(2) On-site fund: On-site subscription is generally convenient through the securities account of a securities company. We usually find subscription channels on the home page or the trading interface.
According to the product description, investors who participate in the on-site subscription of infrastructure funds should hold RMB ordinary stock accounts or closed-end fund accounts (collectively referred to as on-site securities accounts) settled in China, Shanghai or Shenzhen; Those who participate in the OTC subscription of infrastructure funds shall hold an open-end fund account of China Settlement (i.e. OTC fund account).
After the establishment of public offering REITs, subscription and redemption will no longer be open and can only be traded in the secondary market. Therefore, those who use the fund shares subscribed over-the-counter must be transferred to the on-market securities institutions before they can participate in on-market transactions.
2. Real estate trust and investment funds (REITs) are an important means of real estate securitization. Real estate securitization is a financial transaction process that directly transforms illiquid non-securities real estate investment into securities assets in the capital market.
3. Real estate securitization includes two basic forms: real estate project financing securitization and real estate mortgage securitization. Real estate investment trust fund (REITF) is a kind of trust fund, which collects the funds of a specific majority of investors by issuing income certificates, manages real estate investment by specialized investment institutions, and distributes the comprehensive investment income to investors in proportion. Different from the purely private nature of trust in China, REITs in the international sense are equivalent to funds in nature, with a few private placements, but most of them are public offerings. REITs can operate in a closed mode or be listed and traded, similar to open-end funds and closed-end funds in China. In the past two decades, the return of REITs in North America is the best (13.2%), followed by Europe (8. 1%), and the average return of REITs in Asia is the lowest (7.6%). Due to the impact of the European debt crisis, the yield of REITs in Europe dropped rapidly to -9.2%, while the average return of REITs in North America was 12.0%. It can be seen that in different time intervals, the real estate prosperity of different countries and regions is often very different.