Building the Real Estate Financial Circulation System

<p>The report of the 20th National Congress of the Communist Party of China pointed out that high-quality development is the primary task for comprehensively building a socialist modernized country. Real estate as a pillar industry of the national economy is crucial for its healthy and sustainable development and an effective financial model is indispensable. The birth of Chinese public REITs is a new milestone in the exploration of China's real estate finance. So far the construction of China's public REITs market has been steadily advancing providing new ideas and opportunities for major issues such as revitalizing stock optimizing allocation promoting high-quality economic development and transforming and upgrading growth models. Timely summarizing the experience and observations of various explorations over the past year is timely and of great significance.</p><p></p><p>This book is divided into fifteen chapters starting from the macroeconomic trend of China under the hundred year changing situation comprehensively reviewing the comprehensive performance of China's public REITs market focusing on the entire business process of the primary and secondary markets taking into account practical experience and key knowledge. At the same time regarding the core issues of the construction of the public REITs market such as legal framework governance model tax policy capital structure etc. starting from the actual situation in China and combining with international experience a comprehensive discussion is conducted and policy recommendations are proposed. In particular this book attempts to provide systematic discussions and recommendations on three key issues: the significance of the birth of public REITs for China's economic development model their role in the transformation of the real estate industry and their value in improving China's capital market and financial system.</p><p>This book combines theoretical professional practical forward-looking and authoritative aspects providing interpretation and reference for the development of China's public REITs market and the construction of a new financial landscape. It contributes to the construction of China's real estate finance cycle through the efforts of researchers practitioners and explorers.</p><p>党的二十大报告指出，高质量发展是全面建设社会主义现代化国家的首要任务。不动产作为国民经济的支柱产业，其健康与可持续发展至关重要，有效的金融模式不可或缺。中国公募REITs的诞生，是中国不动产金融探索道路上的新里程碑。迄今为止，我国公募REITs市场建设稳步推进，为盘活存量，优化配置，经济高质量发展和增长模式转型升级等重大问题，提供了新的思路和契机。及时总结一年多以来各方探索的经验与观察，恰逢其时，意义重大。</p><p></p><p>本书共分十五章，从百年变局下中国宏观经济大势出发，全面复盘我国公募REITs市场的综合表现，聚焦一、二级市场的业务全流程，兼顾实操经验与关键知识。同时，针对公募REITs市场建设的核心问题，如法律架构、治理模式、税收政策、资本结构等，从我国实际出发，结合国际经验，进行全面探讨，提出政策建议。特别是，围绕公募REITs的诞生对我国经济发展模式的意义、在不动产行业转型中的角色，以及对完善我国资本市场与金融体系的价值这三个关键问题，本书亦尝试做出系统性的讨论与建议。</p><p></p><p>本书集理论性、专业性、实操性、前瞻性、权威性于一体，为中国公募REITs市场的发展与金融新格局的构建提供解读和借鉴，为中国不动产金融大循环的建设，尽研究者、实践者和探索者的绵薄之力。</p>