S. legal environment is completely different from the current legal environment in China. REITs is not really fit the system of graft in China's national conditions.

美国的法律环境完全不同于中国现阶段的法律环境，纯粹的制度移植无法真正契合中国的国情。

youdao

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

Tour Eiffel has a 5.7% earnings yield, a full percentage point greater than the French ten-year, whereas U.S. REITs average just a half-point over the ten-year T note.

FORBES: Old Europe's Realty Riches

Australian institutions have been co-investing with U.S. REITs.

FORBES: Good Neighbors

But Thornburg has a marketing advantage over other REITs -- he can claim he's helping charities.

FORBES: The office-park deduction