Real Estate Investment Trust (REITs) is a typical form of securitization of real estate asset, which mostly occurred at the mature stage of real estate market and finance market.

• 房地产投资信托(Real Estate Investment Trust, REITs,下同)是房地产证券化的一种典型形式,是房地产行业和金融市场发展到成熟阶段时现代金融创新的产物。