iii. the embryonic form of REIT in China.

In fact, both the American model of capital trust REITs and the Japanese model of real estate assets trust REITs are reflected in our current real life. The concrete manifestations are as follows: < P > 1. Capital trust REIT.

(1) Real estate investment trust funds.

although the name "real estate investment trust fund" has never appeared in China's practice, similar organizations have already existed. For example, the old funds that appeared in China in 1992, because China was in the period of overheating and there was no law to regulate them, the phenomenon of "fever" in fund investment became their congenital feature, which was reflected in that they invested a lot of money in real estate with bubble components, and many of them invested in real estate as high as 7%. With the soft landing of China's economy, the real estate bubble was squeezed out and the real estate price returned to its true value, and fund investors also paid a heavy price for it. After the promulgation of the Interim Measures for the Management of Securities Investment Funds in 1997, the funds were limited to securities investment funds, and the organization and operation mechanism of the funds were stipulated through provisions, which meant that the old funds had to be adjusted, and some of them were extremely irregular and would be revoked. The transformation of the old funds continued until April 21, except for the revoked ones, the rest were basically changed into new funds aimed at securities investment, and the original real estate investment business was stopped.

Although there is no clear form of real estate investment trust fund for funds at the legal level, private equity funds widely exist in civil society. Their organizational forms often appear as investment consulting companies, investment consulting companies and other general companies that do not need to be licensed by the central bank, and their investment direction is uncertain, and real estate investment also accounts for a certain proportion. However, due to the lack of legal provisions on private equity funds, their legitimacy is questioned.

In addition, explicit real estate investment trust funds are sprouting. For example, in May last year, Beijing Century Huaxia Asset Management Co., Ltd., which was founded by China Minmetals Group Real Estate, Beijing Shougang Group Real Estate, Beijing Urban Construction Group Real Estate, China Oil and Gas Pipeline Bureau Real Estate and Wannian Investment Group * * *, can be regarded as an explicit sprout of real estate investment funds. As Liu Xiaoguang, the chairman of the Capital Group, said, "The Industrial Investment Fund Law will not be promulgated for a day. Although you can't get a "birth certificate", it doesn't mean you can't be reborn first. For some people, they dare not conceive without a birth permit, but for others, they can conceive first, and when they will be born is up to them, and they can be born whenever they want. "

(2) New products of real estate project trust.

The promulgation and implementation of the Measures for the Administration of Trust and Investment Companies and the Interim Measures for the Administration of Trust and Investment Companies' Funds in June p>22 stimulated the innovation enthusiasm of trust and investment companies. From Aijian Trust's "Shanghai Outer Ring Tunnel Project Fund Trust Plan", Shanghai SDIC's "New Shanghai International Building Project Fund Trust Plan" and "Shanghai Maglev Traffic Project Equity Trust Beneficial Right Investment Plan", Northern Trust's "Binhai New Area Infrastructure Construction (Pipe Network) Fund Trust Plan", to Beijing SDIC's "CBD Trust" and Xinhua Trust's "Housing Mortgage Loan Fund Trust", more than 1 types of trusts have been launched successively. Among them, the latter two have the characteristics of capital trust REIT in terms of their operation process. The main dispute now is whether the trust contracts issued by trust and investment companies belong to the scope of "securities", because according to the Interim Measures for the Administration of Fund Trust of Trust and Investment Companies, trust and investment companies cannot issue "voucher securities", and the current Securities Law does not include trust contracts in the scope of "securities". However, according to foreign legislative practice and China's,

REIT engaged by trust and investment companies are different from real estate investment trust funds, because according to the Administrative Measures for Trust and Investment Companies, trust and investment companies must set up fund management companies to engage in fund business. Therefore, trust and investment companies can only engage in real estate investment trust funds indirectly through fund management companies.

2. Real estate asset trust REIT.

(1) the phenomenon of "housing bank".

"Housing Bank" was first launched by Guizhou Housing Replacement Center and China Industrial and Commercial Bank Guizhou Branch. Housing bank is not a bank, it is just a metonymy. It is a kind of real estate investment method in which the owner entrusts the house leasing company with the right to use the house in a regular way, and evaluates the value of the right to use the house (that is, rent) through a professional real estate assessment institution, or both parties negotiate to determine the rent price, so that the owner can get the rental return on a regular basis.

because this business model not only reduces the transaction cost of both parties, but also ensures the interests of both parties, it is deeply welcomed by the masses and popularized in Shanghai, Beijing, Shenzhen and other major cities in China. Because the People's Bank of China stipulates that the name of "bank" shall not be used arbitrarily, some places, such as Shanghai, have changed its name to "housing storage center" and Tianjin to "housing trust".

for the lessor, it is very troublesome to have an idle house and want to rent it, to find customers, to handle all kinds of registration, to pay all kinds of fees, and to run around for trivial things that appear at any time. Renting the house to the Housing Bank can not only easily rent out the house, but also get the rent in time. The Housing Bank can also assist the owner of the house to handle the lease certificate and pay the house tax and various expenses. Some also provide free property insurance; During the period of housing storage, the Housing Bank is fully responsible for the daily management, maintenance and rent collection of the house. No matter whether the house is rented or not, the Housing Bank must pay the rent as usual on a monthly basis, and the risks are borne by the Housing Bank itself, which greatly reduces the rental risk of the lessor. For the lessee, the houses rented by the Housing Bank can be exempted from service commission, and some of these houses have been professionally cleaned, disinfected and simply decorated, and they can be moved in at any time. Post-occupancy services can also be guaranteed by the Housing Bank.

Guizhou's operation mode is that the house is deposited in the bank like money, and the customer deposits the house in the rental department of the house replacement center. The rental department uses scientific methods to calculate the normal rental price of the house, and rents it after it is approved by the owner. After the customer deposits the house, the replacement center will be fully responsible for the lease of the house, and the house can be entrusted to the replacement center for management. When the customer deposits the house, he will get a passbook and a smart card issued by ICBC. Instead of directly collecting the rent from the tenant every month, the rental department of the replacement center will directly transfer the rent to the customer's account on a monthly basis, and the rent will be calculated from the first rental date of the house. The replacement center promises to the customer that the house deposited in the house leasing department will be rented every six months except for the 2-day lease working period and the house handover period. Whether it is rented out or not, the rent will be paid to the customer's account as usual, and the risk will be borne by the replacement center. In this way, it not only eliminates all matters or even disputes during the period of renting, but also makes customers no longer worry about the vacancy caused by the fact that the house cannot be rented out. In the "Housing Bank", there is no charge for storing or renting houses.

The basic process of "Housing Bank" is as follows: (omitted)

Although all localities basically operate according to the mode of Guizhou, there are still differences. For example, Beijing Real Estate Trading Center refers to this kind of "housing bank" business as "lease throughput" business, which stipulates that two months are reserved every year as rental working days without paying the rent to the owner of the house, and the rent is calculated according to the agreed amount from the date when the house is "deposited", but the agreed rent is not equal to the actual rent charged to the lessee, and the real estate trading center earns the difference.

In the operation of "Housing Bank" business, the relationship between the owner of the house and the "Housing Bank" is generally the relationship between the principal and the trustee. Therefore, the behavior of earning the difference from it, like Beijing Real Estate Trading Center, is somewhat similar to the subletting of the house, which is not in line with the relevant provisions of the principal-agent and intermediary business. But the basic idea of most "housing banks" is: to help you manage your finances, and never charge an agency fee. That is, the "housing bank" is a self-beneficial trust relationship. The housing owner entrusts the house to the "housing bank", which has full authority to handle the rental of the house. The "housing bank" pays the housing owner the rental income regularly, and the housing owner pays a certain proportion of the house rent for several days and the monthly rent. On the other hand, in the "housing bank" business, the lessee does not have to pay the agency fee, so the "housing bank" is not an intermediary, but a representative of the housing owner, and is the principal entrusted by the housing owner. Under this mode of operation, the "Housing Bank" should raise the rent as much as possible to obtain more service fees, so the lessee did not pay the intermediary fees, but the intermediary fees were included in the rent, and the rent was also increased. Therefore, in essence, there is a nominal lease relationship between the lessee and the "Housing Bank". At this time, the "Housing Bank" signs a lease contract with the lessee as the "owner of the house", and the lessee does not care who is the real owner of the house. It can be seen that the operation of the "housing bank" business is more in line with the trust legal relationship. The owner of the house is the principal in the trust legal relationship, and the "housing bank" is the trustee who is specifically engaged in housing management activities. The beneficiary can be the owner of the house as the principal or other people designated by the owner of the house. In this way, it may be more appropriate to call the "housing bank" "housing trust" and regulate it by trust law.

(2) "Shaoxing model" land trust.

in 21, Shaoxing county, Zhejiang province established the "farmers' land trust center". Under the premise of voluntariness, individual farmers can sign a contract with this "center" set up by the county agricultural office, Tuguan, Agriculture Bureau and other relevant departments, and entrust this intermediary agency with the right to use their own land in the form of "dividends from land shares". The "Center" publishes the subcontracting information of land use rights through the agricultural information network and local newspapers, and "invites investment" from large breeders and industrial and commercial housing owners. In this way, it is not necessary for large operators to sign contracts with farmers one by one, and the contradiction between supply and demand of land use can be better solved. This move enables the county, township and village levels to "network" to engage in rent-returning and package-returning, breaking through the original boundary that the land use right is limited to invigorating the village level, and a land use right circulation market has formed at the county level.

source:/papers /papers/FZP/fzp311231.htm