securitization shall refer to an act by which a trustee establishes a reit or reat pursuant to the provisions of this act and acquires funds from issuing beneficial securities to non-specific persons through public offering or delivering beneficial securities to specific persons through private placement
证券化:指受托人依本法规定设立信托基金或基金，以公开发售方式向非特定人士发行受益证券，或以私募方式向特定人士交付受益证券，取得资金之行为
以上为机器翻译结果，长、整句建议使用 人工翻译 。
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