发展REITs市场的他山之鉴

International Reference for Developing REITs Market

房地产投资信托基金(REITs,Real Estate Investment Trusts)对于房地产行业融资渠道的拓宽以及房地产开发企业的转型升级起着重要的推动作用,是一种重要的房地产金融创新工具。本文通过总结美国、日本、新加坡和中国香港四个国家或地区的REITs推出和发展历程,分析其REITs产品的发行方式、税收制度、收益分配等方面的表现特征,结合目前我国"类REITs"的现状,探寻国内发展标准REITs产品存在的差距以及完善REITs产品运营的途径。

Real Estate Investment Trusts(REITs) play an important role in promoting the broadening of financing channels in the real estate industry and the transformation and upgrading of real estate development enterprises. REITs are an important real estate financial innovation tool. By summarizing the introduction and development of REITs in the United States, Japan, Singapore and Hong Kong, this paper analyzes the characteristics of REITs products in different countries in terms of distribution mode, tax system and income distribution. Combining with the present situation of "REITs-like" in China, this paper draws a conclusion that there are gaps in the development of REITs-like products in China and the main measures to improve the operation of REITs-like products, so as to put forward some suggestions for the establishment of relevant policies, systems and regulations.