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中国目前的房地产投资信托只部分实现了美国房地产投资信托的设立要求,只能算是准房地产投资信托,因而研究美国房地产投资信托运作中的相关问题很有必要。美国房地产投资信托中存在着一种单位(unit),这种单位是一种证券,它受到相关的联邦和州证券法关于证券注册和注册豁免规定的约束。房地产投资信托中存在各种利益冲突,可通过选择治理结构来减轻或避免。
At present, the real estate investment trust in China only partially fulfilled the requirements of the establishment of REITs in the United States. It can only be regarded as a real estate investment trust. Therefore, it is necessary to study the related issues in the operation of the REITs in the United States. There is a unit in US REITs that is a security subject to the federal and state securities laws governing securities registration and exemption from registration. There are various conflicts of interest in real estate investment trusts that can be mitigated or avoided by choosing a governance structure.