中国不动产证券化问题及对策——借鉴市场先进国家经验

Real-estate Investment Trust Security in China and Its Solution——Reference from advanced marketizational countries

借鉴率先进行资本自由化和不动产证券化的美国、日本等国的经验,不动产证券化的运作模式有债券模式、基金模式、股权模式、信托模式。在我国,资本市场化和不动产证券化具有重要意义。建议提高投资者对不动产证券化的参与,采取尽快培养专门人才,放宽信托财产的投资标的,明确政府职责等措施,培育和完善不动产证券化环境。

Our country should introduce bond model, portfolio model, ownership model and trustee ship model, these operation models for real-estate investment trust security, from the U. S. , Japan such marketized countries. Capital Marketization and REITs have an important meaning for our country. To foster and improve REITs environment, the paper suggests the following measures： encouraging participation of investors to REITs, training qualified specialists, relaxing the investment objective of trust estate, and clarifying the function of government, etc.