国内房地产投资信托基金(REITs)的发行模式及困境探析

Analysis of Real Estate Investment Trusts (REITs) Distribution Model and Dilemma in China

本文从房地产投资信托基金(REITs)国内发行实践模式入手,从组织形式、信托类型、资金的资金募集方式、运营方式等方面辨析了REITs的涵义,并探讨了国内REITs的一般架构、运营模式与监管方式。从基础资产质量、相关制度建设及专业人才储备等方面剖析了国内发行真正REITs产品存在的困境。

This paper analyzes the meaning of REITs from the real estate investment trusts(REITs) domestic distribution practice model, the organizational form, the type of trust, the way of capital raising and operation mode, etc., and discusses the general structure,operation mode and regulation mode of REITs in China. Finally, the problems of the domestic real REITs products are analyzed from the aspects of the quality of the underlying assets, the construction of the relevant system and the reserve of professional personnel.