{"id":15618,"date":"2024-07-24T17:25:00","date_gmt":"2024-07-24T09:25:00","guid":{"rendered":"https:\/\/www.sw-hk.com\/?p=15618"},"modified":"2024-09-12T11:02:43","modified_gmt":"2024-09-12T03:02:43","slug":"the-securities-and-futures-commission-published-consultation-paper-on-proposed-regimes-for-reits-and-listed-cis","status":"publish","type":"post","link":"https:\/\/www.sw-hk.com\/zh\/the-securities-and-futures-commission-published-consultation-paper-on-proposed-regimes-for-reits-and-listed-cis\/","title":{"rendered":"\u9999\u6e2f\u8bc1\u5238\u53ca\u671f\u8d27\u4e8b\u52a1\u76d1\u5bdf\u59d4\u5458\u4f1a\u53d1\u8868\u5c31\u5730\u4ea7\u6295\u8d44\u4fe1\u6258\u57fa\u91d1\u53ca\u4e0a\u5e02\u96c6\u4f53\u6295\u8d44\u8ba1\u5212\u5236\u5ea6\u5efa\u8bae\u7684\u54a8\u8be2\u6587\u4ef6"},"content":{"rendered":"<p><\/p>\n<h2><strong>\u5f15\u8a00<\/strong><\/h2>\n<p>\u9999\u6e2f\u8bc1\u5238\u53ca\u671f\u8d27\u4e8b\u52a1\u76d1\u5bdf\u59d4\u5458\u4f1a\uff08\u201c<strong>\u8bc1\u76d1\u4f1a<\/strong>\u201d\uff09\u4e8e 2024 \u5e74 3 \u6708 28 \u65e5\u53d1\u8868\u54a8\u8be2\u6587\u4ef6\uff08\u201c<strong>\u54a8\u8be2\u6587\u4ef6<\/strong>\u201d\uff09\uff0c\u9080\u8bf7\u516c\u4f17\u5c31\u5176\u4ee5\u4e0b\u5efa\u8bae\u63d0\u51fa\u610f\u89c1\uff1a\uff08i\uff09\u4e3a\u623f\u5730\u4ea7\u6295\u8d44\u4fe1\u6258\u57fa\u91d1\uff08\u201c<strong>REITs<\/strong>\u201d\uff09\u5236\u8ba2\u6cd5\u5b9a\u534f\u8bae\u5b89\u6392\u548c\u5f3a\u5236\u6536\u8d2d\u673a\u5236\uff0c\u4ee5\u53ca\uff08ii\uff09\u4f18\u5316\u300a\u8bc1\u5238\u53ca\u671f\u8d27\u6761\u4f8b\u300b\u4e0b\u9002\u7528\u4e8e\u4e0a\u5e02\u96c6\u4f53\u6295\u8d44\u8ba1\u5212\uff08\u201c<strong>CIS<\/strong>\u201d\uff09\u7684\u5e02\u573a\u884c\u4e3a\u76d1\u7ba1\u5236\u5ea6\uff08\u201c<strong>\u5e02\u573a\u884c\u4e3a\u76d1\u7ba1\u5236\u5ea6<\/strong>\u201d\uff09\u3002\u54a8\u8be2\u671f\u5df2\u4e8e 2024 \u5e74 5 \u6708 27 \u65e5\u7ed3\u675f\uff0c\u9884\u8ba1\u8bc1\u76d1\u4f1a\u5c06\u4e8e\u77ed\u671f\u5185\u53d1\u51fa\u54a8\u8be2\u603b\u7ed3\u6587\u4ef6\uff0c\u4ee5\u671f\u5728 2025 \u5e74 12 \u6708\u524d\u5b8c\u6210\u7acb\u6cd5\u7a0b\u5e8f\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.sw-hk.com\/wp-content\/uploads\/2024\/07\/20240724_C_SW.png\" \/><!--more--><span class=\"ellipsis\" id=\"ellipsis-1022046369\" style=\"opacity: 0; position: absolute; z-index: -1;\">&#8230;<\/span><span class=\"rmwp-button-wrap\" id=\"rmwp-button-wrap-1022046369\" style=\"display: none;\"><button name=\"read more\" type=\"button\" onclick=\"rmwpButtonAction( '1022046369', 'Read More', 'Read Less' )\">Read More<\/button><\/span><\/p>\n<div class=\"rmwp-toggle \" id=\"rmwp-toggle-1022046369\" style=\"display: none\">\n<h2><strong>\u7b2c\u4e00\u90e8\u5206\uff1a\u4e3a<\/strong><strong>REITs<\/strong><strong>\u5236\u8ba2\u6cd5\u5b9a\u534f\u8bae\u5b89\u6392\u548c\u5f3a\u5236\u6536\u8d2d\u673a\u5236\u7684\u5efa\u8bae<\/strong><\/h2>\n<p>\u76ee\u524d\uff0cREITs\u4e0d\u53d7\u300a\u516c\u53f8\u6761\u4f8b\u300b\u6240\u6982\u8ff0\u7684\u6cd5\u5b9a\u7a0b\u5e8f\u6240\u89c4\u7ba1\u3002 \u8bc1\u76d1\u4f1a\u660e\u767d\u5230\u4e1a\u754c\u9700\u8981\u4e00\u4e2a\u7c7b\u4f3c\u300a\u516c\u53f8\u6761\u4f8b\u300b\u7684\u66f4\u76f4\u63a5\u9000\u5e02\u673a\u5236\uff0c\u56e0\u6b64\u5efa\u8bae\u5728\u300a\u8bc1\u5238\u53ca\u671f\u8d27\u6761\u4f8b\u300b\u52a0\u5165\u65b0\u4e00\u90e8\u89c4\u5b9a\uff0c\u5c31\u534f\u8bae\u5b89\u6392\u548c\u5f3a\u5236\u6536\u8d2d\u673a\u5236\u5236\u8ba2\u516c\u5e73\u516c\u6b63\u7684\u6cd5\u5b9a\u67b6\u6784\uff0c\u4ee5\u5229\u4fbfREITs\u7684\u4f01\u4e1a\u91cd\u7ec4\u53ca\u79c1\u6709\u5316\u3002\u8be5\u9879\u5efa\u8bae\u53c2\u8003\u4e86\u300a\u516c\u53f8\u6761\u4f8b\u300b\u7b2c 13 \u90e8\uff0c\u5e76\u56e0\u5e94REITs\u3001\u5176\u7ba1\u7406\u516c\u53f8\u3001\u53d7\u6258\u4eba\u53ca\u5355\u4f4d\u6301\u6709\u4eba\u7684\u6027\u8d28\u548c\u7279\u70b9\uff0c\u4f5c\u51fa\u9002\u5f53\u8c03\u6574\u3002<\/p>\n<h4><strong>1.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>\u534f\u8bae\u5b89\u6392<\/strong><strong> \u00a0<\/strong><\/h4>\n<p>\u300a\u8bc1\u5238\u53ca\u671f\u8d27\u6761\u4f8b\u300b\u7684\u62df\u8bae\u65b0\u6761\u6587\u4e0e\u300a\u516c\u53f8\u6761\u4f8b\u300b\u7684\u73b0\u884c\u6761\u6587\u5927\u81f4\u76f8\u540c\uff0c\u5728\u9002\u5f53\u62ab\u9732\u3001\u6279\u51c6\u95e8\u69db\u548c\u53ca\u6cd5\u9662\u8ba4\u8bb8\u65b9\u9762\u7684\u89c4\u5b9a\u76f8\u82e5\uff0c\u6982\u8ff0\u5982\u4e0b\uff1a<\/p>\n<style>\ntd, th {\n  border: 1px solid #000000;\n  }\n<\/style>\n<table width=\"651\">\n<tbody>\n<tr>\n<td width=\"170\"><strong>\u5efa\u8bae<\/strong><\/td>\n<td width=\"481\"><strong>\u7ec6\u8282<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"170\"><strong>\u5efa\u7acb<\/strong><strong>REITs<\/strong><strong>\u7684\u6b65\u9aa4<\/strong><\/td>\n<td width=\"481\"><em>\u7b2c<\/em><em>1<\/em><em>\u6b65\uff1a<\/em>\u5728\u4f1a\u8bae\u4e2d\u83b7\u5f97\u5355\u4f4d\u6301\u6709\u4eba\u53ca\u503a\u6743\u4eba\u7684\u6279\u51c6\uff0c\u4f46\u987b\u9075\u5b88\u4ee5\u4e0b\u6295\u7968\u95e8\u69db\uff1a<\/p>\n<p>i. <u>\u5c31\u4e0e\u623f\u5730\u4ea7\u57fa\u91d1\u7684\u503a\u6743\u4eba\u8ba2\u7acb\u7684\u8ba1\u5212\u800c\u8a00<\/u> \u2013 \u51fa\u5e2d\u4f1a\u8bae\u4e14\u6709\u6295\u7968\u7684\u503a\u6743\u4eba\u5f53\u4e2d\u5360\u4ef7\u503c\u6700\u5c11 75%\u7684\u8fc7\u534a\u6570\u503a\u6743\u4eba\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>ii. <u>\u5c31\u4e0e\u623f\u5730\u4ea7\u57fa\u91d1\u7684\u5355\u4f4d\u6301\u6709\u4eba\u8ba2\u7acb\u7684\u8ba1\u5212\u800c\u8a00<\/u> \u2013<\/p>\n<p>\u00b7\u00a0 \u51e1\u6709\u5173\u5b89\u6392\u6d89\u53ca\u516c\u5f00\u8981\u7ea6\u6216\u6536\u8d2d\u8981\u7ea6:<\/p>\n<p>(1) \u51fa\u5e2d\u4f1a\u8bae\u4e14\u6709\u6295\u7968\u7684\u5355\u4f4d\u6301\u6709\u4eba\u5f53\u4e2d\u5360\u6700\u5c1175%\u7684\u8868\u51b3\u6743\uff1b\u53ca<\/p>\n<p>(2)\u5bf9\u6709\u5173\u5b89\u6392\u6295\u4e0b\u7684\u53cd\u5bf9\u7968\uff0c\u5360\u6709\u5173REITs\u7684\u6240\u6709\u65e0\u5229\u5bb3\u5173\u7cfb\u5355\u4f4d\u6240\u9644\u7684\u603b\u8868\u51b3\u6743\u4e0d\u8d85\u8fc7 10%\u3002<\/p>\n<p>\u00b7\u00a0 \u6709\u5173\u5176\u4ed6\u534f\u8bae\u5b89\u6392:<\/p>\n<p>(1) \u51fa\u5e2d\u4f1a\u8bae\u4e14\u6709\u6295\u7968\u7684\u5355\u4f4d\u6301\u6709\u4eba\u5f53\u4e2d\u5360\u6700\u5c1175%\u7684\u8868\u51b3\u6743\uff1b\u53ca<\/p>\n<p>(2) \u9664\u6cd5\u9662\u53e6\u6709\u547d\u4ee4\u5916\uff0c\u51fa\u5e2d\u4f1a\u8bae\u4e14\u6709\u6295\u7968\u7684\u8fc7\u534a\u6570\u5355\u4f4d\u6301\u6709\u4eba\u7684\u6279\u51c6\u3002<\/p>\n<p><em>\u7b2c<\/em><em>2<\/em><em>\u6b65<\/em>\uff1a\u83b7\u5f97\u6240\u9700\u7684\u6279\u51c6\u540e\uff0c\u5411\u6cd5\u9662\u7533\u8bf7\u8ba4\u53ef\u8ba1\u5212\u3002<\/td>\n<\/tr>\n<tr>\n<td width=\"170\"><strong>\u5411\u6cd5\u9662\u7533\u8bf7\u53ec\u5f00\u4f1a\u8bae<\/strong><\/td>\n<td width=\"481\">REITs \u7684\u7ba1\u7406\u516c\u53f8\u3001\u53d7\u6258\u4eba\u3001\u5355\u4f4d\u6301\u6709\u4eba\u6216\u503a\u6743\u4eba\u53ef\u5411\u6cd5\u9662\u7533\u8bf7\u4f5c\u51fa\u547d\u4ee4\uff0c\u996c\u4ee4\u4e3a\u8003\u8651\u5efa\u8bae\u5b89\u6392\u6216\u59a5\u534f\u7684\u76ee\u7684\u800c\u53ec\u5f00\u5355\u4f4d\u6301\u6709\u4eba\u6216\u503a\u6743\u4eba\u6216\u4e24\u8005\u7684\u4f1a\u8bae\uff0c\u4ee5\u53ca\u5411\u6cd5\u9662\u7533\u8bf7\u8ba4\u8bb8\u6709\u5173\u5b89\u6392\u6216\u59a5\u534f\u3002<\/td>\n<\/tr>\n<tr>\n<td width=\"170\"><strong>\u5411\u53d7\u6258\u4eba<\/strong><strong>\/<\/strong><strong>\u503a\u6743\u4eba\u62ab\u9732\u5177\u76f8\u5f53\u5206\u91cf\u7684\u5229\u5bb3\u5173\u7cfb<\/strong><\/td>\n<td width=\"481\">REITs \u7684\u53d7\u6258\u4eba\u3001\u7ba1\u7406\u516c\u53f8\u53ca\u5176\u6bcf\u540d\u8463\u4e8b\u5fc5\u987b\u5728\u5411\u623f\u5730\u4ea7\u57fa\u91d1\u7684\u5355\u4f4d\u6301\u6709\u4eba\u6216\u503a\u6743\u4eba\u53d1\u51fa\u7684\u8bf4\u660e\u9648\u8ff0\u4e2d\uff0c\u62ab\u9732\u6839\u636e\u6709\u5173\u5b89\u6392\u6216\u59a5\u534f\u5177\u6709\u7684\u4efb\u4f55\u5177\u76f8\u5f53\u5206\u91cf\u7684\u5229\u5bb3\u5173\u7cfb\u3002<\/td>\n<\/tr>\n<tr>\n<td width=\"170\"><strong>\u7ea6\u675f\u529b<\/strong><\/td>\n<td width=\"481\">\u83b7\u6cd5\u9662\u8ba4\u8bb8\u7684\u623f\u5730\u4ea7\u57fa\u91d1\u7684\u5b89\u6392\u6216\u59a5\u534f\uff0c\u5bf9\u76f8\u5173\u4eba\u58eb\uff08\u5305\u62ec\u5c06\u4f1a\u4ee3\u8868\u623f\u5730\u4ea7\u57fa\u91d1\u6267\u884c\u6709\u5173\u5b89\u6392\u6216\u59a5\u534f\u7684\u623f\u5730\u4ea7\u57fa\u91d1\u53d7\u6258\u4eba\u53ca\u7ba1\u7406\u516c\u53f8\uff09\u4ee5\u53ca\u623f\u5730\u4ea7\u57fa\u91d1\u7684\u5355\u4f4d\u6301\u6709\u4eba\u6216\u503a\u6743\u4eba\u5177\u6709\u7ea6\u675f\u529b\u3002<\/td>\n<\/tr>\n<tr>\n<td width=\"170\"><strong>\u8bc1\u76d1\u4f1a\u5b58\u6863\u6cd5\u9662\u547d\u4ee4<\/strong><\/td>\n<td width=\"481\">\u5728\u6cd5\u9662\u5c31\u8ba4\u8bb8\u6709\u5173\u5b89\u6392\u6216\u59a5\u534f\u800c\u4f5c\u51fa\u7684\u547d\u4ee4\u7684\u6587\u672c\u88ab\u9001\u4ea4\u8bc1\u76d1\u4f1a\u5b58\u6863\u524d\uff0c\u8be5\u547d\u4ee4\u6ca1\u6709\u6548\u529b\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4><strong>1.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>\u5f3a\u5236\u6536\u8d2d\u673a\u5236<\/strong><\/h4>\n<p>\u9002\u7528\u4e8eREITs\u7684\u62df\u8bae\u5f3a\u5236\u6536\u8d2d\u6761\u6587\u4e0e\u300a\u516c\u53f8\u6761\u4f8b\u300b\u7b2c 13 \u90e8\u7684\u6761\u6587\u76f8\u82e5\uff0c\u5373\u8981\u7ea6\u4eba(\u201c<strong>\u8981\u7ea6\u4eba<\/strong>\u201d)\u63d0\u51fa\u6536\u8d2d\u8981\u7ea6\u53ca\u56de\u8d2d\u8005(\u201c<strong>\u56de\u8d2d\u8005<\/strong>\u201d)\u63d0\u51fa\u56de\u8d2d\u80a1\u4efd\u7684\u516c\u5f00\u8981\u7ea6\u5747\u53ef\u900f\u8fc7 \u201c\u5f3a\u8feb\u51fa\u552e\u201d\u6216\u201c\u5f3a\u8feb\u8d2d\u4e70\u201d\u5b8c\u6210\uff0c\u4f46\u5c06\u4f5c\u51fa\u4fee\u8ba2\uff0c\u4ee5\u5bb9\u8bb8\u8981\u7ea6\u4eba\u6216\u56de\u8d2d\u8005\u7684\u7ba1\u7406\u516c\u53f8\u6216\u53d7\u6258\u4eba\u5728\u5f3a\u5236\u6536\u8d2d\u671f\u95f4\u4ee3\u8868REITs\u6267\u884c\u67d0\u4e9b\u804c\u80fd\u3002<\/p>\n<table width=\"652\">\n<tbody>\n<tr>\n<td width=\"113\"><strong>\u5efa\u8bae<\/strong><\/td>\n<td colspan=\"2\" width=\"539\"><strong>\u7ec6\u8282<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"113\"><strong>\u201c<\/strong><strong>\u5f3a\u8feb\u51fa\u552e<\/strong><strong>\u201d<\/strong><strong>\u6761\u6587<\/strong><\/td>\n<td colspan=\"2\" width=\"539\">\u5982\u8981\u7ea6\u4eba\u6216\u56de\u8d2d\u8005\u5df2\u6536\u8d2d\u6216\u56de\u8d2d\u8981\u7ea6\u6240\u5173\u4e4e\u7684\u5355\u4f4d\u7684\u81f3\u5c11 90%\uff0c\u5219\u8be5\u8981\u7ea6\u4eba\u6216\u56de\u8d2d\u8005\u6709\u6743\u5411\u5c11\u6570\u5355\u4f4d\u6301\u6709\u4eba\u53d1\u51fa\u901a\u77e5\uff0c\u8868\u660e\u6709\u610f\u6536\u8d2d\u6216\u56de\u8d2d\u4ed6\u4eec\u7684\u4f59\u4e0b\u5355\u4f4d\u3002<\/td>\n<\/tr>\n<tr>\n<td width=\"113\"><strong>\u201c<\/strong><strong>\u5f3a\u8feb\u8d2d\u4e70<\/strong><strong>\u201d<\/strong><strong>\u6761\u6587<\/strong><\/td>\n<td colspan=\"2\" width=\"539\">\u5982\u8981\u7ea6\u4eba\u6216\u56de\u8d2d\u8005\u5df2\u51ed\u501f\u6536\u8d2d\u8981\u7ea6\u6216\u56de\u8d2d\u5355\u4f4d\u7684\u516c\u5f00\u8981\u7ea6\u83b7\u63a5\u53d7\uff0c\u800c\u5728\u8981\u7ea6\u671f\u5185\u7684\u4efb\u4f55\u65f6\u95f4\u53d6\u5f97\u6709\u5173\u516c\u53f8\u81f3\u5c1190% \u5355\u4f4d\u7684\u63a7\u5236\u6743\uff0c\u5219\u5c11\u6570\u5355\u4f4d\u6301\u6709\u4eba\u6709\u6743\u8981\u6c42\u8be5\u8981\u7ea6\u4eba\u6216\u56de\u8d2d\u8005\u6536\u8d2d\u6216\u56de\u8d2d\u4f59\u4e0b\u5355\u4f4d\u3002<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" width=\"113\"><strong>\u4e13\u4e3a<\/strong><strong>REITs<\/strong><strong>\u800c\u8bbe\u7684\u7279\u5b9a\u4fee\u6539<\/strong><\/td>\n<td width=\"104\">REITs\u7684\u8981\u7ea6\u4eba\u6216\u56de\u8d2d\u8005\u53d1\u51fa\u6536\u8d2d\u901a\u77e5<\/td>\n<td width=\"435\">\u5728\u5f3a\u5236\u6536\u8d2d\u671f\u95f4\uff0c\u8981\u7ea6\u4eba\u6216\u56de\u8d2d\u8005\u7684\u7ba1\u7406\u516c\u53f8\u6216\u53d7\u6258\u4eba\u53ef\u4ee5\u4ee3\u8868REITs\u5c65\u884c\u4ee5\u4e0b\u804c\u80fd\uff1a<\/p>\n<p>\u00b7 \u5411\u6cd5\u9662\u7533\u8bf7\u547d\u4ee4\u6388\u6743\u53d1\u51fa\u6536\u8d2d\u901a\u77e5\u4ee5\u4e70\u65ad\u5269\u4f59\u5355\u4f4d\uff1b\u53ca<\/p>\n<p>\u00b7 \u5f53\u5355\u4f4d\u6301\u6709\u4eba\u7684\u9999\u6e2f\u5730\u5740\u4e0d\u5728\u6301\u6709\u4eba\u767b\u8bb0\u518c\u4e0a\u65f6\uff0c\u5411\u8bc1\u76d1\u4f1a\u7533\u8bf7\u6709\u5173\u53d1\u9001\u6536\u8d2d\u901a\u77e5\u7684\u6307\u793a\u3002<\/p>\n<p>\u4e0b\u6587\u5efa\u8bae\u8981\u7ea6\u4eba\u6216\u56de\u8d2d\u8005\u53d1\u51fa\u6536\u8d2d\u901a\u77e5\u7684\u65b9\u5f0f\u53ca\u65f6\u95f4\uff0c\u4e0e\u300a\u516c\u53f8\u6761\u4f8b\u300b\u4e00\u81f4\uff1a<\/p>\n<p>\u00b7 <u>\u5c31<\/u><u>\u201c<\/u><u>\u5f3a\u8feb\u51fa\u552e<\/u><u>\u201d<\/u><u>\u800c\u8a00<\/u><u>:<\/u><\/p>\n<p>\u00b7 <u>\u5411\u5c11\u6570\u5355\u4f4d\u6301\u6709\u4eba\u53d1\u51fa\u901a\u77e5<\/u> \u2013 \u8981\u7ea6\u4eba\u6216\u56de\u8d2d\u8005\u987b\u5728\u4ee5\u4e0b\u4e24\u4e2a\u65f6\u95f4\u4e2d\u7684\u8f83\u65e9\u8005\u4e4b\u524d\uff0c\u5c31\u5168\u9762\u6536\u8d2d\u5c11\u6570\u5355\u4f4d\u6301\u6709\u4eba\u7684\u5355\u4f4d\u5411\u5176\u53d1\u51fa\u901a\u77e5\uff1a\uff08i\uff09\u81ea\u6536\u8d2d\u8981\u7ea6\u6216\u516c\u5f00\u8981\u7ea6\u7684\u8981\u7ea6\u671f\u7ec8\u7ed3\u540e\u4e4b\u65e5\u8d77\u8ba1\u76843\u4e2a\u6708\u7ec8\u7ed3\u65f6\uff1b\u6216\uff08ii\uff09\u81ea\u6536\u8d2d\u8981\u7ea6\u6216\u516c\u5f00\u8981\u7ea6\u7684\u65e5\u671f\u8d77\u8ba1\u76846\u4e2a\u6708\u7ec8\u7ed3\u65f6\u3002<\/p>\n<p>\u00b7 <u>\u6301\u5f02\u8bae\u5355\u4f4d\u6301\u6709\u4eba\u7684\u6743\u5229<\/u> \u2013 \u6301\u5f02\u8bae\u7684\u5355\u4f4d\u6301\u6709\u4eba\u6709\u6743\u5411\u6cd5\u9662\u7533\u8bf7\u4f5c\u51fa\u547d\u4ee4\uff0c\u5224\u5b9a\u8981\u7ea6\u4eba\u6216\u56de\u8d2d\u8005\u662f\u5426\u6709\u6743\u5e76\u987b\u6536\u8d2d\u6216\u56de\u8d2d\u6709\u5173\u5355\u4f4d\u3002<\/p>\n<p>\u00b7 <u>\u5c31<\/u><u>\u201c<\/u><u>\u5f3a\u8feb\u8d2d\u4e70<\/u><u>\u201d<\/u><u>\u800c\u8a00<\/u><u>:<\/u><\/p>\n<p>\u00b7<u>\u5411\u5c11\u6570\u5355\u4f4d\u6301\u6709\u4eba\u53d1\u51fa\u901a\u77e5<\/u> \u2013 \u8981\u7ea6\u4eba\u6216\u56de\u8d2d\u8005\u987b\u5728\u5c11\u6570\u5355\u4f4d\u6301\u6709\u4eba\u6709\u6743\u8981\u6c42\u8fdb\u884c\u201c\u5f3a\u8feb\u8d2d\u4e70\u201d\u7684\u9996\u65e5\u8d77\u8ba1\u76841\u4e2a\u6708\u5185\uff0c\u5411\u8be5\u7b49\u5355\u4f4d\u6301\u6709\u4eba\u53d1\u51fa\u901a\u77e5\uff0c\u544a\u77e5\u4ed6\u4eec\u6709\u6743\u8981\u6c42\u8be5\u8981\u7ea6\u4eba\u6216\u56de\u8d2d\u8005\u5168\u9762\u6536\u8d2d\u4ed6\u4eec\u6301\u6709\u7684\u5355\u4f4d\u3002\u5982\u4e0a\u8ff0\u901a\u77e5\u662f\u5728\u6536\u8d2d\u8981\u7ea6\u6216\u516c\u5f00\u8981\u7ea6\u7684\u8981\u7ea6\u671f\u7ec8\u7ed3\u524d\u53d1\u51fa\uff0c\u5b83\u987b\u8ff0\u660e\u8be5\u8981\u7ea6\u4ecd\u7136\u53ef\u4e88\u63a5\u53d7\u3002<\/p>\n<p><u>\u5c11\u6570\u5355\u4f4d\u6301\u6709\u4eba\u884c\u4f7f\u5176\u6743\u5229<\/u> \u2013 \u5728\u201c\u5f3a\u8feb\u8d2d\u4e70\u201d\u65b9\u9762\u7ed9\u4e88\u5c11\u6570\u5355\u4f4d\u6301\u6709\u4eba\u7684\u6743\u5229\u53ef\u5728\u4ee5\u4e0b\u4e24\u4e2a\u65f6\u95f4\u4e2d\u7684\u8f83\u540e\u8005\u4e4b\u540e\u76843\u4e2a\u6708\u5185\u884c\u4f7f\uff1a\uff08i\uff09\u8981\u7ea6\u671f\u7ec8\u7ed3\u65f6\uff1b\u6216\uff08ii\uff09\u8981\u7ea6\u4eba\u6216\u56de\u8d2d\u8005\u53d1\u51fa\u901a\u77e5\u7684\u65e5\u671f\u3002<\/td>\n<\/tr>\n<tr>\n<td width=\"104\">\u53d7\u6258\u4eba\u5728\u5f3a\u5236\u6536\u8d2d\u4e2d\u7684\u4f5c\u7528\u548c\u8d23\u4efb<\/td>\n<td width=\"435\">\u7531\u4e8eREITs\u4e0d\u5177\u5907\u6cd5\u4eba\u8d44\u683c\uff0c\u56e0\u6b64\u53d7\u6258\u4eba\u8d1f\u8d23\u4ee5\u4e0b\u5de5\u4f5c\uff1a<\/p>\n<p>\u00b7 \u4ee5\u4fe1\u6258\u65b9\u5f0f\u4e3a\u6709\u6743\u5f97\u5230\u4ee3\u4ef7\u7684\u5355\u4f4d\u6301\u6709\u4eba\u6301\u6709\u6709\u5173\u4ee3\u4ef7; \u53ca<\/p>\n<p>\u00b7 <u>\u5c31\u6536\u8d2d\u8981\u7ea6\u53ca\u5f3a\u5236\u6536\u8d2d\u800c\u8a00<\/u> \u2013 \u5c06\u8981\u7ea6\u4eba\u6ce8\u518c\u4e3a\u6240\u6536\u8d2d\u7684\u5355\u4f4d\u7684\u6301\u6709\u4eba\uff1b\u53ca<\/p>\n<p>\u00b7 <u>\u5c31\u56de\u8d2d\u5355\u4f4d\u7684\u516c\u5f00\u8981\u7ea6\u800c\u8a00<\/u> \u2013 \u6ce8\u9500\u76f8\u5173\u5355\u4f4d\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4><strong>1.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>\u300a\u8bc1\u5238\u53ca\u671f\u8d27\u6761\u4f8b\u300b\u65b0\u4e00\u90e8\u4e2d\u9488\u5bf9<\/strong><strong>REITs<\/strong><strong>\u7684\u5176\u4ed6\u91ca\u4e49\u53ca\u4fee\u6539<\/strong><\/h4>\n<p><strong>\u91ca\u4e49\u53ca\u8be0\u91ca<\/strong><\/p>\n<p>\u73b0\u5efa\u8bae\u91ca\u4e49\u90e8\u5206\u91c7\u7eb3\u300a\u516c\u53f8\u6761\u4f8b\u300b\u6240\u7528\u7684\u5b9a\u4e49\uff0c\u5e76\u9002\u5f53\u5730\u52a0\u4ee5\u4fee\u6539\uff0c\u4ee5\u53ca\u7eb3\u5165\u989d\u5916\u8bcd\u6c47\uff08\u4f8b\u5982\u201c\u7ba1\u7406\u516c\u53f8\u201d\u548c \u201c\u623f\u5730\u4ea7\u57fa\u91d1\u201d\uff09\uff0c\u4ee5\u4fbf\u987e\u53caREITs\u7684\u8fd0\u4f5c\u3002<\/p>\n<p>\u300a\u516c\u53f8\u6761\u4f8b\u300b\u7b2c 3 \u6761\u6240 \u8ba2\u7684\u516c\u53f8\u201c\u8d23\u4efb\u4eba\u201d\u6982\u5ff5\u5c06\u5ef6\u4f38\u81f3\u6db5\u76d6\u7ba1\u7406\u516c\u53f8\u7684\u4eba\u5458\uff0c\u4ee5\u4f7f\u7275\u6d89\u8fdd\u53cd\u6216\u4e0d\u9075\u4ece\u65b0\u4e00\u90e8\u89c4 \u5b9a\u7684\u7ba1\u7406\u516c\u53f8\u4eba\u5458\u4ea6\u5c5e\u72af\u7f6a\u3002<\/p>\n<p><strong>\u63a8\u5b9a\u6761\u6587<\/strong><\/p>\n<p>\u62df\u8bae\u63a8\u5b9a\u6761\u6587\u65e8\u8ba9\u4e0d\u5177\u6cd5\u4eba\u6027\u8d28\u7684REITs\u900f\u8fc7\u5176\u53d7\u6258\u4eba\u53ca\/\u6216\u7ba1\u7406\u516c\u53f8\uff08\u6216\u5176\u8463\u4e8b\uff09\u884c\u4e8b\u3002\u8fd9\u5305\u62ec\u5c06\u53d7\u6258\u4eba\u53ca\/\u6216\u7ba1\u7406\u516c\u53f8\uff08\u6216\u5176\u8463\u4e8b\uff09\u7684\u884c\u52a8\u3001\u6743\u529b\u3001\u8d23\u4efb\u3001\u8868\u51b3\u6743\u3001\u8d22\u4ea7\u3001\u4e1a\u52a1\u3001\u6cd5\u5f8b\u8d23\u4efb\u6216\u5f53\u4e2d\u9644\u5e26\u7684\u4efb\u4f55\u6743\u5229\u53ca\u503a\u6743\u4eba\u5173\u7cfb\u5f52\u4e8eREITs\u3002<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>\u7b2c<\/strong><strong> II <\/strong><strong>\u90e8<\/strong><strong> : <\/strong><strong>\u5efa\u8bae\u4f18\u5316\u300a\u8bc1\u5238\u53ca\u671f\u8d27\u6761\u4f8b\u300b\u4e0b\u9002\u7528\u4e8e<\/strong><strong>CIS<\/strong><strong>\u7684\u5e02\u573a\u884c\u4e3a\u76d1\u7ba1\u5236\u5ea6<\/strong><\/h2>\n<p>\u8bc1\u76d1\u4f1a\u7684\u4fee\u8ba2\u5efa\u8bae\u65e8\u5728\u52a0\u5f3a\u5e02\u573a\u7684\u5ec9\u6d01\u7a33\u5065\u53ca\u7ef4\u6301\u5145\u5206\u7684\u6295\u8d44\u8005\u4fdd\u969c\uff0c\u7126\u70b9\u4e3b\u8981\u653e\u5728\u4e0a\u5e02CIS\u7684\u7ba1\u7406\u516c\u53f8\uff08\u53ca\u53ca\u5c31\u6cd5\u56e2\u5f0fCIS\u800c\u8a00\uff0cCIS\u7684\u8463\u4e8b\uff09\u7684\u8d23\u4efb\uff0c\u540c\u65f6\u4e0d\u5c06\u300a\u8bc1\u5238\u53ca\u671f\u8d27\u6761\u4f8b\u300b\u7b2c XV \u90e8\u90e8\u5206\u6761\u6587\u7684\u9002\u7528\u8303\u56f4\u6269\u5927\u81f3\u4e0a\u5e02CIS\u53ca\u4e0d\u5c06\u4e0a\u5e02CIS\u7684\u53d7\u6258\u4eba\u53ca\u4fdd\u7ba1\u4eba\u7eb3\u5165\u300a\u8bc1\u5238\u53ca\u671f\u8d27\u6761\u4f8b\u300b\u7b2c XIII \u81f3 XV \u90e8\u7684\u591a\u9879\u5b9a\u4e49\uff0c\u4ee5\u7cbe\u7b80\u89c4\u7ba1\u67b6\u6784\u3002<\/p>\n<h4><strong>2.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>\u5c06\u300a\u8bc1\u5238\u53ca\u671f\u8d27\u6761\u4f8b\u300b\u82e5\u5e72\u90e8\u5206\u7684\u9002\u7528\u8303\u56f4\u5ef6\u4f38\u4ee5\u6db5\u76d6\u4e0a\u5e02<\/strong><strong>CIS<\/strong><\/h4>\n<p>\u7ecf\u53c2\u8003\u8fc7\u5f80\u8fdb\u884c\u7684\u54a8\u8be2\uff0c\u8bc1\u76d1\u4f1a\u5efa\u8bae\u5ef6\u4f38\u300a\u8bc1\u5238\u53ca\u671f\u8d27\u6761\u4f8b\u300b\u4ee5\u4e0b\u5404\u90e8\u7684\u9002\u7528\u8303\u56f4\uff0c\u4ee5\u660e\u786e\u5730\u53ea\u6db5\u76d6\u4e0a\u5e02CIS\u53ca\u5176\u7ba1\u7406\u516c\u53f8\uff1a<\/p>\n<ol>\n<li>\u5e02\u573a\u884c\u4e3a\u76d1\u7ba1\u5236\u5ea6\uff1a\n<ol>\n<li>\u6c11\u4e8b\u5236\u5ea6\u7684\u5e02\u573a\u5931\u5f53\u884c\u4e3a\u5ba1\u88c1\u5904 (\u7b2c XIII \u90e8)\uff1b<\/li>\n<li>\u5173\u4e8e\u8bc1\u5238\u53ca\u671f\u8d27\u5408\u7ea6\u4ea4\u6613\u7b49\u7f6a\u884c\u7684\u5bf9\u5e94\u5211\u4e8b\u5236\u88c1\u5236\u5ea6\uff08\u7b2c XIV \u90e8\uff09\uff1b<\/li>\n<\/ol>\n<\/li>\n<li>\u62ab\u9732\u5185\u5e55\u6d88\u606f\uff08\u7b2cXIVA\u90e8\uff09\uff1b<\/li>\n<li>\u6743\u76ca\u62ab\u9732\uff08\u7b2c XV \u90e8\uff09;<\/li>\n<li>\u8bc1\u76d1\u4f1a\u7684\u76d1\u7ba1\u53ca\u8c03\u67e5\u6743\u529b\uff08\u7b2cVIII\u90e8\u5206\uff09\uff1b\u53ca<\/li>\n<li>\u8bc1\u76d1\u4f1a\u5e72\u9884\u7684\u6743\u529b\u53ca\u6cd5\u5f8b\u7a0b\u5e8f\uff08\u7b2cX\u90e8\u5206\uff09\u3002<\/li>\n<\/ol>\n<h4><strong>2.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>\u76f8\u5e94\u4fee\u6539<\/strong><\/h4>\n<p>\u4e3a\u914d\u5408\u300a\u8bc1\u5238\u53ca\u671f\u8d27\u6761\u4f8b\u300b\u5404\u90e8\u5206\u7684\u4e0a\u8ff0\u6db5\u76d6\u8303\u56f4\uff0c\u8bc1\u76d1\u4f1a\u5c06\u4f5c\u51fa\u8fdb\u4e00\u6b65\u4fee\u6539\u3002\u8fd9\u4e9b\u8fdb\u4e00\u6b65\u4fee\u8ba2\u65e8\u5728\u5398\u6e05\u6240\u6709\u4e0a\u5e02CIS\uff08\u5305\u62ec\u4ee5\u6cd5\u56e2\u5f62\u5f0f\u7ec4\u6210\u7684\u4e0a\u5e02CIS\uff09\u5c06\u53d7\u5e02\u573a\u884c\u4e3a\u76d1\u7ba1\u5236\u5ea6\u4e2d\u9002\u7528\u4e8e\u4e0a\u5e02CIS\u7684\u6761\u6587\u6240\u89c4\u9650\uff0c\u6709\u522b\u4e8e\u4e0a\u5e02\u6cd5\u56e2\u7684\u5e02\u573a\u884c\u4e3a\u76d1\u7ba1\u5236\u5ea6\uff0c\u4ee5\u907f\u514d\u6df7\u6dc6\u53ca\u89c4\u7ba1\u91cd\u8fed\u3002\u6b64\u5916\uff0c\u300a\u8bc1\u5238\u53ca\u671f\u8d27\u6761\u4f8b\u300b\u9644\u8868 1\u7b2c 1 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