The Cases Study of Real Estate Investment Trust：From the perspectives of Trident REITs and Kee Tai Star REITs Cases

• Main Authors: Zheng-Cong Yang, 楊証淙
• Other Authors: Heng-Chih Lin
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/he34r8

碩士 === 中國文化大學 === 法律學系 === 101 === The thesis includes three parts: first part is why we should promote the system of Real Estate Investment Trust. In this part this thesis will simply state the background that why the domestic bring the system of Real Estate Investment Trust to Taiwan, such as the reason of the land resource limitation, slow development in the market of real estate, etc. From the background this thesis will develop into the pros and cons toward bringing the system of Real Estate Investment Trust to Taiwan. The pros think that the advantages of the system of Real Estate Investment Trust, such as Assets Liquidity, Investment Risk, specialized management, and transparent operation could promote the prosperity in the real estate market. However, the cons worry about the risks in the system: inadequate assets liquidity in real estate markets or stocks markets, the conflicts within management organizations, etc; therefore, the purpose of first part is to understand the advantages and the disadvantages about the system of Real Estate Investment Trust clearly and to relate the further discussions. Second, this thesis will further introduce what the system of Real Estate Investment Trust is. Here I divide into two parts: one is that to discuss the system of Real Estate Investment Trust in U.S. and Japan because their legislative patterns about the system are the examples which our domestic legislative patterns follow. Moreover, U.S. is the one which founds the system of Real Estate Investment Trust and promote the system to the world; Japan is the first Asian country which brings the system inside and makes it adapted in Japanese real estate market. Therefore, we have to understand how U.S. and Japan run the system and think about the legislative patterns in both countries. Another is that to discuss the system of Real Estate Investment in Taiwan and understand the law structure, including the analysis of the progress of legislation and the inter-relationships with other countries. Thus, it will help to clearly understand the background or the concepts about the system of Real Estate Investment Trust. Third, this thesis will put some examples to illustrate how the system of Real Estate Investment Trust runs in Taiwan. Trident Real Estate Investment Trust and Kee Tai Star Real Estate Investment Trust are the ones which this thesis will make as the examples to discuss. In the beginning this thesis will illustrate the operation of the system in Taiwan and mainly discuss the joiners’ reactions who conduct the system to understand the present situation about the system operating. Next, this thesis will introduce the basic information, operating structures and process of Trident Real Estate Investment Trust and Kee Tai Star Real Estate Investment Trust to discuss the advantages and disadvantages about these two investment trusts. Last, this thesis will arrange each chapters to figure out the defects within our domestic legislation structures and pragmatic operations of real estate investment trust; therefore, this thesis will present some suggestions based on some legislative patterns in other countries to redeem the defects nowadays and hope the suggestions as the guidelines for improving the domestic system of Real Estate Investment Trust in the future.