Abstract:
Real Estate Investment Trusts (REITs) market has important functions such as improving economic and financial structure,
boosting economic development, transformation and upgrading. At present, the development of the REITs market in China has a
positive effect on micro-agents, meso-industry, and macro-economy. It can not only revitalize the stock assets and fill the gap between
financial supply and demand, but also help guide residents to choose long-term investments and gather long-term capital, meet
the practical allocation needs of wealth, and is also an objective need for China’s intensive and inclusive economic development.
The development of the global REITs market and legislative practice show that the development of the REITs market requires a
sound legal regulatory basis, including organizational form, right boundaries, integration of industrial and financial, tax incentives,
joint supervision, etc. This study finds that several key points in the development of the global REITs market deserve attention,
including ensuring asset security, prohibiting fraud, clarifying asset boundaries and pricing, operating openly and transparently, and
focusing on investor protection. To develop the Chinese REITs market, it is necessary to further clarify the attributes of securities,
clarify the boundaries and coverage of product legal liability, improve internal control and governance mechanisms, focus on
taking individual and combined professional advantages in the integration of industry and finance, and provide tax policy support.
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