■CUBN记者 陈文喜 北京报道

S CUBN reporter ChenWenXi reports from Beijing

　　在过去的几年中国楼市突飞猛进、量价齐长的日子里，少数资金雄厚的投资者在房价上涨、租金飞窜的过程中赚得盆满钵满，而大多数老百姓却因囊中羞涩无力入市获利而望洋兴叹。不过，这一饱遭国人诟病的现状或许在不久的将来得以改写。

In the past few years China property market by leaps and bounds、All day long the quantity and price，Minority investors with lots of money in house prices to rise、The process of rent swooped earn piles，And the most common people but for poorer entry to profit and the companies abroad。but，The people of the present situation of full was for perhaps in the near future to rewrite。

　　7月25日，广东省政府召开新闻发布会，向外界详细介绍了正式出台的《广东省建设珠三角金融改革创新综合试验区总体方案》（以下简称《方案》）。《方案》提出，将研究开展房地产投资信托基金和个人住房抵押贷款证券化业务。

July 25,，The government of guangdong province held a news conference，Introduced to the outside of the formal introduction《Financial reform and innovation in the pearl river delta of guangdong province construction of comprehensive experimental district overall scheme》（Hereinafter referred to as《scheme》）。《scheme》Put forward，Will study in real estate investment trusts and personal housing mortgage-backed securitization business。

　　不过，亚太城市房地产研究院院长谢逸枫认为，“要想让房地产投资信托基金真正全面走向市场还有很长时间的路要走。”他在接受《中国联合商报》记者采访时表示：“《方案》目前还只是一个整体性的框架，房地产投资信托基金是一个高风险、高利润的产业，普通老百姓对此还不了解，目前只是少数机构投资者的游戏。”

but，The city real estate research institute President XieYiFeng think，“Want to let a real estate investment trust fund really comprehensive still has a long time to market the way to go。”He said in an《China united commercial daily》The reporter said in an interview：“《scheme》At present is just a general framework，Real estate investment trust fund is a high risk、Highly profitable industry，Ordinary people do not know about it，At present only a few institutional investors of the game。”

地产投资证券化 Real estate investment portfolio

　　《方案》提出，“在总体试点推进框架下，研究开展房地产投资信托基金和个人住房抵押贷款证券化业务，培育房地产金融市场”。

《scheme》Put forward，“In the framework of overall pilot，Research in real estate investment trusts and personal housing mortgage-backed securitization business，Cultivate the finance of the real estate market”。

　　据记者了解，房地产信托投资基金是地产证券化的重要手段。所谓房地产证券化，就是把流动性较低的、非证券形态的房地产投资，直接转化为资本市场上的证券资产的金融交易过程。房地产证券化包括房地产项目融资证券化和房地产抵押贷款证券化两种基本形式。

According to the reporter understands，Real estate investment trust funds is an important means of real estate securitization。The so-called real estate portfolio，The liquidity is low、The securities form of real estate investment，Directly into capital market securities assets of financial transaction process。Real estate securitisation include real estate project financing securitization and real estate mortgage securitization two basic forms。

　　2009年初,中国人民银行会同有关部门形成了房地产信托投资基金初步试点的总体构架,但由于我国相关法律法规仍不完备,房地产信托投资基金一直未能正式启动。2011年,国内首个房地产信托投资基金专户,国投瑞银主投亚太地区房地产信托投资基金产品,完成合同备案,成为国内基金业首个房地产信托投资基金专户产品。

In early 2009,The people's bank of China in conjunction with the relevant department formed the real estate investment trust funds preliminary pilot's total structure,But because China's relevant laws and regulations are not complete,Real estate investment trust funds have been unable to official start。2011 years,The first domestic real estate investment trust fund,International trust &investment ubs to pitch in asia-pacific real estate investment trust funds products,Completion of the contract for the record,Become the first real estate fund trust investment fund only door products。

　　据悉，房地产信托投资基金最早产生于美国20世纪60年代初,由美国国会创立,意在使中小投资者能以较低门槛参与不动产市场,获得不动产市场交易、租金与增值所带来的收益。随着美国政府正式允许满足一定条件的房地产信托投资基金可免征所得税和资本利得税，房地产信托投资基金开始成为美国最重要的一种金融方式，一般情况下房地产信托投资基金的分红比例超过90%。

It is reported，The real estate investment trust funds raised in the United States at the beginning of the 1960 s,Founded by the United States congress,Intended to bring small investors can with a low threshold involved in real estate market,Get real estate market transaction、The rent and the increment the benefits。As the U.S. government officially allowed to meet certain conditions of the real estate investment trust funds can be exempted from income tax and capital gains tax，Real estate investment trust funds began to become the most important financial way，Usually the real estate investment trust in more than 90% of share out bonus of fund。

　　目前，国内有57家信托基金，其中约20家投资于房地产，或采取借贷形式，或直接参与投资开发。但我国房地产信托产品尚不是国际意义上的房地产信托投资基金。

At present，Domestic have 57 trust fund，And about 20 to invest in real estate，Or take lending form，Or directly involved in investment and development。But China's real estate trust product is still not the international sense of real estate investment trust funds。

　　我国第一个比较接近国际标准的房地产投资信托产品，为2002年7月28日由上海国际信托投资公司推出的新上海国际大厦项目资金信托，10天内2.3亿元额度全部售出，反应空前热烈。然而，目前市场上的房地产信托产品主要集中在市政建设项目、危改小区项目等基础建设项目上，纯房地产项目的信托产品很少。

China's first close to international standards of the real estate investment trust products，For July 28, 2002 by the Shanghai international trust and investment company launched the new Shanghai international building project funds trust，10 days 230 million yuan quota is completely sold out，Reaction unprecedented warm。however，Currently on the market to real estate trusts products mainly concentrated in the municipal construction projects、WeiGai village project and so on infrastructure projects，Pure real estate projects of the trust of the few products。

　　2004年全国约有31家信托投资公司共计发行约83个房地产信托产品，募集金额约122亿元，而平均募集资金仅为1.47亿元。金融体系不完善，资本市场发育不健全以及相应法律法规尚待建立，使得我国的房地产信托产品与REITs存在显著差异，运营模式较单一，规模较小，利率缺少弹性，期限较短，流动性较差。

In 2004 the national about 31 home trust investment company issued a total of about 83 real estate trusts products，The amount raised about 12.2 billion yuan，While the average raising money is 147 million yuan only。The financial system is not perfected，Capital market development are imperfect, and the corresponding legal laws and regulations has yet to be established，Which the country's real estate trusts are significantly different between the products and REITs，A single operation mode，smaller，Interest rate less elastic，Short term，Poor liquidity。

　　“但这些都不是通常所说的符合国际定义的房地产投资信托基金，在派息比例、免税政策上都没有明确清晰的定义，都只是房地产投资信托基金的一种最初级的阶段。”业内人士告诉记者。

“But these are not usually said accords with the international definition of the real estate investment trust funds，In the dividend payout ratio、Tax exemption policy are not clear definition，Real estate investment trust fund is one of the most primary stage。”Industry insiders told reporters。

　广州金改有待细化 Guangzhou gold change needs to be refined

　　虽然《方案》有关房地产投资信托基金研究的方向和细则尚未出台，但无疑给市场释放了地产证券市场化的信号。

although《scheme》The real estate investment trust fund the research direction and detailed rules has not yet come，But no doubt to release the real estate securities market market signals。

　　在业内人士看来，房地产投资信托基金能够通过资金的“集合”，为中小投资者提供了投资于利润丰厚的房地产业的机会；专业化的管理人员将募集的资金用于房地产投资组合，分散了房地产投资风险；投资人所拥有的股权可以转让，具有较好的变现性。房地产投资信托基金收益主要来源于租金收入和房地产升值，收益的大部分将用于发放分红，具有长期回报率较高,与股市、债市的相关性较低特点，代表着目前全世界房地产领域最先进的生产力。

In the industry looks，Real estate investment trust funds can through the fund“set”，For small investors with investment YuLiRun rich real estate opportunities；The professional management staff will raise money for real estate investment portfolio，Spread the real estate investment risk；Investors have equity may be assigned，Has good BianXianXing。Real estate investment trust fund income mainly comes from rental income and real estate appreciation，Most of the revenue will be used to extend dividends，Have a higher rate of return,And stock market、The bond market low correlation characteristics，Represents the whole world in the real estate industry the most advanced productive forces。

　　目前，国房地产业融资过度依赖银行贷款。用于房地产开发的银行信贷逐年上升，根据中国人民银行统计，1997年以来，房地产开发资金来源中银行贷款的比重高达55%以上。房地产开发资金的三大来源分别为房屋销售“定金和预收款”、开发企业自筹资金以及银行贷款，分别占全部资金来源的43%、30%和18%。但实际上，考虑到房地产自筹资金主要来源于房屋销售收入，按首付30%计算，自筹资金中有70%来自购房者的银行按揭贷款；此外，“定金和预收款”中也有30%的资金来自银行贷款。当下，由于国内房地产政策收紧，地产商融资面临很大的困难。为了扩大融资渠道的需求，房地产投资信托基金在国内已具备较为巨大的市场需求。

At present，GuoFang real estate financing excessive dependence on bank loans。For real estate development bank credit is rising year by year，According to the statistics of the people's bank of China，Since 1997，Real estate development financing source in the proportion of bank loans as high as 55% above。Real estate development funds for the three pillars of home sales respectively“The deposit and deposit”、Development enterprises to raise funds and bank loans，All the source of funds accounted for 43%、30% and 18%。But in fact，Considering the real estate self-raised funds mainly comes from the housing sales income，Press down 30% computation，Self-raised funds of 70% from the person that buy a house bank mortgage loan；In addition，“The deposit and deposit”And 30% of the money comes from bank loans。then，Because domestic real estate policy tightening，Property developers financing facing great difficulties。In order to expand the financing channel needs，Real estate investment trust fund in China already has a huge market demand。

　　专家认为，当前，央行采取的限制各商业银行发放用于购买房地产的贷款数量等系列举措，旨在降低日益增加的房地产贷款风险。然而就房地产投资的资金渠道来讲，如果仅单纯地“节流”而不注意“开源”的话，则不利于房地产市场的持续健康发展。因此，无论是从维护经济稳定的宏观政策角度出发，还是从解决房地产开发商资金来源的微观企业角度出发，房地产投资信托基金在中国已具备较为巨大的市场需求环境。

Experts say，The current，The central bank to take the limits of the commercial Banks issued used to buy real estate loans series measures，To reduce the risk of growing real estate loans。However, real estate investment funds for the channel，If only simply“throttling”And do not pay attention to“Open source”words，Is not the sustained and healthy development of the real estate market。so，Whether from maintenance of economic stability macro policy perspective，To solve the real estate developers or from the source of funds micro enterprise Angle，Real estate investment trust funds in China already has a huge market demand environment。

　　不过，“由于法律、制度的先天缺陷，我国要想建立面向大众的房地产投资信托基金，首先急需的是完善相关立法。”谢逸枫告诉记者。

but，“The legal、System of birth defects，Our country should want to establish the public real estate investment trust funds，The first need is to perfect the related legislation。”XieYiFeng told reporters。

　　目前国内有信托法、信托投资公司管理办法、信托公司基金信托管理暂行办法等相关条例。但是这些严格来讲都只是基础，还没有一个真正房地产投资信托基金法出现，对基金的资产结构、资产运用、收入来源、利润分配和税收政策等加以明确界定和严格限制，致使国内的房地产投资基金大多处于较为散乱的发展阶段，缺乏统一的标准和经营守则。目前最主要的工作是加速房地产投资信托基金的立法，促使目前投资于房地产的信托基金和专业房地产基金转变为比较标准的房地产信托投资基金。

At present home has trust law、Measures for the administration of trust and investment company、Trust fund trust the provisional measures related provisions。But these are strictly based，Don't have a real estate investment trust funds appear，To fund assets structure、Assets using、Source of income、The profit distribution and tax policy to define and strictly limited，The domestic real estate investment fund is mostly a messy stage of development，The lack of uniform standards and business rules。At present the main job is to accelerate the legislation of real estate investment trusts，The investment in real estate to the trust fund and professional real estate fund into more standard of real estate investment trust funds。