译文（字数 3310）：

房地产开发企业信托融资研究

一、房地产投资信托基金的内涵

（一）房地产投资信托基金的界定

    房地产投资信托基金（简称 REITs）是一种以发行收益凭证的方式汇集特定多数投资者的资金，通过发行股票（基金单位），集合公众投资者资金，由专门机构经营管理，通过多元化的投资，选择不同地区、不同类型的房地产项目进行投资组合的金融信托产品。与传统金融产品相比，房地产投资信托基金最大的特点是可以积聚众多中小投资者的资金，利用专业的管理团队的管理水平和经验，依靠信用评级机构、律师、会计师事务所和证券委员会的监管，进行多元化的投资组合，享受税收上的优惠，实现投资效益。REITS自20 世纪 60 年代在美国面世以来，不但在本国得到广泛发展，而且迅速被日本、新加坡、韩国、香港等国家和地区引人和采用。

    REITs从本质上来讲是一种信托投资基金，满足信托设立依据、信托目的、信托当事人信托的法定构成要素，具有信托财产独立性的特点，受《信托法》及其他相关法律的保护。与此同时，房地产投资信托由于其自身独特的特点，对受托人的资格、义务，税收的税率及优惠等作了明确的规定和限制，因此房地产投资信托具有强行法的性质。

外文原文（字符数 10525）：

外文出处 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.