Real estate is a capital-intensive industry and has a large demand for funds.Financing is a real key to the development of the real estate industry.In China,real estate enterprises have limited financing ways,which cannot meet the development demand of real estate.Therefore,real estate investment fund (REIF),as an effective financial tool,has received widespread concern in China.The necessity of developing REIF in China is introduced firstly in this paper.Then the feasibility of developing REIF is analyzed from a huge market space and high income level of real estate industry,the large social idle funds and the organization safeguard.However,there are a lot of barriers in developing REIF at present stage in China,such as legal flaw,lack of talents,low financial transparence,and low level of the social cognition.Based on analysis of these barriers,the development model of REIF at present stage in China is discussed.This model puts forward feasible proposals of developing REIF on aspects such as organization form,release way,guarantee,fund scale,and the choice and determination of investment orientation.
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