美国和欧洲不动产投资信托的现代发展及展望

不动产投资信托是依照商业信托原理设计出的投资工具。依照其原理,首先由信托机构面向公众公开发行或定向私募发行房地产投资信托受益凭证筹集资金,将其投向房地产项目、房地产相关权利或房地产证券等,投资所得利润按比例分配给投资者。与其他投资手段相比,不动产投资信托具有流动性强、稳定性好、收益水平高、风险分散等优点。因此,不动产投资信托在短短的几十年间风靡全球20多个国家。文章以美国不动产投资信托的历史发展作为分析基础,主要就欧盟各国的不动产投资信托制度进行了比较研究,最后就未来欧盟建立统一的不动产投资信托的必要性和可能性进行了评价,并指出了其面临的困难和需要解决的问题。

Current Development and Future Expectation of Euro-REITs

Real Estate Investment Trusts(REITs)is an investment tool designed based on commercial trust principle. According to the principle, trust institutions issue real estate investment trust beneficiary certificates to raise funds through public offerings or private placement, and invest the raised funds into real estate projects, related real estates rights, or real estate securities, etc. The profits gained from the investment are allocated to the investors according to the proportion of their investment. Compared with other investment approaches, REITs possesses of advantages such as strong liquidity, good stability, high level of benefits, and diversified risks, etc. Therefore, REITs model is widely applied in over 20 countries in the short space of several decades. This paper introduces the development of US REITs in USA, and based on the modernization process, conducts comparative analysis on REITs system in EU countries. Finally, it evaluates the necessity and the possibility of establishing a unified real estate investment trusts (REITs) in EU. The paper also discusses the difficulties we are facing and the problems to be solved.