房地产投资信托

房地产投资信托（RealEstateInvestmentTrust，复数简称REITs）是一种新型的金融投资产品。

Real Estate Investment Trust ( REITs for short in plural ) is a new financial investment product .

房地产投资信托（RealEstateInvestmentTrust，REITs，下同）是房地产证券化的一种典型形式，是房地产行业和金融市场发展到成熟阶段时现代金融创新的产物。

Real Estate Investment Trust ( REITs ) is a typical form of securitization of real estate asset , which mostly occurred at the mature stage of real estate market and finance market .

专注于单户家庭住宅出租的房地产投资信托基金SilverBayRealtyTrust，上周挂牌上市。

Last week , Silver Bay Realty Trust , a property investment trust focused exclusively on single-family rentals , was listed .

笔者采用价值分析的方法对我国房地产投资信托REITs立法的基本价值进行分析；第三，比较研究的方法。

The author analyses the basic value of the legislation of reits .

中国开展房地产投资信托基金（REITs）的研究

Study on Application of Real Estate Investment Trusts ( REITs ) in China

第二章、房地产投资信托法律制度（REITs）之设立机制。

Chapter Two discusses the establishment mechanism of REITs .

美国市场的房地产投资信托（REITs）产品经过多年的发展，已经非常成熟。

REITs products in America has been very mature through many years of development .

第2章对房地产投资信托（REITs）进行了简单的概述；

Chapter 2 is a brief overview of real estate investment trusts ( REITs ) .

于是基金、房地产投资信托基金（REITs）以及其它金融创新应运而生。

Therefore funds , real estate investment trusts ( REITs ) and other financial innovations have emerged .

而且房地产投资信托（REITs）正式出台的脚步也越来越快。

And real estate investment trusts ( REITs ) are also formally introduced the pace faster and faster .

汇贤房地产投资信托基金（HuiXianRealEstateInvestmentTrust）将筹集高达112亿元的资金。该基金由亿万富翁李嘉诚控股，依托于他在北京的房地产资产。

The Hui Xian Real Estate Investment Trust , controlled by billionaire Li Ka-shing and backed by his Beijing property assets , is raising up to 11.2 billion yuan ( $ 1.7 billion ) .

2007年，美国房地产投资信托基金（reits）的价值也下跌了20%。

US real estate investment trusts ( reits ) have also fallen in value by 20 per cent in 2007 .

最近几周，房地产投资信托（reit）表现也很抢眼。

Real estate investment trusts have also featured heavily in recent weeks .

在截止到2010年九月的12个月里，全球房地产投资信托（reits）的表现要好过全球股票和债券的两倍之多。

Global REITs performed twice as well as global stocks and bonds in the 12 months to the end of September 2010 .

第三部分着重对我国目前推出房地产投资信托（REITs）所适宜的用资模式和法律结构进行了全面的可行性分析。

The third part analyzed the feasibility of REITs in China , according to the contrast of different investment mode and statutory structure .

本文还对国外成熟市场REITs和国内房地产投资信托计划的操作案例进行分析；

This article also carries on the analysis to overseas mature market REITs and the domestic real estate investment trust plan operation case ;

第二部分是房地产投资信托基金（REITs）的概述，分析了房地产投资信托基金（REITs）的特点和产品优势，并对房地产投资信托基金（REITs）和相似产品做了比较。

Part two is the general introduction to REITs , including its characteristics , advantages , and the comparison between REITs and some similar products .

第二章分析了国外房地产投资信托（REITs）的产生、模式、现状及未来。

Chapter 2 . I have analysed the production , the mode , current situation and future of foreign real estate investment trusts ( REITs ) .

公募的房地产投资信托基金（REITs）试点在即，然而相关的税收制度仍是空白。

Public offering Real Estate Investment Trusts ( REITs ) will be issued soon , however , relevant tax laws and regulations has not been formulated .

房地产投资信托基金（Realestateinvestmenttrusts，简称REITs）本质上是一种由专业人员管理的房地产类的集合资金投资计划。

Essentially , Real Estate Investment Trusts ( shortened form REITs ) is a sort of real estate generic collective investment scheme that is managed by professionals . The U.S. Congress approved the establishment of REITs originated form America .

第三章分析了我国发展REITs的可行性，我国发展房地产投资信托（REITs）的障碍；

Chapter 3 . It is analysed that our country develops feasibility of REITs , our country develops the obstacle of real estate investment trusts ( REITs );

在中国，作为一种创新型和开放型的融资渠道，房地产投资信托基金（即REITs）在房地产中表现出了强劲的发展势头。

In China , real estate investment trusts ( REITs ), as an innovative means of financing , has been demonstrated in a strong momentum of development .

房地产投资信托（REITs）是国际社会普遍认可的行之有效的房地产投融资工具。

Real estate investment trusts ( REITs ) are universally recognized by the international community as one of the most effective real estate investing and financing tools .

第六部分通过对比公司型基金和契约型基金以及开放式基金和封闭式基金，从而得出了适合我国发展的房地产投资信托基金（REITs）的模式。

Part six compares corporate funds and contractual funds , open-end funds and closed-end funds in detail , and concludes on an approachable mode of REITs in China .

IPOBoutique高级管理合伙人斯科特斯威特（ScottSweet）表示：在银行利率如此之低之际，对于一些投资者而言，支付5%股息的房地产投资信托颇具吸引力。

Scott Sweet , senior managing partner at IPO Boutique , said : When banks are paying such low interest rates , a reit that pays 5 per cent is highly attractive to some investors .

本文在分析我国廉租房融资现状及目前所面临困境的基础上，提出用房地产投资信托基金（REITs）来构建我国的廉租房融资模式。

Based on the analysis of low-rent housing finance difficulties in our country at present , this article introduces the REITs to build the low-rent housing financing model in China .

本论文从比较法与经济分析两个视角，对房地产投资信托（REITs）法律制度的基本原理、设立机制、运作机制、风险规避机制和终止机制进行了剖析。

This dissertation is written to address the principles , establishment mechanism , operation mechanism , risk control mechanism and termination mechanism of REITs from perspectives of comparative and economic analysis .

目前，我国内地还没有真正的REITs业务，所收集的房地产投资信托基金数据有限，因此，本文的定量分析略显不足。

At present , Chinese mainland has no real REITs . The collection of data on real estate investment trust is limited . Therefore , quantitative analysis of this article is slightly inadequate .

比如，当房地产投资信托SLGreenRealtyCorp需要为纽约时代广场的一栋写字楼进行再融资时，就接洽了中行，请中行牵头一个贷款辛迪加。

For example , when SL Green Realty Corp , a real estate trust , needed to refinance an office building in Times Square , New York , it turned to Bank of China to lead the lending syndicate .

第四章通过介绍美国、欧洲和亚洲地区REITs的立法概况和具体规定，对中国发展房地产投资信托基金提供国际借鉴。

Chapter four introduced specific provisions and the legislation profiles of the United States , Europe and Asia REITs , which provides international reference on the establishment of a real estate investment trust fund .