房地产证券化:我国房地产业的发展方向

To Develop China's Real Estate Industry through Security Market

房地产证券化将直接房地产投资转化为证券投资 ,在我国推行有其必要性与可行性。借鉴美国、日本等西方发达国家的经验 ,结合我国国情 ,宜采用房地产投资信托基金与房地产抵押贷款证券化的两种运行模式 ;

It is necessary as well as feasible to depend on security market for further development of real estate industry in China. By examining the practices in U.S. and Japan, the author proposes 2 models, namely, Real Estate Trust Fund and Real Estate Mortgage, for further development and advices that the government set up relevant laws.