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文山翻譯公司關鍵字：would shut out many small investors, there is no way they can not afford to enter this one require huge amounts of money, there are lucrative areas of investment; ③ For institutional investors, REITs are a high income, less risky investment vehicles. Figure 1 is the U.S. REITs and the S & P5OO yield comparison.
Can be seen from the photos, the United States is much higher than the yield of REITs S & P500's return. In addition, returns to investors mainly from real estate held by REITs regular rent, mortgage interest and other stable income, so REITs more stable cash flow, volatility small. β coefficient is a measure of the volatility of investment instruments and the volatility of a standard index of the relative value. 1972 to 2000 in the U.S. REITs, the average β coefficient of 0.56, which indicates that the volatility of REITs in the S & P500 is only 0.56. Moreover, REITs and stock market correlation is very low, "from 1991 to 2002, U.S. REITs and the S & P500 index correlation is only 0.26%." Stock market downturn in our case, REITs for the majority of investors a superior investment tool. ④ For the country, REITs can promote changes in the real estate speculators to investors, so that the healthy development of real estate. First, REITs not only to provide developer funding, but also directly involved in the management of specific projects, by an experienced professional real estate managers to monitor the development of the project, advice on business management, improve project quality. Second, REITs income, mainly through a mature property to rent as the main source of income; another small part of the mortgage loans for real estate interest as the main source of income is relatively stable. This is a long-term, stable, high-yield investment. Third, REITs in the long term, the annual income must be distributed to most, can promote short-term speculation to long-term investment changes. In China, real estate is in development stage, due to the huge real estate profits, attracting some of the speculators through short-term operation, reselling real estate make the difference, these non-deformed to the real demand pushed up the price of real estate into the real estate bubble, is not conducive to the healthy development of China's real estate industry, will bring stability to the country's negative
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