Estate invests fiducial fund (REITs) it is the heat topic for discussion that in recent years Chinese estate banking innovates, still did not roll out up to now however. Current, home carries out REITs to still be put in a lot of obstacle that includes policy inside. Suffer American sub room to borrow the market to drop influence, the 2nd quarter produces global estate index to drop now this year. Relevant orgnaization thinks, this American credit crisis will add high school country to roll out the doorsill of REITs, in superintendency branch consideration risk is first below premise, china will be in henceforth roll out the finance related to estate to derive the meeting when tasting more hasten is careful. Can say, the condition that if press international capital market completely,issues publicly at present will establish, the road of the China of REITs still very distant.
Country develops REITs to be able to adopt advance gradually way, according to Chinese reality national condition innovates the Chinese method —— that designs REITs first brief hind numerous, develop illicit collect REITs first, after accumulating certain experience develop REITs to be mixed to fair collect from illicit collect again trade publicly.

REITs: Groan

On September 27, 2007, the Central Bank, silver-colored inspect can be released jointly " the announcement that manages about strengthening commerciality estate credit " , undertook to policy of commerciality estate credit farther constrictive. Capital insecurity, it is affirmative to developing estate company. Chinese estate group is looking forward to the arrival of REITs all the time, especially property of a few commerce, the hope alleviates through REITs the pressure of company capital, promote the character of the enterprise and dimensions at the same time. Because REITs is in our country to still belong to newly emerging things, what because this shows system of some law, taxation,wait for other respect to invest a letter to hold in the palm to estate is specific carry out will form an obstacle. Hold in the palm to promote our country estate to invest a letter steadily, healthily development, in the process that invests a letter to hold in the palm in the estate that draws lessons from the United States, must combine the current situation that at present our country real estate and fiducial industry grow, had solved the real problem that be faced with.

Taxation obstacle: In REITs most the United States of be current, the prime cause that REITs is able to develop depends on REITs can enjoying taxation privilege. Be in the United States, the problem of income tax of REITs nonexistent corporation, the estate assets that REITs invests also belongs to tax-exempt capital fund. Be in Hong Kong, reach futures orders according to Hong Kong negotiable securities the 104th, benefit of Hong Kong of REITs exempt pay gets duty. And be in our country, the taxation privilege of REITs still remains to make clear. If active tax system is not adjusted, criterion meaning of domestic executive REITs is finite, and tax system is adjusted arrive from legislation of National People's Congress make an operation regular, arrive again arrangement is pilot, still need quite long period of time likely.
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