In fact, both the American REIT model of capital trust and the Japanese REIT model of real estate assets trust are reflected in our current real life. Specific performance in:
1. Fund Trust.
(1) Real Estate Investment Trust Fund.
Although the name "real estate investment trust fund" has never appeared in China, similar institutions have existed for a long time. For example, the old fund from 65438 to 0992 appeared in China. At that time, China was in the period of economic overheating, and there was no law to regulate them. The phenomenon of "fever" in fund investment became their congenital feature, which was reflected in the fact that they invested a lot of money in real estate with bubble components, and the proportion of many investments in real estate was as high as 70%. With the soft landing of China's economy, the real estate bubble was squeezed out, the real estate price returned to its true value, and fund investors. After the promulgation of the Interim Measures for the Administration of Securities Investment Funds (1997), funds are limited to securities investment funds, and the organization and operation mechanism of funds are stipulated through provisions, which means that old funds will be adjusted, and some of them are extremely irregular and will be revoked. The transformation of the old funds lasted until April of 20001year, except for the cancelled funds, the rest were basically aimed at securities investment.
Although there is no clear legal form of real estate investment trust funds, private equity funds exist widely among the people, and their organizational forms often appear in the form of investment consulting companies, investment consulting companies and other general companies that do not need to be issued by the central bank. 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, its legitimacy is questioned.
In addition, the dominant real estate investment trust fund is emerging. For example, in May last year, Beijing Century Huaxia Asset Management Co., Ltd., jointly established 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 the leading bud of real estate investment funds. As Chairman Liu of the Capital Group said, "As long as the Industrial Investment Fund Law is not promulgated, industrial investment funds will be established. Although you can't get a "birth certificate", it doesn't mean that you can't be reborn first. For some people, they dare not conceive without a birth permit. For others, they can conceive first, and when to be born is up to them, and they can be born when they want. "
(2) New products of real estate project trust.
In June 2002, the promulgation and implementation of the Administrative Measures for Trust and Investment Companies and the Interim Measures for Fund Management of Trust and Investment Companies 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, 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 Fund Trust, there are already/kloc-0. Among them, the latter two have the characteristics of capital trust REIT in terms of their operation process. At present, the main controversy is whether the trust contracts issued by trust and investment companies belong to the scope of "securities", because according to the provisions of the Interim Measures for the Administration of Funds Trust of Trust and Investment Companies, trust and investment companies cannot issue "voucher securities", and the current Securities Law has not included trust contracts in the scope of "securities". However, according to foreign and Chinese legislative practice,
REIT that trust and investment companies engage in are different from real estate investment trust funds, because according to the Measures for the Administration of 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 indirectly engage in real estate investment trust fund business through fund management companies.
2. Real estate assets trust fund.
(1) "housing bank" phenomenon.
"Housing Bank" was first launched by Guizhou Housing Replacement Center and China Industrial and Commercial Bank Guizhou Branch. Housing bank is not a bank, but a metonymy. It is a real estate investment method that the owner entrusts the right to use the house to the house leasing company regularly, evaluates the value of the right to use the house (that is, rent) through a professional real estate appraisal agency, or determines the rent price through negotiation between the two parties, so that the owner can get the rental return on a regular basis.
Because this business model not only reduces the transaction costs of both parties, but also ensures the interests of both parties, it is well received by the masses and has been popularized in major cities in China, such as Shanghai, Beijing and Shenzhen. Because the People's Bank of China stipulates that the name "bank" should not be used at will, some places, such as Shanghai, have been renamed as "housing storage centers" and Tianjin as "housing trusts".
For the lessor, it is very troublesome to have an idle house to rent, find customers, handle all kinds of registration and pay all kinds of fees, and 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 apply for the lease certificate and pay the house tax and various fees. 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 on a monthly basis as usual, and the risk is 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 can be moved in at any time. Service after check-in can also be guaranteed by the housing bank.
The operation mode in Guizhou is that the house is deposited in the bank like money, and the customer deposits the house in the leasing department of the housing replacement center. The rental department uses scientific methods to calculate the normal rental price of the house and rents it after approval 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 customers deposit money to buy a house, they will get a passbook and a smart card issued by ICBC. The rental department of the replacement center does not directly collect the rent from the tenant every month, but directly transfers the rent to the customer's account every month, and the rent is calculated from the first rental date of the house. The replacement center promises to customers that the houses stored in the house leasing department will be leased once every six months except for the 20-day lease working period and the delivery 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. This not only eliminates all matters and even disputes during the rental period, but also makes customers no longer worry about the vacancy caused by the inability to rent the house. 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 in the way of Guizhou, there are still differences. For example, Beijing Real Estate Trading Center calls this "housing bank" business "leasing throughput" business, which stipulates that two months are reserved as rental working days every year, 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 from it.
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, so the behavior of earning the price difference from it like Beijing Real Estate Trading Center is somewhat similar to subletting the house, which does not meet the relevant provisions of principal-agent and intermediary business. But the basic idea of most "housing banks" is to help you manage your finances and never charge agency fees. That is, the "housing bank" is a mutually beneficial trust relationship. The owner of the house entrusts the house to the "Housing Bank", which has full authority to handle the rental of the house. "Housing Bank" regularly pays rental income to the owner of the house, and the owner of the house 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 owner of the house and a client entrusted by the owner. In this mode of operation, the "Housing Bank" wants to raise the rent as much as possible to obtain more service fees, so the lessee does not pay the agency fee, but the agency fee is included in the rent, and the rent has also increased. Therefore, in essence, there is a nominal lease relationship between the lessee and the "housing bank". At this time, the "Housing Bank" signed a lease contract with the lessee as the "owner of the house", and the lessee did not care who was 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 legal relationship of trust, and the "house bank" is the trustee who is specifically engaged in house management activities. The beneficiary can be the owner of the house as the client or other persons designated by the owner of the house. In this way, it may be more appropriate to call "housing bank" "housing trust" and regulate it by trust law.
(2) "Shaoxing mode" land trust.
Shaoxing County, Zhejiang Province established the Farmers' Land Trust Center on 200 1. On a voluntary basis, individual farmers can sign a contract with this "center" set up by the county agricultural office, land management bureau, agriculture bureau and other relevant departments, and entrust this intermediary agency with the right to use their own land in the form of "land shares and dividends". The "center" publishes the subcontracting information of land use rights through the agricultural information network and local newspapers, and "invites investment" from large farmers and industrial and commercial 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 made the county, township and village "networking" engage in rent refund and package return, which broke through the boundary that the original land use right was limited to invigorating the village level, and a land use right transfer market was formed at the county level.
Source:/papers/fzp/fzp03112301.htm.