Research for obstacles of developing REITs' markets in Taiwan

• Main Authors: Lo Fang, En-Ting, 羅房恩庭
• Other Authors: Cheng,Chang-Chun
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/99533351988352244802

碩士 === 銘傳大學 === 財務金融學系碩士在職專班 === 104 === Taiwan REITs system has been operated more than a decade, according to the statistical data, the REITs trading volume shows a downward trend, and there is no new REITs has been issued since 2008. Start from 2011, commercial real estate prices continue to rise in metropolitan cities in Taiwan, some of the beneficiaries asking for a property liquidation, and leading the real estate investment trust passing the implementation of the resolution to terminate the listing. The liquidation creat the high incentive inducement by high premium rates, making REITs regain the favor again and promoting it's withdrawal mechanism in order to achieve their capital gains. In order to understand the development bottleneck of the REITs market, this research study through Taiwan rules, regulations, the real estate market and the capital market, to investigate the cause and impact on Taiwan's REITs development. Here comes with the result: from the law and regulations aspect, Taiwan REITs trust led initiative for the Trustee; and the real estate markets aspect, high prices and the low rents affect the development; in the capital market side, shrinking of the trading volume, and lack of liquidity, even discount to be liquidated will be the influences.