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rket from a low ebb . Countries have also adopted stringent measures to strictly limit the real estate enterprises to issue bonds in 1993 to the first half of 1998 , real estate companies do not have public offering real estate bonds. In recent years , the issue of corporate bonds is also one of the few real estate , debt financing conditions for enterprises require a higher financing small and medium enterprises is difficult to get involved in real estate . With China's corporate bond market operation mechanism is imperfect and corporate bonds itself some flaws , the domestic real estate enterprises tend not to use such kind of financing. 2004 accompanied by the "State Council on promoting the capital market reform and stable development of a number of opinions" , the state 's attitude to debt financing will be substantial change , so the real estate development enterprises in bond financing space will increase.

In the case of bank credit tightening , real estate trust quickly became very active in recent years in real estate financing. China's real estate investment trust is a trust company to play a professional financial advantage through the implementation of the Trust plans to raise funds for real estate development projects for the client to obtain certain benefits. Since 2001 our Trust and Investment "one law two rules" ( " Trust Law ", " Trust and Investment Corporation management approach ", " Trust and Investment Corporation Capital Trust Interim Measures" ) have been introduced since the trust in the real estate financing market began play an increasingly important role to play . Real estate trust in the financial sector and real estate trusts mutual integration of the product, it is the largest real estate development has provided funding and means. Real estate trust in the use of funds , you can invest across the industry , capital markets and money markets, a variety of forms : such as through loans, equity financing and trading real estate developers and other ways to provide funding ; periodically or buy real estate companies , and then and then to sell the way into the capital . With other models, such as listing , overseas financing , corporate bonds , equity investment, industry funds compared to other models , although the real estate trust financing itself such as " 200 " , liquidity, and other aspects of marketing restrictions and shortcomings , but trust macro environment relative to other financing instruments much more relaxed , and less risky , higher yields . Therefore , the Trust will become the domestic real estate financial innovation a major trend .

Real Estate Investment Trusts (ReaIEstatelnvestmentTrusts, abbreviated as REITs), to issue a certificate of income qualified majority pooling investor funds , investment institutions by specialized investment management, and investment in the consolidated income pro rata to investors one kind of trust fund system . REITs take the company is actually a form of organization or business trust , gathering multiple investors' funds , to acquire and hold real estate or real estate financing and investment institutions enjoy tax incentives , such purchases accordingly provides developers the financing channels. As the real estate investment fund investment in the real estate business are equity investments will not increase the debt burden to the enterprise ; same time, it to di