中國飯店業試行美式不動產投資信托分析

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中國飯店業試行美式不動產投資信托分析

 

Author: 馬江
Ma, Jiang
Title: 中國飯店業試行美式不動產投資信托分析
Zhongguo fan dian ye shi xing Mei shi bu dong chan tou zi xin tuo fen xi
Degree: M.Sc.
Year: 2003
Subject: Real estate investment trusts -- China
Real estate investment trusts -- United States
Hotels -- China
Hotels -- United States
Department: School of Hotel and Tourism Management
Pages: 58 p. ; ill., map, charts ; 30 cm
Language: Chinese
InnoPac Record: http://library.polyu.edu.hk/record=b1734116
URI: http://theses.lib.polyu.edu.hk/handle/200/3384
Abstract: With a review and an introduction of the development of the Real Estate Investment Trusts in the capital market of American hotel industry, this paper discussed the issues on developing real estate investment trusts in China including the conditions, modes of developing real estate investment trusts, and the feasibility of approaches to financing hotel development projects in future China. The earliest modem real estate investment trusts was established in America in 1960. Meanwhile, The National Bill of Real Estate Investment Trust was issued in America, encouraging medium and small sized companies' investments in real estate industry. The bill is the symbol of foundation of Modem REIT. REIT developed rapidly in 1990s in America gradually emerge as a matured capital market. With a highlight of REIT in American hospitality industry, this paper introduced REIT 's foundation, development and relevant things. China's hotel industry witnessed great changes over the past 20 years. Its development in the past shared similarity to American hospitality industry. Generally speaking, a hotel industry development depends on its national GDP growth. To date, China hotel industry as a whole is suffering from financial loss due to the fact that supply is greater than demand. Therefore, REIT, one form of stock of assets, seems to have a need in China's hotel industry. Nowadays, real estate investment trusts have been widely received attentions and studies from researchers and practitioners in China's real estate industry. The Chinese government is stipulating regulations on industry trust investment, laying a solid foundation for the growth of real estate investment trusts. In an attempt to look for a new approach to solve the capital problem in China's hotel industry, this paper discussed the significance and modes in developing real estate investment trusts in the hotel industry in China.

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