香港房地产投资信托基金的运作模式及启示  

Operation Pattern of REITs in Hong Kong and its Enlightenment

作　　者：匡国建[1] 

机构地区：[1]中国人民银行广州分行,广东广州510120

出　　处：《南方金融》2009年第7期32-36,47,共6页South China Finance

摘　　要：香港建立了高效、稳健的房地产投资信托基金运营和监管机制,在房地产投资信托基金的组织形式、资金运作、交易方式、股息分配和风险监控等方面形成了全面、严密的规定,有效促进了房地产投资信托基金市场的健康发展。内地在开展房地产信托投资基金试点中,可参考香港的做法,在组织形式上采取契约型信托模式,在资金运作上严格规定投资标的、资产结构及负债比率,在交易方式上实施封闭型模式,在股息分配上实行高比例股息分配政策,在风险监控上坚持法律监督与市场约束相结合。Hong Kong has set up an efficient and sound operation and supervision mechanism on REITs and has established eomprehensive and strict rules in respect of organizational from, asset operation, transaction mode, dividend distribution and risk monitoring, which greatly enhance healthy development of REITs. In the pilot program of REITs in domestic China, we should learn from experiences of HK to take a contractual pattern for REITs, to stipulate strict limit for investment object, asset structure and liability ratio. We should take a closed form in terms of transaction mode, apply a high percentage dividend distribution policy and stick to a mixed way of risk monitoring including legal supervision and market discioline.

关 键 词：房地产投资信托基金 契约型基金 封闭型基金 股息分配 

分 类 号：F832.49[经济管理—金融学] F293.3