So, a lot of people switched from savings accounts to REITs -that's called disintermediation.

于是很多人把钱从储蓄账户转向REITs,这被称为去中介化

耶鲁公开课 - 金融市场课程节选

We have democratized -Now, REITs are a rapidly growing force in investing and now we have substantially democratized real estate holdings so it's not exclusively DPPs that are holding -not primarily--we have a lot of REITs now.

房地产投资已经公众化了,投资领域中的REITs正蓬勃发展,使得房产投资从根本上来说,公众化了,而不像DPP具有排他性,现在REITs数量众多

耶鲁公开课 - 金融市场课程节选