民间资本投资房地产投资信托基金法律研究

摘要

低迷的房地产市场使民间资本受到前所未有的冲击。民间资本正在寻求收益回报稳定的投资渠道，房地产企业又有着迫切的直接融资需求，房地产投资信托基金（REITs）开始受到民间资本的关注。但是中国还未出现国际意义上的 REITs，有关方面的专门立法至今尚未出台，民间资本投资 REITs 依然存在很多现实困境。只有借鉴美国、新加坡等国和香港、台湾地区立法，在明确信托财产权属、实现受益凭证自由流动、降低投资门槛、采取信托税制优惠等方面完善相关法律，才能最大程度地满足各方房地产市场主体的利益需求，使 REITs 成为广大中小民间投资者最主要的长期投资工具。%The downturn in the real estate market makes the private capital receive the unprecedented impact, which makes private capital be seeking stable returns of investment channels;the real estate development company also has an urgent demand for direct financing.Private capital has begun to concern about real estate investment trusts (REITs).But the international sense of REITs has not appeared in China;specifical legislation about REITs has not launched.Private capital investment in REITs still exist many practical difficulties.China should learn from the domestic and overseas legislation,such as USA,Singapore,Hongkong and Taiwan.China should improve the relevant legislation to clear ownership of the trust property in order to achieve free flow of beneficiary certificates,lower investment threshold,and take the trust tax concessions,etc in which ways to maximum meet the main parties to the interests of the real estate market and make REITs become a long -term investment tool for the medium and small private investors.