土地信托投资

Investment tool type of urban built environment transforms along with the social progress and the policy renews. Urban Renewal Act bulletined on 1998,,lead in Land Trust, Property Rights Exchange System、Transfer of Floor Area.Act51,52 show that real estate securitization system,This kind of system similar with that Development oriented real estate securitization is on amendment, but there are no case at present .

摘要 都市建成环境之投资工具类型随著社会进步与政策更新而转变，1998年颁布之都市更新条例导入土地信托、权利变换、容积移转等，其中第51、52条亦为首度在法令上出现不动产证券化执行制度，此种方式类似於目前正在修法中之开发型不动产证券化制度，但至目前为止尚无个案出现。

T To maintain, manage, deal with, dispose of and subject to the provisions of this Our Supplemental Charter and of the Statutes to invest all the property, money, assets and rights of the University in such stocks, funds, shares, securities or investments whatsoever and wheresoever situate (whether authorised by the general law for the investment of trust moneys or not so authorised) as the University shall think fit or in the purchase of land in Our United Kingdom whether by way of investment or for occupation and subject or not subject to leases or tenancies and to vary any investments including the realization of existing investments and to re-invest the net proceeds of the realization, provided that in the case of moneys held by the University as trustee the powers hereby conferred shall be exercised subject to the provisions of the law relating to investment by trustees.

对一切财产，金钱，资产和学校权利用于在股票，基金，股份，债券或无论何种何处（不论是否由信托资金投资一般法授权与否）校方认为合适的投资，或者在联合王国内不论是否通过投资或占用与否、是否依据租赁或租用的土地购置，其保存、管理、处理、安置以及依据此补充特许证和法规的条款的投资，对包括实现现有投资的任何投资的变更，以及净收入实现的再投资，只要在校方作为资金持有保管人情况下，由此授予的权力应当按照投资相关法律条款由保管人执行。

Construction Bank of China Assistant Governor Chen Zoff, the Ministry of Construction Housing Industrialization Promotion Center童悦Chung, deputy director of the CBRC, deputy director of the Department policies and regulations Huang visited the venue and said congratulations, Ministry of Land and Resources Land Use Division Hongzhi, deputy director of the cold, the Ministry of Construction Policy Research Center, deputy director Wang Jue Lin, China Association of Mayors Vice President and Secretary General Tao Siliang, China's Real Estate Association, vice president and secretary general顾云昌, Beijing University of Economics and Management, Associate Dean Cao peace, Beijing International Trust and Investment Corporation board chairman and general manager Wang Xiaolong,今典集团chairman张宝全, Yu Fat Dawnrays Beijing real estate company chairman Zhang Jidong, Chongqing International Trust and Investment Corporation, president of Assistant Sun Fei, China Construction Bank real estate financial services such as general manager Liu Tiemin authority has on China's real estate financial innovation, as well as real estate and urban development of the interactive relations between the in-depth discussion of the Chinese real estate finance and urban sustainable development put forward a series of forward-looking perspective.

中国建设银行副行长陈佐夫，建设部住宅产业化促进中心童悦仲副主任银监会副主任，新闻部的政策和法规黄参观了展馆，并表示祝贺，国土资源部土地利用和资源司宏志，副主任冷，建设部政策研究中心副主任王珏林，中国市长协会副会长兼秘书长陶斯亮，中国房地产业协会副会长兼秘书长顾云昌，北京工业大学经济管理学院副院长曹和平，北京国际信托投资公司董事长，总经理王小龙，今典集团董事长张宝全，北京于发东瑞房地产公司董事长章机洞，重庆国际信托投资公司总裁助理孙飞，中国建设银行房地产金融服务，如总经理刘铁民管理局已对中国的房地产金融创新，以及房地产和城市发展的互动关系深入讨论中国房地产金融和城市的可持续发展提出了一系列前瞻性的观点。

Moreover, this paper suggests that land reserve investment trusts of China should be the model of company and openning.

运用证券投资、信息经济学等理论，提出我国将建立的土地储备投资信托基金模式应是开放型公司基金。

This paper also analyzes the plausibility of using land reserve investment trusts in Xian through CAPM model together with linear regression analysis.

运用CAPM模型和线性回归分析，对土地储备投资信托基金的适用性进行了研究，并以西安市土地储备的平均水平作了实证分析。

Explored the benefits of using land reserve investment trusts model to solve the problem of the shortage of Chinas land reserve capitals and applied CAPM model and linear regression analysis to study its applicability.

4为解决我国土地储备运作资金不足的问题，探索了土地储备投资信托基金的运作模式，并运用CAPM模型和线性回归分析对其适用性进行了研究。

It illuminates further establishment of our land reserve investment trusts and proposes some protective methods for trusts security from two perspectives: one is the risk from the project and the other is the security of the fund manager.

从投资项目的风险防范和基金管理人的风险管理两个角度研究基金风险防范的措施，为我国将来建立土地储备投资信托基金进行了有益的探索。

This is the Beijing Investment Following the "Beijing CBD land development project funding trust scheme" after another financial innovation products, the company is also China's relevant laws in the current environment, introduced and developed countries are most similar to real estate investment trust financial products .

这是继北京投资的&北京CBD土地开发项目资金信托计划&之后的另一个金融创新产品，该公司还正在中国的有关法律在当前的环境下，介绍了与发达国家是最相似的房地产投资信托基金的金融产品。

However, a reporter from the analysis of institutions in the same statistical information observed, In the first quarter of this year only 13 teams nationwide real estate trust products coming to market, and less than seven teams last year, is the largest investment by 100 Swiss issued Zhengzhou City Land Trust reserve center plan for the scale of 300 million yuan of funds.

然而，记者在同样来自该分析机构的统计信息中观察到，今年第一季度全国仅有13支房地产信托产品面市，比去年少了7支，规模最大的是由百瑞投资发行的郑州城区土地储备中心信托计划，资金规模为3亿元。

On the other hand, the more important thing is because the urban housing is a kind of heterogeneity products.

另一方面，更重要的是由于城市住房是一种异质性产品。

Climate histogram is the fall that collects place measure calm value, cent serves as cross axle for a few equal interval, the area that the frequency that the value appears according to place is accumulated and becomes will be determined inside each interval, discharge the graph that rise with post, also be called histogram.

气候直方图是将所收集的降水量测定值，分为几个相等的区间作为横轴，并将各区间内所测定值依所出现的次数累积而成的面积，用柱子排起来的图形，也叫做柱状图。