【作者】 雷修明；

【导师】 林梅；

【作者基本信息】 厦门大学 ， 世界经济， 2007， 硕士

【摘要】 2001年以来,随着经济全球化进程的加快和我国经济的发展,国内房地产市场经历了新一轮的增长,但房价增长过快的声音也不绝于耳。为抑制房地产“泡沫”的膨胀,化解金融风险,政府开始对房地产企业银行的贷款给予严格的限制,收缩银根,迫使房地产企业寻求新的融资渠道。与此同时,居民储蓄不断增长,且长期居高不下,市场急需低风险的金融投资产品。于是,REITs作为房地产行业融资工具之一,以其高且稳定的收益受到国内的广泛关注。房地产投资信托,英文“Real Estate Investment Trusts”,以下简称为REITs,是一种集合特定或不特定的投资者,将资金集中起来,建立某种专门进行房地产投资管理的基金或机构,进行房地产投资和经营管理,并共同分享房地产投资收益的一种信托方式。新加坡从2002年第一只REITs上市,到当前260亿新元的市场规模,已经走过了近5年的发展历程。笔者希望通过对新加坡REITs的研究,从中得到一些启示,为我国今后推出REITs产品提供借鉴。本文主要包括以下几章:第一章主要论述本文的研究背景、研究意义以及国内外研究现状。第二章概述与REITs相关的知识,包括REITs的作用、类型以及在全球的发展状况等等,使读者对RETIs有个基本而全面的认识。第三章是本文的重点,主要阐述新加坡REITs(S-REITs)市场发展状况,包括S-REITs的发展历程、设立规则以及市场风险等方面,使读者对S-REITs有个全面系统的把握。第四章是本文的最后一部分,主要论述我国发展REITs的紧迫性以及可行性,并结合S-REITs发展经验,说明我国发展REITs应注意的一些问题。更多还原

【Abstract】 Since from 2001, under the conditions of the globalization and the quick development of the Chinese economy, there appears to be a quickly-development tendency in the Chinese real estate industry. Meanwhile, many people always complain that the price of housing grows so quickly. In order to restrain the expansion of real estate foam, and melt the finance risk, the government begins to restrict loans that will privde to real estate. Such measure will compel land agents to find some new financing channel. Furthermore, the amount of resident save continuously grows, and also locates a high level in a long time. It means that the capital market needs many investment channels, especially those which have low risks. Because of the reasons above and its higher and steadier revenue, as a tool of financing channel of real estate, REITs arouse many attentions widely in inland.We can comprehend the REITs as a kind of trust, by which many investors’money, which will be left unusedly during one period, is gathered to set up an organization, and what the main work of this organization is to investing money on the real estate market. By managing these assets, and at the end of the investment, as the return of the money, the investors share the return of the investments from the real estate assets.The first Singapore REITs was launched and listed on the Singapore Exchange (SGX) in July 2002. Since then, there were sixteen REITs listed on SGX with an aggregate market capitalisation of more than S$26 billion in 2007. Penman of this thesis hope that it can provide many uses for our country referenc via studying the Singapore REITs. This thesis mainly includes four chapters. In the first chapter, the author introduces the background and meaning of this article, and introdeces the present situation. In the second chapter, by discussing the relative knowledge of REITs, such as definition, categories and functions etc, the author wants to make sure that readers have a good understanding. Chapter 3 is the most important. Through introducing the developing state of Singapore REITs, including course of developing, setting principle, framework and so on, the author makes sure that reader have a completely and systematicly understanding of S-REITs.Finally, the author focuses on the necessity and feasibility of developing REITs in China, and explains some problems that should be paid attention to combining with developing experences of S-REITs.更多还原