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Title: Real Estate Investment Trusts for China : market perspective and framework design
Author: Chen, Yong
Awarding Body: University of Cambridge
Current Institution: University of Cambridge
Date of Award: 2007
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The purpose of this thesis is to investigate market perceptions of REITs in China. It adopts a questionnaire survey approach explicitly targeting all key stakeholders of the projected REIT regime to investigate their perceptions of market environment and key factors of REITs. Global REITs development, China’s legislation regarding property rights and investment vehicles, and REIT implications have been reviewed and investigated in this study. The review of global REITs development identifies key factors of REIT framework in different REIT regimes, which make reference to REITs for China. Legislation review examines current legal system for property rights and protection, and investigates legal provisions for companies, business trusts and securities investment funds, and legislations concerning investment especially listing and bankruptcy provisions. REIT implication review investigates impacts REITs could bring onto market demand and supply sides and the market as a whole. These review and investigations yield in-depth understandings, reveal potential legal obstacles, and provide incentives for the projected REIT regime in China. Market perceptions of key stakeholders will largely shape the framework of the REIT regime. A pilot survey has been conducted to identify key stakeholders and their perceptions of REITs. The results of the pilot survey were used for design of questionnaires which target all five interest parties of the REIT regime. Statistical analysis applies to the results of questionnaire survey to investigate market perceptions of general market environment and key factors of the REIT framework. Outstanding issues with reference to global REITs experience and China’s unique legal and market environment were further investigated before a REIT framework was proposed.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available