【作者】 张萌；

【导师】 朱晓勤；

【作者基本信息】 厦门大学 ， 法律硕士（专业学位）， 2020， 硕士

【摘要】 作为一种金融工具,房地产投资信托基金(REITs)起初在美国、新加坡、日本等地逐步发展并成熟。它的收益依托于现存物业租金收入,运用投资者的资金在房地产领域进行组合投资,通过一些政策法规的设计,使其具有低门槛、收益稳定、流通性强的特征。在房地产市场存量时代,大量的物业和稀缺的资金促使国内各类房地产金融机构开始探索适应于中国国情的房地产金融工具,一些REITs的试点工作也慢慢展开。国内发展标准的REITs一方面需在法律制度层面赋予其合法的地位,另一方面学习境外的成熟经验也必不可少。本文对国内发展标准REITs存在的法律障碍进行了分析并借鉴中国香港《房地产投资信托守则》提出相关对策。内容主要分为以下四个部分:第一部分主要介绍了标准REITs的概念、法律性质、我国目前发行的类REITs的发展状况。该部分意图从法律概念和法律关系入手,对标准REITs的特征和优势进行解读。第二部分主要论述了目前国内发展REITs所依托的法律环境,包括对现行相关法律法规的分析,这部分旨在揭示目前国内发展标准的REITs存在的法律障碍。第三部分主要对中国香港《房地产投资信托守则》进行内容和体系上的分析,并结合境内法治实际指出其优势和缺口,以及可以借鉴的经验。第四部分在第三部分论述的基础上提出境内发展REITs的法律建议,包括制定有关REITs的专项规范文件,明确REITs的法律属性,完善相关法规,使其真正在境内落地、发展。更多还原

【Abstract】 As a financial instrument,Real Estate Investment Trusts(REITs)initially developed and matured in the United States,Singapore,Japan and other places.Its income depends on existing property rental income,and investors’ funds are used to make portfolio investments in the real estate sector.The design of some policies and regulations makes it has the characteristics of low threshold,stable income and strong liquidity.In the era of real estate market inventory,a large number of properties and scarce funds have prompted various domestic real estate financial institutions to begin to explore real estate financial instruments adapted to China’s national conditions,and some REITs pilot work has also begun.On the one hand,domestic development of standard REITs needs to be given legal status at the level of the legal system,and on the other hand,it is essential to learn mature experience from overseas.This article analyzes the legal obstacles existing in the domestic development of standard REITs and proposes relevant countermeasures with reference to the Hong Kong,China Real Estate Investment Trusts Code.The content of this article is mainly divided into the following four parts:The first part mainly introduces the concept of the standard REITs,the legal nature,and the development status of the current type of REITs in China.This section intends to start with the legal concepts and legal relationships to interpret the characteristics and advantages of standard REITs.The second part mainly discusses the current legal environment on which REITs are developed in China,including the analysis of current relevant laws and regulations.This section aims to reveal the legal obstacles to the current domestic development of standard REITs.The third part mainly analyzes the content and system of the Real Estate Investment Trusts Code in Hong Kong,China,and points out its advantages and gaps in combination with the domestic rule of law.When developing REITs in the mainland,we should learn good experience from Hong Kong and make up for the existing gaps.The fourth part puts forward the legal suggestions for the development of domestic REITs based on the third part,including,set up special normative documents on REITs,clarify the legal attributes of REITs,improve relevant regulations,so that they can really land and develop in China.更多还原