不動產證券化對臺灣不動產投資之影響
Date Issued
2004
Date
2004
Author(s)
蔡榮泰
DOI
zh-TW
Abstract
Abstract
The major difference between real estate development and other industrial projects is that in real estate, the funds needed are in general massive, and there are usually a large number of participants.
Since the passage of the “Regulations for the Securitization of Real Estate” on July 9, 2003, real estate developers in Taiwan have in their hands an additional means for raising capital. Through this market, individuals are able to invest directly in real estate and its related by-products with smaller funds. Enterprises and financial corporations, on the other hand, raise the capital they needed for their business projects. As long as the securitization of real estate goes into full operation, one can expect its beneficial effects on the general development of the economy.
The securitization of real estate refers to the process of securitizing using real estate as the target. In other words, from the specifying, unitizing, and subdividing of real estate properties under their ownership, enterprises and financial corporations are able to increase their creditworthiness through trusts. And through offering stocks and bonds to the general public, enterprises and financial corporations directly raise funds in the capital market. In summary, the main body, target, method, form, and purpose of the securitization process are outlined as follows:
1. Main Body: enterprises or financial corporations
2. Target: real estate properties under the ownership of an enterprise or financial corporation
3. Method: specification, unitization, and subdivision of real estate property rights with the subsequent increase in creditworthiness through trusts
4. Form: Devise and publicly offer mortgage-backed stocks and bonds
5. Goal: To directly raise funds in the capital market
1. This dissertation is broadly divided into the following seven sections, such as introduction; review and study of relevant literature; basic concept of the securitization of real estate; the development of the securitization of real estate in the United States; case studies of the securitization of real estate in Taiwan; general trend in the development trend of the securitization of real estate in Taiwan; deficiencies in the existing practice of real estate securitization overseas and remarks on the application of foreign practices to Taiwan; and proposals and conclusion.
The first section details the motivation, purpose, method and general framework of this study. The second section studies the particular nature of real estate properties and the character of its market in Taiwan. This is followed by an overview of the advantages of real estate securitization. In the third section, the study investigates the real estate trust system in the United States and the real estate securitization system in Japan. The fourth section studies the cases of real estate securitization in Taiwan such as the Regency Hotel, Pacific Top Financial Management, and the European Common Market. Particular attention is paid to the reasons behind each case’s success and failure. The fifth section examines the general trend of the securitization of real estate properties in Taiwan, with particular focus on the regulations and their impacts on the real estate property market. This section also considers the inter-relationship between city renovation and the securitization process. The sixth section makes a general appraisal of real estate securitization overseas and offers suggestions on the application of foreign models of real estate securitization to Taiwan. The last section is an overview of the dissertation and put forward proposals on establishing a sound real estate securitization system in Taiwan.
Subjects
不動產證券化
Real estate securitization
Type
thesis
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