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房地产投资信托基金(REITs)于1961年在美国诞生。在这50多年的发展历程中,REITs经历了几次衰退与繁荣,从不被重视到逐渐在市场中找到自己的合理定位,成为了拓宽房地产企业、机构投资者、个人投资者的重要投融资渠道,扭转了以往房地产企业与金融中介机构之间不健康的捆绑、依赖局面。房地产证券化的运作模式在不同国家具有不同的特点,而我国在此方面依然处于探索时期。本文以美国为例,对其发展历程与运作模式进行浅析,为我国发展房地产投资信托基金提供理论基础。
Real Estate Investment Trusts (REITs) were born in the United States in 1961. In these 50 years of development, REITs experienced several recessions and prosperity, never been taken seriously to gradually find its own market in a reasonable position, has become a widening real estate companies, institutional investors, individual investors, an important investment and financing Channels, reversing the unhealthy bond between real estate enterprises and financial intermediaries in the past and relying on the situation. Real estate securitization mode of operation in different countries have different characteristics, and our country is still in the exploration period. This article, taking the United States as an example, analyzes its development course and mode of operation, which provides a theoretical basis for the development of real estate investment trust in our country.