学界过往对于在中国建立REITs的税收讨论,多采用比较法视角,指出中国税制下设立REITs的主要税收障碍在于双重征税问题。但是双重征税问题属于REITs在后续运行过程中可能面临的问题,并非阻碍REITs设立的初因。本文通过分析中信启航专项资产管理计划这一“准REITs”的交易架构,发现中国税制下设立REITs的主要税收障碍在于土地增值税,而非双重征税。 In the past, scholars often used the comparative law perspective to discuss the taxation of establishing REITs in China and pointed out that the major tax obstacle to the establishment of REITs under the Chinese tax system lies in the issue of double taxation. However, the issue of double taxation is a possible issue that REITs may face in the subsequent operation. It is not the initial reason that hinders the establishment of REITs. By analyzing the trading structure of “quasi-REITs” of CITIC Sail Asset Management Plan, this paper finds that the main tax obstacle to the establishment of REITs under the Chinese tax regime lies in land value increment tax rather than double taxation.