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房地产投资信托基金(REITs)是商业不动产证券化的重要手段,有利于盘活存量资产,提高资产的流动性并发挥资金杠杆作用,优化融资结构。由于我国缺乏专门针对REITs的制度规范,国内市场一直没有出现与海外成熟市场一样的标准化REITs产品,仅有在功能上与之相近的“类REITs”产品。“过户型REITs”本质上以资产信用为融资基础,其风险隔离机制中的基础资产“真实出售”作为整个交易实现的关键环节,既是法律上隔离破产风险的核心和会计上出表处理的基础,也是税收上分配纳税义务的关键节点。当使用法律、会计和税收规则予以透视时,会发现“过户型REITs”基础资产直接地进行“真实出售”不是契合交易主体经济利益的最优选择,因此应从全局考量设计交易结构,实现交易成本最小化。
Real estate investment trusts (REITs) is an important means of securitization of commercial real estate, which helps to revitalize existing assets, enhance the liquidity of assets and leverage the funds, and optimize the financing structure. Due to the lack of institutional norms specifically for REITs in our country, there has been no standardized REITs products in the domestic market that are the same as those in mature overseas markets, and only “REITs” similar in function. “REITs ” is essentially the basis of asset credit financing, the basic assets of its risk isolation mechanism “real sale ” as the key to the entire transaction to achieve, both legally isolated the core of bankruptcy risk and accounting out The basis for the treatment of the table is also the key node in the tax allocation of tax obligations. When using the law, accounting and tax rules to look through, you will find that “REITs ” the underlying assets directly “real sale ” is not the best choice fit the economic interests of the main transaction, and therefore should be considered from the overall design transaction structure , To achieve transaction costs to minimize.