譯文（字數 3310）：

房地產開發企業信托融資研究

一、房地產投資信托基金的內涵

（一）房地產投資信托基金的界定

    房地產投資信托基金（簡稱 REITs）是一種以發行收益憑證的方式匯集特定多數投資者的資金，通過發行股票（基金單位），集合公眾投資者資金，由專門機構經營管理，通過多元化的投資，選擇不同地區、不同類型的房地產項目進行投資組合的金融信托產品。與傳統金融產品相比，房地產投資信托基金最大的特點是可以積聚眾多中小投資者的資金，利用專業的管理團隊的管理水平和經驗，依靠信用評級機構、律師、會計師事務所和證券委員會的監管，進行多元化的投資組合，享受稅收上的優惠，實現投資效益。REITS自20 世紀 60 年代在美國面世以來，不但在本國得到廣泛發展，而且迅速被日本、新加坡、韓國、香港等國家和地區引人和采用。

    REITs從本質上來講是一種信托投資基金，滿足信托設立依據、信托目的、信托當事人信托的法定構成要素，具有信托財產獨立性的特點，受《信托法》及其他相關法律的保護。與此同時，房地產投資信托由于其自身獨特的特點，對受托人的資格、義務，稅收的稅率及優惠等作了明確的規定和限制，因此房地產投資信托具有強行法的性質。

外文原文（字符數 10525）：

外文出處 Dan Liu.Research on Trust Financing of Real Estate Development Enterprises[J].Journal of Regional Financial Research,2011,(10):78-81.

Financing of China's real estate development enterprises trust

1、Connotation of real estate investment trusts

1.1 Define Real estate investment trusts

Real Estate Investment Trusts (referred REITs) is a way of issuing vouchers pooled income funds qualified majority of investors, through the issuance of equity (fund units), a collection of public investors funds management by specialized agencies, through diversified investment Select different regions, different types of real estate projects portfolio of financial trust products. Compared with traditional financial products, the biggest feature of REITs is the accumulation of many small investors funds, the use of management and experience in professional management team, relying on credit rating agencies, lawyers, regulators and the Securities Commission of Certified Public Accountants conduct diversified portfolio, enjoy preferential tax on realized investment returns. REITS since the 1960s in the United States available, not only in the country has been widely developed, but was quickly introduced and used in Japan, Singapore, South Korea, Hong Kong and other countries and regions.