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美国房地产投资信托基金的概念, definition of REITs in USA

[时间:2011/4/12 13:28:27  查看次数:3246  作者:上海房地产律师  来源:原创]

[Important Note: the English version of this article is cited from http://www.about.com/, whose author is Dana Anspach. The Chinese version is translated from the English version by Jason Tian, the feature attorney-at-law on this website. Please bear in mind, that the contents in ths article is about the REITs in the USA. There has not been any geniune REITS in China so far due to the drawbacks in China's legal system.]
A REIT is a real estate investment trust. Think of it like a mutual fund that owns real estate.
REIT是指房地产投资信托基金。你可以将之看作持有不动产的共同基金。

REITs typically own commercial, retail, or rental real estate.
房地产投资信托基金通常持有商业、零售或租赁物业。

An example of commercial real estate owned by REITs would be large, multi-floor office buildings, often used as headquarters for medium to large sized companies.
房地产投资信托基金所持的商业物业,举例说明之,可以是大型、多层的办公楼,主要用于中大型公司企业的总部办公室。

An example of retail real estate owned by REITS would be stores like WalMart, PetsMart, or Ultimate Electronics. Many of these companies lease their store locations rather than own them.
房地产投资信托基金所持的零售物业,举例说明之,可以是沃尔玛、PetsMart或者Ultimate Electronics的经营商场。很多这类公司都是租赁其经营场地,而不是自己购买持有之。

An example of rental real estate owned by REITS would be apartment buildings.
房地产投资信托基金所持的租赁物业,举例说明之,可以是公寓楼。

REITS can be publicly traded, which means they have a ticker symbol, and you could easily look up their share price and dividend yield on the internet.
房地产投资信托基金可以上市交易,这意味着其拥有一个股票代码,你可以很容易在互联网上查看其股价和分红情况。

Some REITS are not publicly traded. Although they are still a registered security, they do not have a ticker symbol. You must buy shares directly from the real estate company offering them (or through one of their sales representatives). Non-publicly traded REITS are less liquid than their publicly traded counterparts.
另外一些房地产投资信托基金不能进行公开交易。尽管该等REITS还是经登记的证券,但其没有股票代码。你只能直接从发行该信托基金的不动产公司(或其销售代表)购买份额。相对于公开上市交易的房地产投资信托基金而言,非公开交易的房地产投资信托基金流动性要逊色一些。
 
田杰 律师
中国石油大学英语学士,华东政法大学法律硕士,曾在Clifford Chance上海代表处任高级翻译,在中伦上海分所和中银上海分所任专业房地产律师。现为北京大成(上海)律师事务所执业律师,主营房地产交易、投融资业务[详细]

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