A Study on Chinese Real Estate Investment Trusts under World Financial Crisis

摘要

As a major pillar industry of Chinese national economic development, Chinese real estate is of great significance. Real estate investment trusts (REITs), the property of financial instruments, is generally recognized to be effective in the investment and financing channels of the real estate market by international community. REITs started from the United States, so far, nearly 50 years. It develops more mature in the United States, but it is in its infancy in China, with the problem of the policy, regulatory, information symmetry and so on. Due to the world financial crisis, the Chinese real estate industry is facing the pressure of financial difficulties and liquidity shortage. Therefore, t is necessary to develop direct financing to build multi-level real estate finance system with timely introduction of REITs, which has great significance for stabilizing housing prices, alleviating over-reliance of real estate enterprises on banks and defuse financial risks. This paper discusses the development of REITs in different countries especially Asia, the problem about REITs financing under world financial crisis, and how to develop China REITs, with the method of literature analysis, financial analysis and qualitative analysis aiming at providing the strategy suggestion for future operation and management of China REITs model.