摘要：区别于以往的投资产品，房地产投资信托基金作为一种类似于房地产证券化的金融投资新模式，它的流动性，稳定性和高回报率的优势可以为房地产行业的稳健发展提供必要的经济支持，这体现在REITs模式有效解决了房地产资金需求量大和融资渠道单一之间的问题。因此，REITs模式对促进房地产发展和金融架构创新都具有着重要意义。

本文首先简单阐述了选题背景和研究意义，接着介绍了房地产投资信托基金的基本概念和类型特征。其次，通过了解美国日本的REITs发展历史和运作模式来获取成熟的发展经验，并结合目前我国常见的几种REITs运作模式进行分析。本文还针对REITs风险问题和发展障碍相应地提出建议，结合越秀REITs项目案例表现，指出了我国未来REITs的发展方向。

 

关键词：房地产投资信托基金，房地产证券化，运作模式，REITs风险

 

目 录

摘 要

Abstract

Contents

1.Introduction.1

1.1 Research Background..1

1.2 The Research Significance and Purpose of REITs in China1

1.3 Research Status2 

1.4 Research Framework3

    1.5 Main Innovations4

2. Introduction to Real Estate Investment Trust Fund5

2.1 Definition of REITs..5

2.2 Basic Operating Principles of REITs5

2.3 Features and Advantages of REITs6

2.4 Classification of REITs7

3. Development Status and Operation Mode of Overseas Real Estate Investment Trust Fund10

3.1 The development status of REITs in the United States.10

3.2 Development Status of Real Estate Investment Trusts in Japan.15

4. Operation Mode of Real Estate Investment Trust Fund in China and Analysis on Potential Risks Involved..20

4.1 Development Status of REITs in China20

4.2 Three Common Operation Modes in China23

4.3 China's Public Traded REITs Pilot Program and New Operation Mode..27

     4.4 Potential risks involved in the REITs operation in China29

5. Case Analysis of Yuexiu REITs32

5.1 Operation Mode and Scale of Yuexiu REITs.32

5.2 Risk Analysis of Yuexiu REITs34

5.3 Risk Aversion of Yuexiu REITs34

6.The Suggestion of Developing Operation Mode of Real Estate Investment Trust Fund and Risk Prevention in China..36

  6.1 Suggestions on Developing the Operation Mode of REITs..36

    6.2 Study on Risk Countermeasures against REITs.38

7. Conclusion41

Reference..43

Acknowledgements