What is a real estate mortgage fund?

Are you talking about the real estate investment trust fund?

REITs is Real Estate Investment Trust, which is the abbreviation of English "real estate investment trust". This trust design originated in the United States in the 1960s. Later, some Asian countries (or regions) followed the trust design of the United States, but their names were different. For example, Japanese and Taiwan Province provinces call it "real estate investment trust", Hong Kong calls it "real estate investment trust fund" and Chinese mainland calls it "real estate investment trust" or "real estate investment trust fund".

Real estate investment trusts (REITs) are a mature investment model in the international real estate market after decades of improvement. It first appeared in the United States and has developed very rapidly in the Asia-Pacific region in recent years. Singapore, Taiwan Province Province and Hongkong have launched or will soon launch the listing of related funds. The English name of real estate investment trust fund is Real Estate Investment Trusts, or REITs for short. Is an investment trust company engaged in real estate transactions, development, management and other business activities. The company distributes the income from real estate sales and leasing to shareholders in the form of dividends, which is actually a real estate collective fund investment plan managed by professionals.

Real estate investment trusts (REITs) are essentially securitized industrial investment funds, which attract public investors' funds by issuing stocks or income units and entrust specialized institutions to operate and manage them.

At present, the real estate industry in mainland China can use real estate trust and investment funds for financing in the following two ways:

First, real estate developers in Chinese mainland can form a strategic partnership with overseas real estate investment trusts (REITs) to invest in real estate. At present, such overseas funds mainly enter Chinese mainland in the form of closed-end funds. Typical ways are: joint venture with developers, direct investment in the project, and then profit sharing with developers in the form of shares, such as Dutch ing and Forte Group developing Songjiang project; Direct investment in the development of enterprises or the establishment of new investment companies, such as Morgan Stanley and Shunchi Group, Wantong Group and the United States real estate fund hand in hand; Directly set up investment companies in the Mainland for project investment and development, such as the First China Real Estate Development Group invested by Macquarie Bank. Domestic real estate developers will gain the favor of overseas real estate investment trusts (REITs) by improving project profitability, project risk management ability, developers' own enterprise development ability and further standardizing financial management, thus further broadening financing channels.

Secondly, real estate developers in Chinese mainland can consider listing on the Hong Kong Stock Exchange or the Singapore Stock Exchange in the form of real estate investment trusts (REITs) to attract foreign investors, especially small and medium-sized investors. At present, China's new Fund Law stipulates that securities investment funds can be listed, but for industrial investment funds, due to the lack of supporting laws and regulations, the circulation market for listing is far from certain. At present, many large real estate developers in the Mainland (such as Guangzhou Yuexiu Investment and Shenzhen Causeway Bay Group) and some domestic and foreign investment institutions (such as CapitaLand and SZITIC) are exploring the listing of high-quality assets in the Mainland of China in the form of real estate investment trusts (REITs). In June, 2005, China SAR revised the Law on Real Estate Investment Trusts, which relaxed the geographical restrictions of real estate investment trusts and allowed such funds listed in Hong Kong to invest in real estate outside Hong Kong. Chen Weisheng, vice president and director of the listing department of Singapore Exchange, also led a delegation to China in July 2005 1 1 to promote the listing of real estate investment trusts (REITs) in Singapore. Although the current real estate developers have some obstacles in terms of yield, price-earnings ratio and related financial laws and regulations, the prospects are still optimistic.

About how to apply for this fund:

The Measures for the Pilot Management of Real Estate Investment Trusts (Draft for Comment) stipulates to apply to the CBRC.

The central bank has specially approved two, which are still being piloted, and there is no big move at present.

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