投资信托

Current, the Asia has become global estate to invest one of areas with fiducial most active market, have wide development perspective.

目前，亚洲已经成为全球房地产投资信托市场最为活跃的地区之一，具有广阔的发展前景。

For the incompliant lending patterns mentioned above, on commercial banks part, improving the management and business technique will reduce, or even eliminate the incompliant behaviors in the pre-investigation process. From the Central bank and China Banking Regulatory Commission side, setting the inner network in the same industry, controlling the ratio of real estate loan, and enhancing the penalty to suppress the development of incompliant lending of real estate are effective ways to control risk. Fundamentally, the government should conduct the developer of real estate to search for the new financing mode to improve the stability and development, this might include some measures as follows: improving the liability financing structure of large real estate companies, develop the Reits and support its securitization to form the multi-financing.

对上述违规模式，从银行内部提高管理及业务水平方面，本文提出了针对性的风险防范措施，可有效地将违规的苗头扼杀在贷前调查过程中；从央行及银监会角度，可以通过建立同业信息沟通网络、严格控制房产信贷比重、加大违规惩戒力度等手段抑制房地产违规信贷的发展；而最根本的，政府应当引导房地产开发企业寻找新的融资渠道来促进房地产行业稳定和健康的发展，包括改善大型地产企业的债务融资结构、发展房地产投资信托基金及推动房产抵押证券化等方式形成房地产多元化融资的格局，这样，房地产违规信贷模式也就不攻自破了。

According to statistics, REITs main input is for office space and shopping centers, accounting for 45% of the total investment, residential 11%.

据统计，房地产投资信托基金的主要投入是对写字楼和购物中心，占45 ％的总投资，住宅11 ％。

In the United States, REITs main input is for office space and shopping centers, both the total investment of 45%, residential 11%.

在美国，房地产投资信托基金的主要投入是对写字楼和购物中心，无论是投资总额的45 ％，住宅11 ％。

In these years,it has also been gradually introduced into some Asian countries and prospers there.

我国也可以考虑开展房地产投资信托基金，以解决房地产资金缺乏问题，并向投资者提供新的投资渠道。

The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: defaults on or non-renewal of leases by tenants or renewal at lower-than-expected rent or failure to lease at all or on favorable terms, decreases in real estate values and impairment losses, increased interest rates and operating costs or greater-than-expected capital expenditures, our failure to obtain, renew or extend necessary financing, re-financing risks, risks related to our obligations in the event of certain defaults under co-investment ventures and other debt, risks related to debt and equity security financings, difficulties in identifying properties to acquire and in effecting acquisitions, our failure to successfully integrate acquired properties and operations, our failure to divest properties we have contracted to sell or to timely reinvest proceeds from any divestitures, our failure to contribute properties to our co-investment ventures, risks and uncertainties affecting property development, value-added conversions, redevelopment and construction (including construction delays, cost overruns, our inability to obtain necessary permits and public opposition to these activities), our failure to qualify and maintain our status as a real estate investment trust, risks related to our tax structuring, failure to maintain our current credit agency ratings or to comply with our debt covenants, environmental uncertainties, risks related to natural disasters, financial market fluctuations, changes in general economic conditions, global trade or in the real estate sector, inflation risks, changes in real estate and zoning laws, a continued or prolonged downturn in the U.S., California or global economy, risks related to doing business internationally and global expansion, risks of opening offices globally, risks of changing personnel and roles, losses in excess of our insurance coverage, unknown liabilities acquired in connection with acquired properties or otherwise and increases in real property tax rates.

以下因素可能会导致实际结果和未来事件与前瞻性陈述产生重大出入：承租人拖欠租金或者不续租；利率以及经营成本的提高；我们未能获得必要的外部融资；再融资的风险；与合资项目和其它债务发生特定违约时我方承担的义务有关的风险；与债务和股权融资有关的风险；确定拟收购的物业以及完成收购过程中遇到的困难；我们未能成功整合收购的物业和业务；我们未能剥离已经签约出售的物业或未能及时将剥离带来的收益再投资；影响物业开发和建设的风险和不确定性（包括建设延期、费用超支、我们无法获得项目建设所需的必要批准以及公众对项目开发建设的反对等）；我们无法获得或者维持作为房地产投资信托公司的资质；与我们的税收策划有关的风险；无法保持我们目前的信用评级；环保方面的不确定性；与自然灾害有关的风险；金融市场的波动；整体经济状况或者房地产业的变化；房地产和城市规划法律的调整；美国、加利福尼亚州或者全球经济的衰退；与开展国际业务和全球扩张有关的风险；保险范围之外的损失；与被收购的物业有关的或者其它未知责任以及房地产税率的提高等。我们的成功还依赖于总体经济走向，包括利率、所得税法、政府监管、立法、人口总数变化以及我们在10-K表中作的截至2009年12月31日的季度报告中&风险因素&和其它标题项下阐述的其它问题。

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。

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。

Investment aims, you can then decide where to put your money. The golden rule here is spread your risk -- if you put all of your money into Periwigs International, you're setting yourself up as a hostage to fortune.*'Periwigs' is the name of a fictitious company.

在这种情况下，你大概想制定一份包括某些股份的投资组合，同时还有高度可靠的证券、现金储蓄，可能还有可换证券，或分割资本投资信托公司的所得股。

Closed-end investment company, fund ; investment trust

限额型投资公司，限额基金；投资信托公司

Since historical times,England ,where the early inhabitants were Celts, has been conquered three times .

从有历史以来，英国，在此地早期居住的是凯尔特人，已经被征服了三次。

Bluetooth OBEX File Transfer Enables the sending and receiving of files on your phone via Bluetooth.

蓝牙OBEX文件移动允许经过蓝牙传送和接受文件。。。。