房地产投资信托基金的产品优势及其在我国推行的必要性

作为结合房地产与证券市场的投融资工具,房地产投资信托基金相对于股票、债券等具有长期收益率高、风险较低的特征,对机构投资者具有资产配置作用。与直接投资不动产和房地产公司相比也具有独特的产品优势。房地产投资信托基金的引入具有重要的现实意义:有利于我国房地产业的持续健康发展;促进我国房地产业产业模式升级;满足大众投资需求,实现居民储蓄分流;分散降低系统性风险,提高金融安全;实现房地产金融业的"帕累托改进"。我国应尽快推行本土化房地产投资信托基金。

REITs' Product Superiority and Its Development Necessity in China

As the investment and financing instrument in combination with real estate and security market, REITs possesses the character of higher long-term earnings yield and lower risk as compared with stocks ,bonds and so on. It has the function of asset allocation for institutional investors. REITs also owns unique product superiority compared with direct investment on real estate and property company. The introduction of REITs has the very important realistic meannings :It is favorable for the real estate industry's continuously healthy development ,and promote the real estate industrial pattern's upgrade;It also can satisfy the public investment demand,and make the residents' savings split-flow; REITs may distribute and decline systemic risks ,then improve financial safety; It also can make our real estate finance industry realize "Pareto improvement".We should develop our own REITs as soon as possible.