Legal obstacle: Home still does not have the legal system of REITs, if existing gather investment mode is fiducial plan mode, appear on the market estate company pattern has respective confine. In addition the industry invests fund kind legal system is not perfect, " law of industrial investment fund " come on stage to still have not carry schedule.
Property right obstacle: The problem of property right change the name of owner in a register of domestic real-estate project can become the one big obstacle that passes REITs financing likely also.
Professional experience is short of break: Because bring into the property of REITs to be not owner 100% have, the major that needs property management and asset management field supports, and home has the major that can offer the investment such as tenement combination and long-term return rate and operation state analysis asset management company is less.
Off shore REITs: Still have a problem
Bale at present domestic property appears on the market to overseas security market is misgivings. Because at present real-estate industry of home still is in the primary level of development, with the estate of and other places of Singapore, Hong Kong development level differs very far, current and brash bale domestic property arrives abroad appear on the market Yu Bamiao of as good as is abet.
Above all, off shore REITs should pay cost on accrual. Because overseas investor is not familiar with outback property, because this meeting is on the foundation of return rate of this locality property plus coefficient of a risk, for instance 1% ～ 2% ; Adding news background, the value of return rate expectation of internally property has overseas investor again rise, look to come high 9% above, this is lost to original duty abroader for heavier outback property, abroad appear on the market become more difficult and heavy.
Next, the appear on the market road of off shore REITs also is not level road. Dalian 10 thousand amount to the abroad REITs that already began to run 2005 to because the reason such as policy element is already hard and fast,appear on the market. After the file outside was restricted July 171 last year, of the same age concerned the announcement of the problem to release about exchange control of normative estate market in September, foreign investment already endured a lot of limitation. It is reported, national exchange control already allotted a file inside bureau system, the requirement prohibits putting on record to all examination is dealt with before June 1 of formalities, the foreign capital of each link deals with domain of estate of invest in inland formalities of settlement of exchange. This means the dollar that direct investment comes over not to change a RMB, because domestic estate trades,the charge of generation all needs each link place to pay with the RMB, cannot settlement of exchange means the cash that can not use. This is not a small issue.