英文版毕业论文

THE INTERNATIONAL
EXPERIENCE OF THE
DEVELOPMENT OF REAL
ESTATE INVESTMENT
TRUSTS AND ITS
REFERENCE
Zheng Shuang
Sherry_zhengshuang@163.com

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Contents
Abstract ..........................................................................................................................3
摘要................................................................................................................................4
1. Introduction................................................................................................................5
1.1 Background .......................................................................................................5
1.2 Literature review...............................................................................................6
1.2.1 Research of foreign scholars about operation and structure of REITs....6
1.2.2 Research of domestic scholars about operation, development obstacles
and experience reference of REITs ..................................................................7
1.2.3 Review ....................................................................................................9
1.3 Innovation and Deficiency of This Essay .........................................................9
2. Current Situation of the Development of REITs in China .......................................10
2.1 Concept and Types of REITs...........................................................................10
2.2 Case Analysis of REITs in China....................................................................11
2.2.1 Successful Case——Yue Xiu REITs ....................................................11
2.2.2 Failed Case——KuaiLu REITs ............................................................13
2.3 Obstacles to developing REITs in China ........................................................14
2.3.1 Imperfection of Laws and Regulations .................................................15
2.3.2 Incomplete and Unclear Property Rights..............................................15
2.3.3 Imperfection of Information Disclosure System...................................15
2.3.4 Difficulty of Gaining Preferential Tax Policy.......................................15
2.3.5 Lack of High Quality Talents................................................................16
3. Experience Reference from REITs in Other Regions ..............................................16
3.1 American REITs..............................................................................................17
3.2 Asian REITs ....................................................................................................22
3.2.1 Japan REITs ..........................................................................................24
3.2.3 Singapore REITs ...................................................................................25

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3.2.3 Hong Kong REITs.................................................................................27
3.3 Comparison between the Development Modes of REITs ...............................28
4. Suggestions about the development of REITs in China...........................................30
4.1 Perfecting related laws and regulations ..........................................................30
4.1.1 Establishing basic laws and regulations about REITs...........................30
4.1.2 Establishing Specific Laws and Regulations about REITs ...................31
4.2 Establishing Preferential Tax Policies.............................................................33
4.3 Developing Relevant Markets.........................................................................33
4.3.1 Ensuring the Stable Development of the Real Estate Industry .............34
4.3.2 Establishing a Secondary Market for Trading Trust Products ..............34
4.4 Perfecting the Risk Prevention of Real Estate Investment Trusts...................34
4.4.1 Establishing a Sound Information Disclosure System..........................34
4.4.2 Establishing Internal Risk Control Institutions .....................................35
4.4.3 Establishing an External Supervision System.......................................35
4.5 Cultivating High-quality Professional Talents................................................36
5. Conclusion ...............................................................................................................36
Reference .....................................................................................................................38
Acknowledgements......................................................................................................40

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Abstract
Real Estate Investment trusts (REITs), one type of Real Estate securitization,
originated in USA. As long-term financial instruments, REITs not only ensure the
high yield of real estate investment, but also improve the stability of asset investment,
promoting the development of real estate industry and capital market.
This article studies the current situation of the development of REITs in China and
concludes the obstacles to developing it by analyzing the successful cases and failed
cases of REITs listed in our country.
To put forward suggestions on development of REITs in China, this paper analyzes
the REITs in United States, Japan, Singapore and Hong Kong. It summarizes the
characteristics of their policies and operating system and then makes a lateral
comparison between REITs in these regions. Finally, by observing the similarities and
differences in the patterns of REITs of other regions and considering the national
situation of China, some suggestions on solving the obstacles and finding a suitable
pattern of REITs in China are given.
Due to the fact the development of REITs in China is at the initial stage, the relevant
data is limited, so this article mainly use theoretical analysis, literature analysis,
comparative analysis and case analysis methods to do the study.
The final conclusion is that a suitable legal environment plays a very important role in
the success of developing REITs in other regions. Therefore, our country should
firstly improve the laws and regulations of real estate investment, establishing a solid
basis for the development of REITs in China. At the same time, the government
should also make special provisions to REITs. In addition, some tax incentives should
be given to REITs to improve the attraction of REITs. What’s more, construction of
the real estate market, improvement of risk-prevention system and cultivation of
high-quality professional talents is also very necessary.
Key Words: REITs, Development Obstacles, Experience Reference

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摘要
房地产投资信托基金(Real Estate Investment Trusts，简称 REITs)发源于美国，
属于不动产证券化的一种类型。作为一种长期经营的金融工具，REITs 既保证了
房地产投资的高收益又提高了投资资产的稳定性，对房地产市场和资本市场发展
起到双重推动作用。
本文研究了我国发展 REITs 的现状，通过分析我国 REITs 上市的成功案例和
失败案例，得出现在的政策环境和金融环境对于发展 REITs 所产生的障碍。为了
进一步对我国 REITs 发展提出建议，本文分析了美国、日本、新加坡和香港地区
的 REITs，对其法规政策和运营体制进行了归纳总结，并在各个地区的 REITs 之
间做了横向对比。通过观察其它地区成功发展 REITs 的相同点和不同点，最后结
合我国国情，提出解决问题的政策建议与适合我国国情的 REITs 发展模式。
由于我国的 REITs 处于初步发展阶段,相关的资料数据搜集相对有限,本文主
要运用理论分析法、文献分析法、比较分析法、案例分析法相结合进行研究。
最后得到结论，国外能够成功发展 REITs，合适的法律环境是十分重要的。
因此，我国首先要完善我国房地产投资方面的法律法规，为发展房地产信托投资
基金打下坚实的基础。同时，政府也要对 REITs 做出专项规定；另外，我国还需
要给予 REITs 一些税收优惠，提升 REITs 的吸引力。除此之外，积极建设房地产
市场、完善风险防范系统、培养高素质的专业人才也是十分必要的。
关键词：房地产投资信托基金，发展障碍，经验借鉴

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The International Experience of the Development of Real
Estate Investment Trusts and Its Reference
1. Introduction
1.1 Background
As a capital-intensive industry, the real estate industry has become an important
industry in the economic development of China. But now the source of funds of real
estate industry in China is too single. It relies much on bank lending, leading to the
risk in banking industry and large impact on financial institutions. In addition,
because of the strong macro-control of the government, the financing channels of real
estate industry are blocked, making some real estate enterprises face the possibility of
fracturing their capital chain. There is strong demand for direct financing channels in
real estate industry now. In the face of these negative factors, real estate industry and
capital market must strengthen risk dispersion and thus the real estate investment
trusts, as a developing new means of financing, become an innovative financial
products to which many investors pay attention.
REITs has significant meaning to the structure optimization and financial innovation
of the real estate industry of China: increasing financing channels of the real estate
industry; reducing financial risks of banking industry; meeting the investing demand
of many investors, etc. Now China has had some initial conditions to develop REITs:
a large number of potential investors, large demand for investing; relevant supporting
policies; developing relevant intermediaries; a standardizing credit system. These
conditions provide great support to the development of REITs.
However, now REITs still have a lot of obstacles to developing in China. Shortages in

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policies and hardware must bring some obstacles to the development of REITs in
China. Therefore, it is necessary to study further on the suitable operation pattern and
policy environment for Chinese REITs and then overcome the obstacles to develop
better.
This article aims to provide some experience for the development of Chinese REITs
by studying on the developing pattern of the mature REITs in foreign countries,
focusing on how to overcome the existing policy and hardware obstacles
1.2 Literature review
1.2.1 Researchof foreign scholars about operation and structure of REITs
REITs originated in the 1960's. American is the world's earliest place to develop
REITs and it is also the most mature REITs market all over the world. REITs play a
very important role in the development of American real estate market and thus
foreign scholars have done a lot of study about them. Following is study about
operation pattern of REITs:
(1) Study about organization structure of REITs
In an early time, American scholar Sirmans(1997) has made a detailed study on the
existing three types of organization of REITs. He found the management pattern of
limited partnership according to the pricing of IPO of REITs. Damodaran and
Kose(1997) found that the flexible structure of dividend policy and asset
reorganization was the main driving force for REITs to transfer to the limited
company structure, while tax incentive was the main reason for limited companies to
transfer to REITs. In addition, Gyourko and Sinai(1999) fully combined the
theoretical basis of corporate type fund and actual data in practical cases in order to
do researches. They finally made conclusion that the structure of REITs has two
advantages and one disadvantage and digitalize them.
(2)Study about capital structure of REITs

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Howe and Shilling (1988) pointed out that, for REITs companies, debt cannot bring
benefit of tax deduction because they are not tax companies. However, Jaffe (1991)
argues that there are several reasons that REITs can and should use the debt leverage.
Isil Erol and Dogan Tirtirglu (2011) studied the REITs in Turkey and found a small
amount of long-term debt in their capital structure.
(3)Study about operating performance of REITs
Han and Liang (1995) found that between 1970 and 1993 the performance of REITs
was highly related to the stock index. Larger REITs had a more stable performance
than smaller ones. Anderson (2009) proposed that the scale expansion of REITs and
portfolio diversification can improve the income level of REITs. Ralph. L. Block
(2011) argued that the income level of mortgage REITs and hybrid REITs were lower
than that of equity REITs and the risk level of equity REITs was lower than those of
the other two types.
1.2.2 Research of domestic scholars about operation, development obstacles and
experience reference of REITs
In China, REITs have just started. Compared with foreign research, domestic REITs
research started relatively late and its development is also not comprehensive. On the
whole, the existing literature only put forward some views and ideas about REITs.
Following is study about operation, development obstacles and experience reference
of REITs:
(1)Study about the feasibility of developing REITs in China
Zheng Shigang (2006) argued China has already had the policy basis, supply and
demand basis, economy basis and industrial base on which REITs’ development and
operation depended. Hou Liwei, Xiao JingChen and Ge Xinyuan (2006) argued that,
in our country, investment subject needed for the development of REITs has gradually
been formed. What’s more, the reform of land and housing system in our country

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provided the premise for division of property rights. The gradual consummation of
related institutional environment creates necessary conditions for REITs.
(2)Study about operating modes of REITs in China
Through analysis of the development environment of REITs in USA, Australia,
Canada and other countries and analysis of the current situation of financing channels
and legal policies of real estate industry in China, Mao Zhirong of Shenzhen stock
exchange research institute (2004) thought that listed property fund was a suitable
type of REITs for China to develop and put forward some suggestions on participants,
operating mechanism and trustee responsibility.
(3)Study about obstacles to developing REITs in China
Wang Hao (2013) argued in his article, Study on Predicament and Countermeasure of
Legal System of REITs in China, that the obstacles to developing REITs in China in
aspect of laws include lack of special legislation and preferential tax policies,
imperfection of law system in real estate industry and securities and conflicts in trust
laws. He thought that perfecting the law system, choosing the suitable organization
structure, and selecting an appropriate operation mode is the key to developing REITs
successfully in China.
(4)Study about experience reference from foreign countries’ REITs
In his article, Enlightenment and Development of REITs in USA, Chen Liuqin (2005)
introduced the development history, types and characteristics of American REITs and
suggested that China should adopt equity REITs. Liu Dandan (2008) compared the
scales, types, yields and laws of REITs in America and some Asian countries. Ren Pei
(2003), introduced the general situation, legislation history, characteristics and
operation of American REITs. He argued that it was necessary to establish a perfect
financial system in real estate industry as soon as possible and actively look for a new
type of management style to keep the boom

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1.2.3 Review
Overall, study about REITs abroad is obviously superior to the domestic research both
in quantity and quality. Foreign literature has not only qualitative analysis, but also
research from the perspective of quantity. However, because of the late start of the
development of REITs in China, most current domestic literature focuses on the study
of the feasibility of the development of REITs, and on how to take measures to
introduce foreign experience into China.
1.3 Innovation and DeficiencyofThis Essay
The innovation of this article is mainly manifested in two aspects. Firstly, the
development of REITs in foreign countries is studied in order to summarize the
characteristics of different modes, mainly including American mode and Asian mode.
What’s more, this article sets up a framework and theory system to study REITs
according to the current development situation of REITs in our country. Secondly, this
article proposes modes of REITs that suit the development of economy of China
based on the experience drawn from other countries and the current situation of China,
which is one type of financial innovation in our country.
However, compared with other countries, the financial system of China and relevant
laws is imperfect, so most of the modes of REITs put forward in this essay are just
theoretical, lacking profound analysis of specific implementation and operation.
Therefore, the advices put forward only come from qualitative analysis.

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2. Current Situation of the Development of REITs in China
2.1 Conceptand Types of REITs
Real Estate Investment trusts (REITs), one type of Real Estate securitization,
originated in USA. Specialized management institutions that are entrusted issue the
trusts to investors in order to raise money and then invest in real estate or related
projects. The return on investment will be distributed to investors according to trust
shares. In America, the market of REITs has been mature after about 40 years’
development. In this process, REITs solved the problem of financing in the real estate
industry of USA and provided more investment varieties for investors. As long-term
financial instruments, REITs not only ensure the high yield of real estate investment,
but also improve the stability of asset investment, promoting the development of real
estate industry and capital market.
According to different classification method, REITs have different types.
(1)According to the classification of different investment targets, REITs can be
divided into equity REITs, mortgage REITs and hybrid REITs. Equity REITs own and
operate real estate property. Main source of business revenue is rental and sale of
real estate, so profit is affected little by interest rates. They can also spread risk by
establishing effective portfolio. Equity REITs are the dominant type of REITs.
Mortgage REITs get indirect financing by providing mortgage business to real estate
developers or by buying mortgage securities. The revenue mainly comes from loan
interest and thus the value of mortgage REITs are greatly influenced by interest rates,
which, together with the heavy debt burden, leads to high investment risk. Hybrid
REITs are between equity ones and mortgage ones. They not only own and operate
real estate, but also engage in real estate mortgage and loan business. Hybrid REITs
have the advantages of the former two types.

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(2)According to the classification of different structures, REITs can be divided into
contractual type and company type. Contractual REITs are established by entering
into a trust deed and issuing beneficiary certificates. They do not set the board of
directors. Company REITs are investment companies with independent legal person
status. They raise initial money by issuing funds and then invest financial securities
related to real estate. They should set up the board of directors, board of supervisors,
etc., and share investment returns in the form of a dividend or bonus. Contractual
REITs are more flexible and more common than company ones.
(3) According to the classification of ways of fund raising, REITs can be divided into
public offering REITs and private equity REITs. Public offering REITs should pass
strict examination of China Securities Regulatory Commission. Private equity REITs
only issue shares for a particular investor to raise funds.
2.2 Case Analysis ofREITs in China
2.2.1 Successful Case——Yue Xiu REITs
On December 21, 2005, Yue Xiu REITs were officially listed on the Hong Kong stock
exchange and became the first REIT that was listed in mainland. This event
broadened the financing channels in the real estate industry and provided experience
worthy of learning to the mainland retail property companies. It became one of the
landmark events in real estate industry of China.
(1) Listing Process
The listing process of Yue Xiu REITs is very clear.
The first step was enterprise restructuring. In September 2002, 95% of the equity of

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Guang Zhou Urban Construction was invested into Yue Xiu Group after the approval
of National Planning Committee. Through acquisition of offshore company GCCD
BVI, Yue Xiu Investment indirectly held the assets that originally belonged to Guang
Zhou Urban Construction. Completion of the acquisition made the relationships
between rights and interests become clearer.
The second step was asset rearrangement. The law regulated that listed REITs must
have a clear property right relationship, therefore YueXiu Investment started to
arrange its property right relations after completing the acquisition in December 2002.
From 2002 to 2005, GuangZhou Urban Construction transferred part of its property
assets to four BVIs of YueXiu Investment. After the complicated integration and
replacement of assets, the four BVIs held a listed property respectively and YueXiu
has had a clear ownership structure.
Finally, YueXiu Investment set up a trust fund, and signed a cooperation agreement
with HSBC trust to make it become the principal of the REITs. YueXiu also hired an
associated branch of HSBC as a fund manager. The institutions that were needed by
YueXiu funds were all set up.
On December 21, 2005, YueXiu REITs were successfully listed, issuing a total of 583
million units of REITs. The issue price was 3.075 HK$ and raised 1.8 billion HK $.
(2)Experience Reference from YueXiu REITs
The successful experience of YueXiu REITs is worthy of learning. Its success can be
attributed to several reasons.
Firstly is the government’s support. Yuexiu is the window enterprise of the
Guangzhou government in Hong Kong. The funding from government helps to avoid
restrictions of relevant laws and regulations.

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The second reason is the perfect combination of property rights and clear property
right relations. After being listed, YueXiu REITs were owned collectively by public
investors (67.9%), YueXiu Investment (31.3%) and YueXiu Group (0.8%). What’s
more, although YueXiu set up layer upon layer of principal-agent relationship and a
complex equity control relationship, the operating mechanism of organizations is very
clear on the property right relations.
The third reason is the improvement of relevant legal policy. Compared with the
domestic imperfect legal system, Hong Kong has more policy advantages. The most
important one is the agreement of foreign assets implementing REITs in Hong Kong.
Due to the close cooperation of mainland and Hong Kong markets, actually this
regulation opened the channel of listing domestic real estate in Hong Kong. For
YueXiu, it also cleaned the obstacles to restructuring and merging property, which
made it be able to list separately in the form of REITs.
In short, the success of YueXiu REITs opened a new road of financing for domestic
real estate enterprises. It also provided enlightenment for the transformation of the
management of real estate industry in our country and the establishment of REITs
system.
2.2.2 Failed Case——KuaiLu REITs
(1)Listing Process
On February 10, 2007, Shanghai KuaiLu Investment Group and Beijing Jia Fu Cheng
International Capital co., LTD. signed an investing and financing cooperative service
agreement. KuaiLu Group put its 150000 square meters high-quality lease type
workshop as part of the assets of the property type REITs. The design of KuaiLu
REITs for the first phase was segmenting the property rights of its workshops and
selling them to investors. The return rate was calculated according to the cash brought
by the lease commitments signed by the property. KuaiLu Group used 600 million

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yuan as collateral and selected Beijing RongZheng Credit Guarantee Company to
make guarantee for investors’ equity.
(2)Reasons of Failure
On March 18, 2007, KuaiLu REITs were officially launched. In only a day and a half
time, KuaiLu has raised 17 million yuan. However, on March 20, the local
government stopped the sale of REITs and at the same time returned all the money to
investors. The financing way of KuaiLu REITs failed. There were three reasons.
Firstly, the property rights of the REITs assets were not clear. KuaiLu used its 66700
square meters land twice to do the mortgage financing, which has seriously violated
the rules about property right of REITs assets.
Secondly, KuaiLu Group raised funds illegally. Jia Fu Cheng and KuaiLu Group
didn’t belong to bank nor trust companies or listed companies, so they did not have
the qualification to launch public offering of securities.
Thirdly, KuaiLu REITs did not abide by the provisions of information disclosure.
There is much vulnerability in its REITs.
Therefore, to promote REITs in China and to ensure the orderly and efficient
operation of them, the first and the most important problem to solve is the
establishment of relevant laws and regulations.
2.3 Obstacles to developing REITs in China
With the listing of the first REITs in China in 2005, REITs attracted the attention of
investors at home and abroad, and trust and investment institutions. However, in
recent years, REITs seemed to have disappeared in China. The several listing plans all
have failed. The main reasons are that there are too many obstacles to developing

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REITs in China.
2.3.1 Imperfection of Laws and Regulations
Due to the imperfection of laws and regulations related to REITs, many other relevant
laws and regulations are referenced. However, many of these laws and regulations
limit the investment targets, which is inconsistent with the requirements of REITs.
2.3.2 Incomplete and Unclear Property Rights
According to the mature experience of America, REITs generally invest in property
that has a stable income and require that the property right of house and land should
be clear and complete. But in our country, a lot of property rights of real estate
projects is divided into many small ones and are sold to small business owners. The
developers do not have the complete property right. When these developers are
investing in REITs, they should buy other small property rights and thus leads to more
risks and obstacles.
2.3.3 Imperfection of Information Disclosure System
At present, the development of the credit system in our country is not ideal. Many
trust enterprise haven't had credit rating. The information disclosure system is still
imperfect, resulting in some related party transactions between the stakeholders. Due
to the lack of relevant risk disclosure, interests of investors are greatly harmed and the
moral hazard of REITs is increased
2.3.4 Difficulty of Gaining Preferential Tax Policy
In USA, REITs assets are duty-free property. Namely, REITs are exempted from
corporate tax. The preferential tax policies are the main reason why American REITs
develop so rapidly. Drawing lessons from the mature experience, China should also
adopt modest tax incentive mechanism, but at present our country lacks preferential

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tax policy to REITs and implements double taxation. Therefore, after deducting all the
fees, the rate of return of REITs is not satisfactory to most investors.
2.3.5 Lack of High Quality Talents
Nowadays the development of REITs needs a large number of high-quality talents
who know business in real estate industry and investment banking. But at present, due
to the slow development of REITs in China, qualified professional talents are very
rare. Mostly workers are just familiar with a single field, which is obviously an
obstacle for the development of REITs
3. Experience Reference from REITs in Other Regions
America has the most mature REITs in the world. On the other hand, Japan,
Singapore and Hong Kong also have developed REITs according to their own
characteristics. So far, more than 30 countries or regions around the world have made
the REITs laws and regulations. Due to the different national economic and financial
system, market conditions and laws and regulations, their choice of operation pattern
are also not identical.
Picture 1 REITs Countries All over the World1
1
Source: NAREIT®

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3.1 AmericanREITs
Before the 1960s, only companies and rich people have the ability to invest in real
estate projects. In order to change this situation, The United States Congress passed
The Real Estate Investment Trust Act of 1960. Three years later, the first real estate
investment trust fund was set up. Due to the lack of related laws and regulations,
REITs developed slowly in the United States. In 1986, Congress passed the Tax
Reform Act, which not only gave tax breaks to the REITs, but also expanded its
business scope and relaxed many restrictions on it. REITs are allowed to own and
manage real estate investment. This has greatly stimulated the enthusiasm of the
investors. REITs began to flourish.
The constant improvement of the legal policy environment in USA played an
important role in the development of REITs. In the mode of REITs legislation, the
United States mainly adopts dispersive lawmaking mode, managing legal constraints
of REITs from the aspects of tax, structure, management and finance. In addition to
the Securities Investment of 1933 and other state laws, the main legal restrictions to
establishment and operation of REITs come from a series of tax law. In USA, REITs
can be exempt from corporate income tax as long as 90% of taxable income is
distributed to shareholders as a dividend. Therefore, the preferential tax policy is the
main driving force of the development of American REITs market.
According to the characteristics of the enterprise itself, generally there are three kinds
of organizational structures: traditional, UPREIT, DOWNREIT and paperclip.
By the end of January 31, 2015, there were 216 REITs listed in USA and the market
capitalization was $907.43 billion. According to historical data, the author has
analyzed the composition of REITs market in USA.1
1
Source: NAREIT®

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Chart 1 Number of Three types of REITs
Chart 2 Percentage of REITs
0
20
40
60
80
100
120
140
160
180
200
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
Equity Mortgage Hybrid
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
Equity Mortgage Hybrid

19
Chart 3 Number of All REITs and Market Capitalization
The historical data shows that in USA, equity REITs accounts for most and the
proportion of mortgage and hybrid REITs is relatively small. In December 2010,
hybrid REITs has disappeared from the market.
Most of REITs profits are used for bonus, providing investors with high and stable
dividend returns. According to estimation, between 1972 and 2014, the average
annual returns (reinvested) of FTSE NAREIT All Equity REITs index is 7.90%, while
those of the S&P 500 index and the Dow Jones index are only 3.35% and 3.16%
respectively. The average annual total return of FTSE NAREIT All Equity REITs
index over the 42 years is 13.84%, far higher than returns of stock market and bond
market.1
1
Source: NAREIT®
0
50
100
150
200
250
0
200000
400000
600000
800000
1000000
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
Number of REITs Market Capitalization
(millions of dollars)

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Chart 4 Annual Returns of FTSE NAREIT All Equity REITs
Chart 5 Annual Returns of S&P 500

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Chart 6 Annual Returns of Dow Jones US Total Stock Market
During the development of half century, American REITs have created considerable
wealth for the United States and provided instructive experiences for the world.
(1)Preferential Tax Policy
As is mentioned above, the main reason of the fast development of REITs in America
is the preferential tax policy. With the constant improvement of tax related laws and
regulations, the development of American REITs is stable.
(2) Legislative Protection
Laws of America have detailed rules about tax, income distribution, organization
structure and investment management of REITs, which attracts investors to put money
into real estate industry and thus guarantees stable investment in REITs. The real
estate industry investment can develop rapidly in the protection of regulation.

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(3) Mature Capital Market
REITs in the United States have been promoted by the strong support of mature
capital market. In the security market of USA, there are main board and second board
markets, which provides a convenient channel for investment, trading and exit of
REITs.
(4) Perfect Regulation System and Information Disclosure System
Most REITs belong to investment institutions with the nature of public offerings, so
they are tightly regulated by a third party. As the institutional investors involved in
REITs market increase, the public will obtain more and more information and the
transparency of REITs operation is higher and higher.
(5) Flexible REITs Market
Because there is no special legislation of REITs, American REITs are very flexible in
form, having both contractual type and company type. American REITs have very
strong liquidity. Investors are free to enter or exit REITs, which is one of the main
factors of rapid REITs development.
(6) High-quality Talents
American has cultivated many high-quality talents of the real estate and financial
industry, which is also the basis of the success of real estate investment trust fund in
America. The long-term development of an industry mainly relies on the planning,
management and operation of professional talents. They must master a comprehensive
system of professional knowledge, has the ability of financial management, strategic
vision, business skills and knowledge of related laws.
3.2 AsianREITs
REITs markets are now also established in seven Asian countries including Japan,
Singapore and Hong Kong.

23
Table 1 Significance of Asian REITs1
In2012, with 138 REITs and a total market capitalization of over US$118 billion (see
Table 1), the Asian REIT market accounts for over 12% of the global REIT market.
In an Asian REIT context, the REIT market is dominated by Japan (40% market
share), Singapore (32%) and Hong Kong (17%); with the developed REIT markets in
Asia accounting for 89% of market share. REIT markets are yet to be established in
China or India, with REIT legislation in place for the Philippines.
Table 2 Asian REIT Performance2
Most of the Asian REIT markets achieved higher returns than their respective stock
1
Source: APREA (2012)
2
Source: APREA. The-Investment-Characteristics-and-Benefits-of-Asian-REITs-for-Retail-Investors-report, 2012

24
market. Several Asian REIT markets had lower risk than their respective stock
markets, which reinforces the defensive characteristics of REITs, with their strong
yield-focus. Japan REITs saw comparable risk to its stock market (26% versus 22%),
as did Singapore REITs (26% versus 23%), but these were not considered to be
excessively higher risks than their respective stock market. Overall, Asian REITs were
generally seen to have risk levels below or comparable to their respective stock
markets. This is an attractive investment feature and clearly shows the lower volatility
of Asian REITs.
For risk-adjusted returns, all of the developed Asian REIT markets showed superior
risk-adjusted performance compared to their respective stock markets. The superior
risk-adjusted performance of REITs in Japan, Singapore and Hong Kong compared to
their respective stock markets is very important. These are the largest and most
mature and sophisticated REIT markets in Asia and reflect the potential performance
up-side opportunities as the emerging REIT markets grow and mature.
3.2.1 Japan REITs
Japan is the first Asian country to establish REITS, which is called J-REITs in Japan.
They are trusts with the purpose of managing and selling land and house. J-REIT is a
typical representative in the world. After 30 years of practice, J-REITs are becoming
more and more mature.
J-REITs can be divided into contractual type and company type. According to whether
there is a fund manager to participate in, contractual J - REITs can be further divided
into two types: indirect and direct. At present, most of the J-REITs listed in Japan
belong to company type and this is a trend of future development. Company J-REITs
establish a company to use investment funds and manage the real estate. They raise
money by issuing investment vouchers and then buy and manage real estate.

25
Unlike America, Japan establishes laws relevant to REITs mainly by adopting special
legislation. In 2000, Japan changed the Investment Trust Law, allowing investment
trusts to raise funds and to invest into the real estate industry, which determines the
legal status of J-REITs. Investors obtain investment certificates similar to those of
stock. These certificates can allow them to trade in the TSE REIT market. In March
2001, Tokyo Stock Exchange established a system of listed REITs. In September 2001,
the first REIT was listed on TSE. Since then J - REITs have developed rapidly.
3.2.3 Singapore REITs
A striking feature of REITs in Singapore is that in the process of its development and
operation, the government acts as an important role. It removes the law and system
obstacles in order to develop REITs quickly in Singapore. The legal policy
environment of Singapore REITs, also special legislation, is the same as that of
J-REITs. In May 1999, Singapore's finance authorities issued the Guidelines for
property Funds in Singapore, making corresponding provisions for the operation of
the real estate investment trusts. The Securities and Futures Act of 2001 made
regulations to listed REITs. In order to promote the development of REITs, the
financial department launched positive overseas REITs strategy.
According to relevant laws and regulations in Singapore, S - REITs are established in
the way of corporation or trust deed. It is more flexible and is able to implement both
company type and contractual type. What’s more, Singapore REITs are allowed to
directly put the financing money into property acquisitions. Besides, local Singapore
REITs are also allowed to purchase overseas property and equity of real estate
investment companies.
In the form of issuing trust units, Singapore REITs raise up idle funds of investors to
invest in real estate and related assets. Due to the lack of independent legal person
qualification of S – REITs, trust managers and property management companies are

26
necessary in fund operation.
To conclude, the reasons that S-REITs develop rapidly are:
(1) Policy Support of Government
In any countries and regions, the healthy development of REITs is inseparable from
the support of the government. As previously mentioned, in order to become the
center of Asian REITs, the monetary authority of Singapore actively solicits proposals,
perfects market rules and improves the efficiency of the market, creating a favorable
growth environment for the S - REITs. In the process of developing REITs, the
Singapore government made adjustments to market rules and tax treatment. For
example, avoiding double taxation, exemption from stamp duty, tax reduction for
foreign companies who invest S - REITs, and so on.
(2)Active Promotion of Enterprises
The asset liquidity of real estate enterprises is poorer, leading to heavy pressure.
However, REITs brought these enterprises new financing channels. As a result, they
actively transferred the high quality property that they held into listed REITs or sold it
to REITs in order to realize the financing purpose, which promotes the development
of REITs.
(3)Enthusiasm of Investors
The enthusiasm of investors in Singapore is very large. For example, Maple Trust was
oversubscribed 43.9 times. This is mainly because that the return on investment of
REITs was higher compared to fixed deposit rates, that the investment risk was small,
and that the growth of the market was high. The enthusiasm of investors provides a
market demand for the further development of REITs.

27
3.2.3 Hong Kong REITs
In November 2005, the first real estate investment trusts of Hong Kong, LingHui
REITs, were listed on Hong Kong Exchange, which started the development of Hong
Kong REITs.
REITS in Hong Kong, the same as those in other Asian and international regions, are
set up through special legislation. On July 30, 2003, Hong Kong Securities and
Futures Commission issued the Regulations for Real Estate Investment Trust Fund,
making specific provision to the establishment conditions, organization structure,
profit distribution, investment scope and workers qualification of REITs. These
regulations provide a clear legal basis for the issue of Hong Kong REITs. In June
2005, the SFC issued the revision of Regulations for Real Estate Investment Trust
Fund, regulating that each year REITS must distribute more than 90% of net income
to trust certificate holders in the form of a dividend. It also withdrew the restrictions
to REITs on investing in overseas property and raised the highest REITS debt ratio
from 30% to 45%, providing a more suitable legal environment for the development
of Hong Kong REITS.
In the aspect of organization form, Hong Kong REITs adopt the contractual mode
whose fund management and trustee organizations are highly independent. This mode
has separated trust ownership and interest and independent trust property. In the
aspect of capital operation, Hong Kong has strict requirements in investment
underlying assets, asset structure, holding periods and debt ratio. For example, Hong
Kong bans investing in vacant land, engaging or involving in real estate development.
It also regulates that more than 90% of the assets of REITs must be made up of real
estate projects (higher than the percent of USA, Japan and Singapore). In terms of risk
monitoring, Hong Kong adopts the regulation mode close to that of USA, that is,
self-discipline management under restriction of the law. Of course, some
improvement and innovation has been made according to the actual situation of Hong

28
Kong. Hong Kong not only makes the special laws and regulations but also
emphasizes on the independence of the main body of REITs. It also establishes an
independent third party appraisal mechanism and a strict information disclosure
system.
3.3 Comparisonbetweenthe DevelopmentModes of REITs
Usually, REITs can be divided into two modes according to the regulations they abide
by: American mode and Asian mode. American mode is a tax-pushed development
way. It improves and adjusts investment environment by setting up legislation
continuously. Asian mode, mainly in Japan, Singapore and Hong Kong, draws
experience from American mode and then makes some innovation. The tax
regulations of different countries and regions are different, so Asian countries and
regions set up specific legislation and regulate establishment, structure, investment,
income and distribution of REITs by modifying relevant trust laws. In comparison,
Asian mode makes regulations more detailed than American mode.
Table 3 Comparison between American Mode and Asian Mode1
Law American
Mode
Asian Mode
Japan Singapore Hong Kong
Legislation Tax Specific
Structure Corporate Investment
trust
Trust units or
mutual funds
Corporate
Restrictions
on
Shareholding
Proportion
No more than
5 shareholders;
<50%
Key
shareholders:
<75%
If more than 5% of
shares are used,
REITs manager
should be informed
Individual
shareholder:
<10%
1
Source：AsiaLaw，2003，June

29
Percentage of
Investment in
Real Estate
>=75% >=75% >=70% >=90%
Maximum
Debt Ratio
None None 35% of total asset 45% of total
asset
Tax Incentives To dividend
distribution
To dividend
distribution
and transaction
To dividend
distribution
None
Dividend
Distribution
Percentage
>=90% >=90% >=90% >=90%
From the above table, we can summarize the similarity of the two modes. To a certain
extent, the structure of Asian mode is adapted from that of American mode. It uses
trust plans as the main entity of investment. Real estate management companies and
trust companies provide professional services. Obligations and rights of the parties
involved in are specified in specific regulations of REITs. In addition, the two modes
also have similarities in shareholding proportion restriction, investment ratio,
dividend distribution and tax incentives.
But at the same time, there are differences in the two modes. Compared to REITS in
the United States, REITs in Japan, Singapore, Hong Kong and even in other Asia
countries are forced not by tax incentives, but by specific laws and regulations. In
addition, the most obvious difference between Asian REITs and American REITs in
the aspect of organization structure is the highlights on the importance of REITs fund
management institutions. For example, Singapore has set specific laws and
regulations at the beginning of operating REITs, regulating the access conditions to
fund management organization and REITs. It should be stressed that Singapore's
specific legislation not only makes provisions to the duties of REITs and management

30
institutions but also requires them to remain independent. The purpose is to invest
funds of REITs more effectively and orderly.
4. Suggestions about the development of REITs in China
At present, China’s REITs has just started, so many laws and regulations are not
perfect. The experience in the operation and supervision of REITs of other countries
and regions can provide beneficial enlightenment and reference for the development
of REITs in China.
4.1 Perfecting relatedlaws and regulations
Operation of REITs is very complicated because of its complex types and changeable
structure. What’s more, the process of establishing a REIT involves two areas, capital
markets and real estate investment, which makes it more difficult to develop REITs
successfully in China. The imperfection of legal system has been the main factor that
restricts innovation in the real estate industry in China. Therefore, now establishing a
perfect legal system is very essential.
4.1.1 Establishing basic laws and regulations about REITs
At present, relevant laws and regulations promulgated by our country mainly include
Trust Law, Company Law, Securities Law and Investment Law. However, these laws
and regulations are still imperfect and cannot meet the financing needs of large-scale
real estate projects.
(1) From the point of organization form, REITs can be divided into contractual type
and company type. Contractual REITs are established and operated according to the
trust deed regulated by Trust Law. However, Trust Law has limitations on “accredited
investors”. It regulated that the number of natural people of each trust plan cannot
exceed 50 and that the number of natural person investors and institutional investors
whose single entrustment amount is more than 3 million is unlimited. Such provisions

31
are harmful for REITs to collect public funds and invest. What’s more, at present, the
Company Law of our country regulates that REITs of company type must do double
taxation, which, in a certain extent, constrains the development of company type
REITs.
(2) In foreign countries, the income proof of REITs is considered to be a kind of
securities, and thus it can be listed and transferred freely. But our country hasn’t
admitted that the income certificate of REITs is security, which will greatly limit the
development of REITs. Therefore, China should revise the Securities Law to include
income certificate of REITs into the scope of the securities market, allowing it to flow
in the market. At the same time, our country should clarify the legal status of private
offering through legislation as soon as possible and allow issuing securities through
private offering.
(3) REITs, in essence, is a kind of investment fund investing in real estate industry.
Therefore, China should set up a specific Industry Investment Fund Law to clarify the
legal status of industry investment fund. The law should sets up detailed regulations
about its establishment condition, operation management, administrative supervision
and accountability, etc. Industry Investment Fund Law can promote the development
of investment fund industry in China and provide institutional guarantee for the
development of real estate investment trusts in the future
4.1.2 Establishing Specific Laws and Regulations about REITs
Through the study of foreign REITs, I found that Asian countries and regions, such as
Japan, Singapore, Hong Kong and other places have drawn experience from the
development of REITs in the United States. According to the development mode of
REITs and legal policy in USA, Asian countries and regions have introduced their
own specific legislation for the development of REITs. Considering the current
situation that the development of capital market in China is not perfect and mature, I

32
think that our country should learn from the specific legislation pattern of other Asian
countries and set specific laws to regulate the REITs.
(1) Development Structure
Now in our country, the status of the subject of securities investment fund is not clear.
Therefore, I think that we should develop REITS in the form of trust. More
importantly, we should set up an trustee and fund management companies whose
function is independent from that of REITs management companies. On the one hand,
this structure can do the right checks and balances, avoiding REITs to become profit
tools of a few people and protecting the interests of small and medium investors; On
the other hand, it can make the structure of REITs clearer.
(2) Shareholding Restrictions
In the United States, REITs require that shareholders or the beneficiary shall not be
less than 100 people and the biggest five shareholders' shareholding ratio should not
exceed 50%. REITs in Japan require that, at the end of the fiscal year, the number of
shareholders or beneficiary should not be less than 50 and the top 10 shareholders’
shareholding ratio should not exceed 75%. In principle, the requirements of the two
countries to shareholders are designed to protect the interests of small and
medium-sized investors, so our country should also make restrictions on shareholding.
(3) Assets Composition
According to the regulations and laws of the United States, at least 75% of total assets
of REITs should be made up of real estate, cash and government bonds, which can
restrict the investment scope of REITs. I think that in our country should also draw
lessons from the asset requirements to REITs in American. China should make clear
limits on the investment targets of REITs, preventing REITs to invest in other projects
using the money raised in the name of real estate investment.

33
(4) Dividend Distribution Proportion
One of the main reasons why REITs can obtain the long-term development in the
United States and in Asian countries is the high proportion of income distribution. The
United States, Japan, Singapore and Hong Kong all regulate that REITs should
distribute more than 90% of the income. At present, the development of REITs in our
country is still in the exploring stage and the development still has a very big
uncertainty. High ratio of dividend distribution may make REITs rely on frequent
external injection of funds, so China can consider lowering the proportion of income
distribution properly. I think the proportion of 80% is very appropriate.
4.2 Establishing PreferentialTaxPolicies
In the United States, the preferential tax policies are very important to the
development of REITs. However, the existing laws of our country will leads to double
taxation of REITs, which greatly limits the development of REITs, reduces the
attraction of REITs. As a result, China should improve domestic tax laws of REITs,
formulate reasonable tax system, and adopt preferential tax policies for REITs
companies. Business tax, enterprise income tax and property tax can be deducted in
strict accordance with the investment content, source of income and distribution
method of company REITs. This can not only increase the return on investment, but
also help REITs companies strictly abide by the operation norms and guarantee the
stable and continuous development of domestic company type REITs so that the
system of preferential tax policies of REITs can be set up successfully.
4.3 Developing RelevantMarkets
As a product of innovation of the capital market, REITs cannot develop healthily
without a prosperous money market and capital market. Therefore, China should
actively improve the market operation environment and improve the participation of
investors and enterprises, accelerating the healthy development of REITs.

34
4.3.1 Ensuring the Stable Development of the Real Estate Industry
In the economy of China, the real estate industry has been in a very important position.
It accounts for a lot in the development of national economy and also in the
accumulation of wealth. The development of REITs needs booming of the real estate
industry. Therefore, to create the right market environment for the development of
REITs, China must firstly ensure the sustained and stable development of the real
estate industry. Along with the gradually opening of the finance and real estate
markets of our country, the good development of China's real estate industry and the
overall economic situation is bound to attract more foreign capital to go into the
Chinese real estate market, which will enable our country to launch large-scale real
estate investment trusts.
4.3.2 Establishing a Secondary Market for Trading Trust Products
In a mature real estate financial market, development and management of real estate
not only have two basic financing methods of debt financing and equity financing, but
also have a mature securitization secondary market in addition to the primary market
of debt financing and equity financing. However, currently there is not a common
platform to trade trust products, so the problem of liquidity in the secondary market is
an obstacle to promoting REITs in China. Liquidity is one of the characteristics of
REITs, so freedom of transferring should be the basic standards of developing REITs.
Dedicated to the development of REITs, China must adjust the regulation mode and
system of real estate trust products, improve the liquidity of REITs and set up a
complete, effective and public REITs products trading market.
4.4 Perfecting the Risk Prevention of RealEstate Investment Trusts
4.4.1 Establishing a Sound Information Disclosure System
A perfect capital market should have a strict information disclosure system.

35
Competent authorities shall establish the related institutions according to the needs of
the development of the real estate market in order to provide specialized, fast and
effective public service for the market in aspect of information collection, processing,
distribution and so on. They also have to establish and cultivate a group of real estate
industry intermediary institutions with high professional quality and unify standards
of the industry to improve the transparency of information disclosure. Disclosure of
information can help investors of real estate investment trusts know the market
information, enterprise information and national policies in time, which contributes to
the effective development of the real estate investment trust market.
4.4.2 Establishing Internal Risk Control Institutions
Real estate industry is a capital intensive industry, in which not only the investment
cycle is long but also the investment amount is huge. There will be many risks if we
want to develop REITs in a long run such as credit risk, market risk, investment
project risk and management risk, etc. Therefore, in order to develop REITs healthily,
our country must establish perfect risk control mechanism. In addition, China should
also do risk control from other aspects. For example, choose investment projects
carefully; make a diversified investment portfolio in order to spread risk reasonably;
complete due diligence; do risk evaluation and prediction of investment projects
through some professional evaluation institutions and analyze the feasibility of
investment; do risk aversion properly to projects that may face huge risks; give up the
investment project that have possible losses initiatively.
4.4.3 Establishing an External Supervision System
Doing effective financial regulation to the development of REITs can not only protect
the interests of investors, but also guarantee the stable and healthy development of the
financial market and the real estate market. After REITs being listed in the exchange,
a supervision team consists of the banking regulatory commission, securities
regulatory commission, stock exchange and other relevant government departments in

36
order to avoid regulatory fragmentation. At the same time, the government should
strengthen the external supervision. Accounting firms, law firms, real estate appraisal
consulting company and other institutions also need to perform regulatory obligations
to the development of REITs.
4.5 Cultivating High-quality ProfessionalTalents
The development of REITs in China also needs a large number of high-quality
professional talents. They should know about not only the real estate industry but also
the financial market. They should know how to do business related to real estate and
finance. However, now number of this kind of talents is very small, so it is necessary
to emphasize on the cultivation of talents. The long-run healthy development of
REITs will be promoted and maintained by them.
5. Conclusion
REITs have just started in our country. There are many obstacles on the road of
development, including insufficient support from the laws and regulations to REITs,
restrictions on REITs investment such as investment types and the number of
investors, which hinders its development. What’s more, tax incentives are difficult to
obtain in China and double taxation also reduces the attraction of REITs. Risk
prevention system is not perfect in China and the property right is not clear, which
results in increased investment risk, etc.
However, in foreign countries and regions, such as the United States, Japan,
Singapore and Hong Kong, the development of REITs has been relatively mature, so
their experience is worth using for reference. This paper analyzes the development
situation and policy of REITs in these countries and regions and also makes a
horizontal contrast between the development models of the REITs. Through the study,
I find that REITs mainly can be divided into two modes: Asia mode and American

37
mode. There are many similarities and differences between the two modes. For
example in the aspect of legislation, the American mode adopts preferential tax
policies while Asian mode sets specific legislations. Nevertheless, in the aspects of
dividend distribution proportion, investment proportion and restriction on
shareholding, the two modes have many similarities. By summarizing the
characteristics of the two modes and drawing international experience for reference,
the essay finally puts forward suggestions about the development of REITs in China
in all aspects.
Through the research, the author thinks that to make the REITs in China be launched
successfully, the government must vigorously improve the various laws, regulations
and policies related to the REITs, such as the Company Law, the Trust Law. At the
same time, it should also set specific regulations to share restrictions, dividends and
asset structure of REITs. In addition, China should improve the tax policies in order to
enhance the attraction of REITs and vigorously promote the securitization of the real
estate market to create a suitable market environment for REITs. Of course,
improvement of the risk prevention system and cultivation of professional talents is
also necessary.
However, due to the fact that the current political, economic, cultural and education
environments of China still have a large gap between those of the United States and
other developed countries and regions in Asia, the study of the environment for
developing REITs in China is mainly confined to experience reference from foreign
theories and practice. It still needs to be further studied that how to explore the
suitable environment for the development of REITs in China combining China's
national conditions.

38
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40
Acknowledgements
As the days went past, the four-year undergraduate study is about to end with the
completion of thesis. All this good completion are inseparable with the guidance of
teachers, the support of my family and the help of my classmates and friends.
First of all, I'd like to express my deep appreciation to my tutor. In the four years,
Professor Tang Xujun not only focused on my studies, but also gave advice on my
career development in the future. She started to cultivate our ability of learning and
thinking from the freshman year. Her teaching benefits me in both life and work ways.
During the period of thesis writing, Professor Tang has given me great help in topic
selection, data acquisition and revision of the thesis, making me complete my thesis
successfully. Hereby I express the most sincere thanks to her!
During the undergraduate study, the leaders of the financial institute built a good
learning environment and academic atmosphere for us and provided us with a very
good chance to join in the elite plan of KPMG and work as an intern in winter
holidays. With the help of Professor Yan Haizhou, I took part in the Innovation
Activity of University Students and finally published a thesis on a famous journal.
Thanks very much for them!
In my undergraduate study, many classmates and I helped each other in life and
academic, forging a deep friendship. Thank them very much!
I also want to give my heartfelt thanks to my parents and relatives who gave me their
selfless love on the standard of living and spirit for years.

41
Finally, I wish my sincere thanks to paper reviewers and teachers of defense
committee
Now I am about to leave Shanghai University of International Business and
Economics. The departure from teachers and classmates is approaching. However, the
beautiful memory in SUIBE will be deeply remembered in my heart.
Zheng Shuang
2015.3.31

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