【正文】 he future should be possible to develop standardized equity certificates to facilitate circulation. Develop favorable REIT tax system In other countries, 80% of real estate investments by taxdriven, 20 percent driven by investment philosophy, tax drive is worth promoting. Property involved in real estate trust business includes not only funds, but also including land, property and other types, such property transfer, transfer, value added tax issues caused more prominent, the tax burden is too heavy to directly inhibit the innovation and development of space services. As the real estate trust for the development of China39。 actively adjust debt structure, the use of lower financial leverage。 four is the scale of operation trend. Because of the advantages of scale in the mid1990s, REITs a series of major scale expansion activity occurs on the market. In the form of scale expansion, both purchased in the form of single asset and portfolio of assets, there are different forms of REITs merger。 the third is change management structure. With the adjustment of relevant laws and regulations, most REITs previously by an external management must be applied, into the internal management, to avoid conflicts of interest that exist in the external management, improve the pany39。s ine distribution to beneficiaries, investment trusts do not need to pay taxes. Dividends and capital gains received by the shareholders according to pay taxes. Most US states have followed the federal treaty, nor does it require REITs to pay state ine tax. Meanwhile, the US tax law amendment in 1960, and in giving preferential tax treatment of REITs also its anizational structure, shareholder structure, asset position, ine sources and the distribution ratio, it is also made clear. In addition, publicly traded REITs must also be pleted in accordance with the provisions of the Securities Act can be traded after the registration process, submit reports and public disclosure of information in accordance with the requirements of the Securities Exchange Act and to ply with the listing requirements of the SEC to develop guidelines and requirements . All these rules and regulations, to protect the interests of investors in REITs maximum extent, thus ensuring the healthy development of REITs. Market demand is the fundamental driving force for the development of REITs International experience shows that demand for both is to promote the emergence and development of REITs important force. First, from the financing needs of the real estate industry, the second is the demand from investors, mainly the role of institutional investors. After World War II the United States to speed up the process of urbanization has brought rapid development of the real estate industry, but the traditional way of real estate finance and can not meet the huge demand for financing, calls for new financial services on an objective manner, and is adapted to the needs of REITs generated. On the other hand, REITs development requires broad participation of institutional investors. Currently more than 50 percent of US REITs held by institutional investors, research shows that the introduction of institutional investors, REITs greatly enhance the quality of management decisionmaking and improve the performance of REITs and market transparency, reducing the abnormal fluctuations in investment, and promote REITs healthy development of the industry. REITs own continuous change and innovation is to ensure that its development REITs from the United States, so far, nearly 50 years of history. Since the 1990s, REITs rapid development in the United States, and gradually bee the mainstream of mercial real estate investments. And an important experience which is itself always adhere to the constant change and innovation, specifically, mainly in the following aspects: First, the diversification of forms of ownership. From the initial establishment of the only equitytype, the collateral type and mixed type, and later launched a type of mortgage REITs and other forms of participation, in order to adapt to the different needs of the market。s continued development. However, the introduction of exploratory practice of real estate investment trusts, despite it being closely watched theorists, and sought after by the industry, but the industry is looking at, but not its longterm financing of the function, but Think of it as a socalled bridge financing, or obtain bank financing is stepping stone. Thus, it is actually a very large extent so that loss of the meaning of exis