightened bank credit, real estate trusts have sprung up everywhere, strong support for the development of real estate investment business activities. Relative to bank loans, the financing of real estate trust schemes can reduce the overall cost of financing real estate companies, saving
12、 financial costs, and greater flexibility in the period, in favor of the real estate companys continued development. However, the introduction of exploratory practice of real estate investment trusts, despite it being closely watched theorists, and sought after by the industry, but the industry is l
13、ooking at, but not its long-term financing of the function, but Think of it as a so-called bridge financing, or obtain bank financing is stepping stone. Thus, it is actually a very large extent so that loss of the meaning of existence. Meanwhile, the real estate investment trust in the process, the
14、vast majority are in the form of loans, to take the form of debt remains, and this is tantamount to simply replace the existing bank loans, does not solve the fundamental problem of asymmetric risk and return and the risks in the process of CITIC TOEIC is also increasing. REITs in our theory and rea
15、lity contrast function should be further practice, observation, improved in order to play a positive role in the real estate financing as it should.1.3 Feasibility Analysis China to develop real estate investment trustsFirst, policy support. December 21, 2008, the State Council issued the Opinions o
16、n Promoting the healthy development of the real estate market （Guo Ban Fa 2008 No. 131）, which highlighted reasonably support the financing needs of the real estate development business. In a specific aspect of measures made it clear that the pilot in real estate investment trusts, expand direct fin
17、ancing channels. Currently, the State Council has approved the Beijing, Shanghai, Tianjin city for real estate investment trusts pilot cities.Secondly, the law gradually improved. From 2005 onwards, China Banking Regulatory Commission have released a number of regulatory documents on real estate tru
18、st business. So far, the CBRC regulatory policies on the real estate trustbusiness and in addition to the minimum capital requirements, secondary qualifications, four cards are complete, but also include a ban on working capital loans granted to developers, real estate sale is prohibited repurchase
19、prohibit Trust company to grant land reserve loans trust funds, and to invest with repurchase financing behavior regarded as a disguised form of loan management and a series of regulatory policies, initially formed a real estate trust business regulatory policy system.Finally, the financing of inves
20、tment trust has taken shape, specifically in the following two aspects: First, the rapid growth of personal financial assets. After the release of high-speed economic reform economic growth has brought rapid growth in personal income, personal investment demand also increased significantly; secondly
21、, our organization is growing ranks of investors. With the reform of the social security system and social welfare system, China has established a huge variety of social welfare funds, these social welfare fund will be institutional investors.2、The US REITs Inspiration to ChinaCurrently, the Western
22、 developed countries have formed the core of REITs to traditional financing channels based diversified real estate financing mode. Summarizes the development of US REITs and characteristics of the development of US REITs inspiration to our country mainly in the following three aspects.2.1 Improve th
23、e legal and tax system is the cornerstone of the development of REITsUS experience shows, REITs need to improve the development of laws, regulations and tax system to provide a good external environment. Real Estate Investment Trust Act adopted by the United States in 1960 defined the basic institut
24、ional framework of REITs, the same year Congress also passed a bill to amend the Internal Revenue Code to make REITs enjoy the same special tax treatment and mutual funds. According to US tax law, as long as the investment trusts income distribution to beneficiaries, investment trusts do not need to
25、 pay taxes. Dividends and capital gains received by the shareholders according to pay taxes. Most US states have followed the federal treaty, nor does it require REITs to pay state income tax. Meanwhile, the US tax law amendment in 1960, and in giving preferential tax treatment of REITs also its org
26、anizational structure, shareholder structure, asset composition, income sources and the distribution ratio, it is also made clear. In addition, publicly traded REITs must also be completed in accordance with the provisions of the Securities Act can be traded after the registration process, submitrep
27、orts and public disclosure of information in accordance with the requirements of the Securities Exchange Act and to comply with the listing requirements of the SEC to develop guidelines and requirements . All these rules and regulations, to protect the interests of investors in REITs maximum extent,
28、 thus ensuring the healthy development of REITs.2.2 Market demand is the fundamental driving force for the development of REITsInternational experience shows that demand for both is to promote the emergence and development of REITs important force. First, from the financing needs of the real estate
29、industry, the second is the demand from investors, mainly the role of institutional investors. After World War II the United States to speed up the process of urbanization has brought rapid development of the real estate industry, but the traditional way of real estate finance and can not meet the h
30、uge demand for financing, calls for new financial services on an objective manner, and is adapted to the needs of REITs generated. On the other hand, REITs development requires broad participation of institutional investors. Currently more than 50 percent of US REITs held by institutional investors,
31、 research shows that the introduction of institutional investors, REITs greatly enhance the quality of management decision-making and improve the performance of REITs and market transparency, reducing the abnormal fluctuations in investment, and promote REITs healthy development of the industry.2.3
32、REITs own continuous change and innovation is to ensure that its developmentREITs from the United States, so far, nearly 50 years of history. Since the 1990s, REITs rapid development in the United States, and gradually become the mainstream of commercial real estate investments. And an important experience which is itself always adhere to the constant change and innovation, specifically, mainly in the following aspects: First, the diversification of forms of ownership. From the initial establishment of the only equity-type, the collateral type and
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