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产生于二十世纪六十年代的美国的房地产投资信托法律制度(Real Estate Investment Trusts)在美国有了长足的发展。作为一种新型房地产金融创新制度,REITs允许投资者利用小额资金投入房地产事业,使大众分享房地产收益,世界各国相继引入,并发展良好,中国也开始引进REITs。美国最早把REITs应用到廉租房建设中,并取得了很好的成果,中国也相仿美国把REITs应用到廉租房建设。如此以来,既解决了中国廉租房建设的困境,也给中国的房地产市场引入新的活力。笔者在此分析中国廉租房REITs模式在中国发展的法律环境,进而浅析中国廉租房REITs模式一波三折的发展之路。
The Real Estate Investment Trusts of the United States, which originated in the 1960s, have made great strides in the United States. As a new innovation system for real estate finance, REITs allows investors to invest real estate in small amounts of funds so that the public can share in the real estate revenue. Countries all over the world have introduced and developed well and China has also started to introduce REITs. The United States first applied REITs to the construction of low-rent housing and achieved good results. China also used the REITs in low-rent housing construction in the United States. Since then, it has not only solved the predicament of building low-cost housing in China, but also brought new vitality to the real estate market in China. Here I analyze the Chinese REITs low-rent housing model of the legal environment for development in China, and then analyze the Chinese low-rent housing REITs pattern twists and turns of the development.