An Examination of Real Estate Asset Trust and its Valuation Model

• Main Authors: Cheng,Hsien FU, 鄭仙福
• Other Authors: 徐憶文
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/67616264382717364117

碩士 === 長庚大學 === 企業管理研究所 === 94 === Real Estate Securitization is divided into two types - Real Estate Investment Trust and Real Estate Asset Trust . Real Estate Securitization has been performed for many years in America and in Japan as well . Real Estate Securitization in America contain Real Estate Investment Trust (REIT),Real Estate Limited Partnership (RELP) , and the Land Trust . But in Japan , Land Trust , Real Estate Syndication , Special Purpose Company(SPC) , and J-REIT are the common type . The Real Estate Investment Trust system being adopted by Taiwan under the proposed Real Estate Securitization Act is patterned after the Real Estate Investment Trust system of America . However , the Real Estate Asset Trust system in Taiwan is generally following after the system of Japan The study penetrates the securitization experience of American and Japan to discuss the business model in Taiwan . Due to the real estate securitization market framework is still on an initial stage , we use criteria to discuss the liquidity, safety and profitability on the REIT in Taiwan . In order to understand the counterparty of the framework of the Real Estate Securitization perfectly , a case is analyzed regarding its operating practically in the market . The role of the counterparties in the real estate securitization is clearly demonstrated . The purpose of this study follows the current situation in America and in Japan to analyze , current framework and its difficulties in Taiwan . Finally, we discuss how to develop the real estate securitization fantastically . Conclusions and suggestions are outlined for reference .