溯源REITs之海外镜鉴  

The Development of REITs on Overseas Markets

作　　者：洪浩 郭杰群 

机构地区：[1]中泰证券股份有限公司 [2]瀚德金融科技研究院 [3]清华大学鑫苑房地产金融科技研究中心

出　　处：《金融市场研究》2017年第3期23-34,共12页Financial Market Research

摘　　要：REITs是一种通过发行股份或受益凭证来汇集资金,由专门的托管机构进行托管,并委托专门的投资机构进行房地产相关投资经营管理,将投资综合收益按比例分配给投资者的一种投资组织形式。本文从海外REITs的发展轨迹入手,对REITs的税收、管理模式做了简要总结和讨论。REal estate investment trusts arc a kind of investment vehicle that create pools of tunds for property-related invesmrent through the issuance of shares or beneficiary vouchers. REITs are a special financial instrument with their own unique fcatures. They have a dedicated custodian, rely on specializcd nslitutions for investment management and distribute investment income to their investors. This paper examines the development of REITs on overseas markets, makes a brief sumlnary of their history and discusses ssues related to taxation and their management model.

关 键 词：REITS 税务安排 管理模式 

分 类 号：F299.1[经济管理—国民经济] F831.51