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房地产投资信托基金(“房托”)是专门投资于可带来房地产收入的集体投资计划,旨在产生定期收入并以其中大部分用作股息分派。香港房托随着《房托守则》的颁布于2003年引入,此巩固了香港作为国际金融枢纽的领先地位。房托的引入是香港金融市场持续迈向多元化的的重要里程碑,它标志着一种新的投资知识及全新资产类别。自首项证监会认可房托——领汇房托在2005年上市以来,香港房托市场的市值已于2007年3月底增至约90亿美元。本文旨在探讨香港房托市场的缘起、其为香港不同界别带来的好处、香港房托监管架构的设计,以
Real Estate Investment Trusts (“REITs”) are a group investment program that invests exclusively in real estate revenue, aiming to generate regular revenue and use most of it for dividend distribution. Hong Kong REIT was introduced in 2003 with the promulgation of the Code of Conduct, consolidating Hong Kong’s leading position as an international financial hub. The introduction of room props is an important milestone in Hong Kong’s continued diversification of financial markets, marking a new investment knowledge and brand new asset class. Since the first SFC approved REIT - The Link REIT was listed in 2005, the market value of the Hong Kong REIT has risen to about $ 9 billion by the end of March 2007. The purpose of this article is to explore the origin of the Hong Kong real estate market, which has brought benefits to Hong Kong’s different sectors. The design of the Hong Kong real estate regulatory framework