兩岸REITs案例比較分析

A Comparative Analysis on REITs between Mainland China and Taiwan

不動產證券化極大活化市場，房屋抵押貸款證券化亦是造成美國次貸危機之元凶。不動產投資信託（REITs）以成熟地產為基礎，降低市場風險，延長收益時間，為多數國家所採用。臺灣於早期已通過REITs立法，因市場規模、投資方向等限制，實際案例效果不佳。中國大陸尚未頒布相關法律法規，通過資產專項管理計畫進行類REITs操作，程序繁瑣、稅負較重、自然人投資者權益難以保障。兩岸REITs市場和相互借鑑，同時參照亞洲市場日本、香港做法，一方面優化RETIs產品結構與發行程序，另一方面放寬投資方向與地域，輔佐以加強監管，使效益最大化。

Real estate securitization has greatly activated the market, and mort-gage securitization has also become the culprit of the US subprime mort-gage crisis. Real Estate Investment Trusts (REITs) are based on mature real estate, reducing market risk and extending revenue times for most countries. Taiwan has passed REITs legislation in the early stage. Due to market size and investment direction, actual cases have not been effective. How-ever, Mainland China has not yet issued relevant laws and regulations, and carries out REITs-like operations through asset-specific management plans. The procedures are cumbersome, the tax burden is heavier, and the rights of natural person investors are difficult to guarantee. This article focuses on the cross-strait REITs market and mutual ref-erence, while referring to the Asian market in Japan and Hong Kong, on the one hand optimize the REITs product structure and distribution proce-dures, on the other hand, relax the investment direction and region, and assist to strengthen supervision and maximize benefits.