我国台湾地区房地产金融证券化立法的启示

Lessons form the Real Estate Securitization Legislation in Taiwan Region

为拓宽房地产企业融资渠道,房地产信托投资基金试点即将在内地展开。然而,我国的相关法律却依然尚告阙如,这必然会构成一定的制度障碍。鉴于此,在立法上,或可借鉴我国台湾地区较为成熟的部分经验做法。我国台湾地区于2003年所制定之《不动产证券化条例》,借鉴美国房地产信托投资制度设计了不动产投资信托,同时又结合我国台湾地区《金融资产证券化条例》并参酌日本之经验设计了不动产资产信托。为更好地开展内地之房地产金融证券化实践,我国台湾地区之不动产证券化法制架构值得深入研究。

To broaden the financing channels for real estate enterprises,the REITs pilot project is about to start in the Mainland of China.However,the law of China has yet to be improved for want of relevant norms,and which will definitely constitute some legal obstacles.Given this fact,the legislative branch of China may draw some lessons from the viable approaches adopted in Taiwan Region.The "Real Estate Securitization Ordinance of 2003" in Taiwan has set up Real Estate Investment Trusts in the light of U.S.REITs ...