发展我国房地产投资信托的必要性及障碍分析

Necessity and Obstacles to Development of the Investment Trusts for China's Real Estate

随着我国房地产业的快速发展,房地产融资过程中的矛盾和问题凸显,主要表现在:融资渠道单一,过度依赖银行信贷,房地产企业负债率居高不下;大量贷款投放于房地产项目,商业银行由此面临较大的金融风险;金融市场上低风险、高收益金融工具缺乏,丰厚的闲置资金难以进行投资。对此,创新房地产融资途径、发展新的金融工具,已成为房地产企业、金融业、投资者的共同需求。反观国际金融投融资模式,房地产投资信托因具有快速融资套现、收益稳定等优点逐渐受到房地产业、金融业以及广大投资者的青睐。但因我国对此研究较晚、发展滞后,目前还存在较大的障碍因素。

With the rapid development of China＇s real estate industry, there highlights the contradictions and problems in real estate financing process; mainly, single financing channels and over-reliance on bank credit, than high debt ratio of real estate corporate ; excessive loans invested in real estate projects, greater financial risks of commer- cial banks thus faced; the lack of low risk and highincome instruments in the financial markets, than substantial idle funds with difficuhness of investment. In this regard, it has become a common demand for real estate enterprise, the financial sector and investors to innovative real estate financing channel and develop new financial instruments. Meanwhile, in international financial investment market, real estate investment trusts, because of a rapid illiquidity and income stability, gradually attracted favor of the real estate industry, the financial sector as well as the majority of investors. There are still great obstacles in China for the shortage of study and lagging-behind development.