不动产信托产品在我国的发展及影响研究

Research on the Development and Influence of Trust-products of Real Estate

随着我国房地产业的快速发展,房地产融资的一些深层次矛盾和问题开始显露出来。长期以来,我国房地产企业融资渠道单一,对银行依赖过大,负债率居高不下;与此同时,由于大量贷款投放于房地产项目,商业银行面临着较大的可能由房地产业引起的金融风险。在房地产融资渠道最需进一步多元化的背景下,房地产投资信托基金(以下简称REITs)作为一种切实可行的房地产融资方式已经逐被房地产业和金融业所重视。在以上的背景下,针对我国发展REITs将面临的理论和实践问题,迫切需要从基金特性、发展对策等方面进行研究,并在此基础上提出我国发展REITs可能带来的影响。

Along with the rapid development of real estate industry in our country, some profound contradictions and problems have started out in the process of real estate finance. For a long time, the single financing channel of our country＇s estate enterprise is of high risk and excessive dependence on bank, meanwhile, as investing much loan to the real estate project, commercial banks face with financial risks caused by the real estate indus- try. Under the context of diversified financing channels, the real estate investment trusts （hereinafter referred to REITs）, as a viable financing way, has got enough emphasis. Therefore, according to the developing theoretical and practical problems of REITS, this article takes a probe into the fund characteristics and developing counter- measures so as to show some potential developing impacts of REITS.