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中文题目：房地产开发企业信托融资研究
Financing of China's real estate
development enterprises trust
1
、
Connotation of
real estate investment trusts
1.1
Define Real estate investment trusts
Real
Estate
Investment
Trusts
(referred
REITs)
is
a
way
of
issuing
vouchers
pooled
income
funds
qualified
majority
of
investors,
through
the
issuance
of
equity
(fund
units),
a
collection
of
public
investors
funds
management
by
specialized
agencies,
through
diversified
investment
Select different regions, different
types of real estate
projects portfolio
of financial trust products. Compared
with traditional financial products,
the biggest feature
of
REITs
is
the
accumulation
of
many
small
investors
funds,
the
use
of
management
and
experience
in
professional
management
team,
relying
on
credit
rating
agencies,
lawyers,
regulators
and
the
Securities
Commission
of
Certified
Public
Accountants
conduct
diversified
portfolio, enjoy
preferential tax on realized investment
returns.
REITS
since
the
1960s
in
the
United
States
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available,
not
only
in
the
country
has
been
widely
developed, but was
quickly introduced and used in Japan,
Singapore, South Korea, Hong Kong and
other countries and
regions.
REITs
In
essence
a
trust
fund
to
meet
the
trust
established
in
accordance
with
the
statutory
purpose
of
the
constituent elements of trust, trust
party of trust, the
trust
property
has
the
characteristics
of
independence,
by
the
Law
and
other
relevant
laws.
At
the
same
time,
the
real estate investment trust because of its unique
characteristics, the trustee
qualifications, duties, tax
rates
and
other
benefits
were
clearly
defined
and
limited,
and
therefore the nature of real estate investment
trusts
has forced law.
1.2
Situation of real estate investment trusts
Since
the
regulation
of
real
estate,
real
estate
financing channels
for enterprises there has been a big
change.
Under
the
tightening
of
bank
loans,
corporate
bonds,
the
stock
market
closed
the
door
refinancing
situation,
the
development
of
enterprises
have
another
way,
so
trust
financing has been rapid development.
Related research
report:
January
to
August
2010,
the
real
estate
trust
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products issue size has
more than 104.7 billion yuan, and
2009
full-year
real
estate
trust
issue
size
of
44.9
billion
yuan
compared with more than doubled. Where the August
issue
size
of
22.1
billion
yuan,
issue
number
is
50.
According to Wind Info statistics, in
2010, the domestic
15
listedreal estate companies
through a trust financing,
won
a
total
of
11.45
billion
yuan
of
funds,
the
average
real
estate
companies
and
financing
763
million
yuan.
Among
them,
the
amount of financing more than 1 billion yuan of
real
estate
companies
have
five,
the
amount
of
financing
between
500 million to 1 billion yuan of real
estate companies,
there are three, and
listed companies is less than 500
million yuan of the amount of
financing, there are seven.
Table
section
1
2010
the
real
estate
business
trust
financing data sources: According to
the listed company
announcements
finishing after the central bank tightened
bank
credit,
real
estate
trusts
have
sprung
up
everywhere,
strong
support
for
the
development
of
real
estate
investment business activities.
Relative to bank loans,
the financing
of real estate trust schemes can reduce the
overall cost of financing real estate
companies, saving
financial
costs,
and
greater
flexibility
in
the
period,
in
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favor
of the
real estate
company's
continued development.
However, the
introduction
of
exploratory practice of real
estate
investment
trusts,
despite
it
being
closely
watched
theorists,
and
sought
after
by
the
industry,
but
the
industry
is
looking
at,
but
not
its
long-term
financing
of
the
function,
but
Think
of
it
as
a
so-called
financing
or
obtain
bank
financing is
Thus, it is actually a very
large extent so that loss of
the
meaning
of
existence.
Meanwhile,
the
real
estate
investment trust in the process, the
vast majority are in
the form of loans,
to take the form of debt remains, and
this is tantamount to simply replace
the existing bank
loans,
does
not
solve
the
fundamental
problem
of
asymmetric
risk
and
return
and
the
risks
in
the
process
of
CITIC
TOEIC
is
also
increasing.
REITs
in
our
theory
and
reality
contrast
function
should
be
further
practice,
observation,
improved
in
order
to
play
a
positive
role
in
the
real
estate
financing as it should.
1.3
Feasibility
Analysis China
to develop real estate
investment trusts
First,
policy support. December 21, 2008, the State
Council
issued
the
on
Promoting
the
healthy
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development of the real
estate market
No.
131),
which
highlighted
support
the
financing
needs
of
the real estate
development business.
In a specific
aspect of measures made it clear that
pilot
in
real
estate
investment
trusts,
expand
direct
financing
channels.
Currently,
the
State
Council
has
approved
the
Beijing,
Shanghai,
Tianjin
city
for
real
estate investment
trusts pilot cities.
Secondly,
the
law
gradually
improved.
From
2005
onwards,
China
Banking
Regulatory
Commission
have
released
a
number
of
regulatory
documents
on
real
estate
trust
business.
So
far,
the
CBRC
regulatory
policies
on
the
real
estate
trustbusiness
and
in
addition
to
the
minimum
capital
requirements,
secondary qualifications,
complete
but
also
include
a
ban
on
working
capital
loans
granted
to
developers,
real
estate
sale
is
prohibited
repurchase
prohibit Trust company to grant land reserve
loans
trust
funds,
and
to
invest
with
repurchase
financing
behavior regarded as a disguised form
of loan management
and a series of
regulatory policies, initially formed a
real estate trust business regulatory
policy system.
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Finally, the financing of
investment trust has taken
shape,
specifically in the following two aspects: First,
the rapid growth of personal financial
assets. After the
release
of
high-speed
economic
reform
economic
growth
has
brought
rapid
growth
in
personal
income,
personal
investment
demand
also
increased
significantly;
secondly,
our organization
is growing ranks of investors. With the
reform of the social security system
and social welfare
system, China has
established a huge variety of social
welfare
funds,
these
social
welfare
fund
will
be
institutional investors.
2
、
The US REITs
Inspiration to China
Currently,
the
Western
developed
countries
have
formed
the
core of REITs to traditional financing channels
based
diversified real estate financing
mode. Summarizes the
development
of
US
REITs
and
characteristics
of
the
development of US REITs inspiration to
our country mainly
in the following
three aspects.
2.1
Improve
the
legal
and
tax
system
is
the
cornerstone
of the development of REITs
US
experience
shows,
REITs
need
to
improve
the
development
of
laws,
regulations
and
tax
system
to
provide
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a
good
external
environment.
Estate
Investment
Trust
Act
adopted
by
the
United
States
in
1960
defined
the
basic
institutional framework of REITs, the
same year Congress
also
passed
a
bill
to
amend
the
Revenue
Code
to
make
REITs
enjoy
the
same
special
tax
treatment
and
mutual
funds. According to
US tax law, as long as the investment
trust's income distribution to
beneficiaries, investment
trusts
do
not
need
to
pay
taxes.
Dividends
and
capital
gains
received by the shareholders according
to pay taxes. Most
US states have
followed the federal treaty, nor does it
require REITs to pay state income tax.
Meanwhile, the US
tax law amendment in
1960, and in giving preferential tax
treatment
of
REITs
also
its
organizational
structure,
shareholder structure, asset
composition, income sources
and
the
distribution
ratio,
it
is
also
made
clear.
In
addition, publicly traded
REITs must also be completed in
accordance
with
the
provisions
of
the
Act
can
be traded after the registration
process, submitreports
and
public
disclosure
of
information
in
accordance
with
the
requirements
of
the
Exchange
Act
and
to
comply
with
the
listing
requirements
of
the
SEC
to
develop
guidelines
and
requirements
.
All
these
rules
and
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regulations,
to
protect
the
interests
of
investors
in
REITs
maximum extent, thus
ensuring the healthy development of
REITs.
2.2
Market
demand
is
the
fundamental
driving
force
for
the
development of REITs
International
experience
shows
that
demand
for
both
is
to
promote
the
emergence
and
development
of
REITs
important
force. First, from the financing needs
of the real estate
industry, the second
is the demand from investors, mainly
the
role
of
institutional
investors.
After
World
War
II
the
United
States to speed up the process of urbanization has
brought
rapid
development
of
the
real
estate
industry,
but
the
traditional
way
of
real
estate
finance
and
can
not
meet
the huge
demand for financing, calls for new financial
services
on
an
objective
manner,
and
is
adapted
to
the
needs
of REITs generated. On the other hand,
REITs development
requires broad
participation of institutional investors.
Currently
more
than
50
percent
of
US
REITs
held
by
institutional
investors,
research
shows
that
the
introduction
of
institutional
investors,
REITs
greatly
enhance
the
quality
of
management
decision-making
and
improve
the
performance
of
REITs
and market
transparency,
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reducing
the
abnormal
fluctuations
in
investment,
and
promote REITs healthy
development of the industry.
2.3 REITs
own continuous change and innovation is to
ensure that its development
REITs from the United States, so far,
nearly 50 years
of
history.
Since
the
1990s,
REITs
rapid
development
in
the
United
States,
and
gradually
become
the
mainstream
of
commercial
real
estate
investments.
And
an
important
experience which is itself always
adhere to the constant
change
and
innovation,
specifically,
mainly
in
the
following
aspects:
First, the
diversification of
forms
of
ownership.
From
the
initial
establishment
of
the
only
equity-
type,
the
collateral
type
and
mixed
type,
and
later
launched
a
type
of
mortgage
REITs
and
other
forms
of
participation,
in
order
to
adapt
to
the
different
needs
of
the market; the second is
the structure in the form of
innovation.
To
securitization
of
private
real
estate
investment open the
way to the creation of structures and
DOWNREITs structure UPREITs cooperation
with real estate
business partnership.
Both structures appear to provide
for
the
development
of
a
long-term
growth
of
REITs
architecture to further promote the
rapid development of
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REITs; the third is change
management structure. With the
adjustment of relevant laws and
regulations, most REITs
previously by
an
external management must beapplied,
into
the internal management, to avoid
conflicts of interest
that
exist
in
the
external
management,
improve
the
company's
overall
operating
performance;
four
is
the
scale
of operation trend.
Because of the advantages of scale in
the mid-1990s, REITs a series of major
scale expansion
activity
occurs
on
the
market.
In
the
form
of
scale
expansion, both purchased in the form
of single asset and
portfolio of
assets, there are different forms of REITs
merger; five changes in business
strategy, mainly held to
actively
adjust
asset
structure,
focusing
on
the
liquidity
of
assets;
actively
adjust
debt
structure,
the
use
of
lower
financial
leverage;
avoid
risks,
implement
a
sound
investment strategy.
3
、
Improve
China's
real
estate
investment
trusts
Countermeasures
3.1 A sound policy environment for the
development of
REITs
REITs
should
be the
future of
one
of
the
main ways
the
real
estate
business
equity
financing,
but
the
legal
system
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in
our
country
there
are
many
REITs
imperfections,
such
as
our
no
special
Investment
Fund
Law
and
that
the
existing legal
provisions Investment Fund only invest in
the
high liquid
assets.
related
laws
are
also
important
factors
affecting
the
development of REITs. Thus, on the one
hand, China should
accelerate
the
construction
associated
with
the
REITs
legislation only improve the legal
basis, the real estate
trust can be
more healthy and rapid development. On the
other hand, the development of real
estate trust business
guidelines as
soon as possible, to achieve a standardized
regulation.
Trust
as
a
direct
financing
instruments,
modalities
include
many
types
of
loans,
equity
investments,
mezzanine
financing,
real
estate
projects
in
the
selection
criteria, it is also necessary to vary
with bank credit,
in order to reflect
the flexibility and uniqueness of the
trust.
Currently
the
real
estate
trust
has
grown
to
become
one
of
the
most
trust
business
more
than
trust,
the
business
scale
and
product
innovation
after
another,
but
it
has
been
the
lack
of
a
unified
service
standards,
regulatory
policies are scattered among multiple
files, therefore,
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recommended that the
regulatory authorities formulated a
unified
the
real
estate
trust
business
guidelines
to
facilitate the
development of market regulation and risk
prevention.
3.2 Vigorously
pursue real estate investment trust
product innovation
First,
the term structure designed to improve trust
products.
The
introduction
of
the
term
structure
of
elasticity in product design, that
trust can advance or
delay
the
end
of
the
trust
scheme
according
to
the
project
schedule.
This
delay
period
can
alsobe
seen
as
a
risk
buffer
arrangement for
enterprises raise funds or trust company
handling cash collateral provided time.
Second, enhance
the security of trust
products. Risk control process, can
be
introduced
relevant
specialized
agencies,
risk
intervention plan
control process throughout the Trust,
the Trust plans to credit enhancement.
At the same time,
you
can
introduce
good
reputation
influential
credit
rating agency credit
ratings on trust products. By credit
rating
agencies
in
the
independent,
objective
and
impartial
manner,
through
standardized
risk
rating
process
and
risk
index
system,
the
credit
status
of
the
trust
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