中文摘要：

始于2009年底的紧缩调控政策,使房地产信托异军突起,并成为房地产企业重要融资渠道之一.在房地产信托爆发性增长的同时,由于项目资质差、信托人员经验不足、销售回款困难、融资成本过高等,导致房地产信托违约风险上升.而信托公司短视的激励机制和从业人员道德风险等进一步放大了违约风险,房地产信托的脆弱性则使潜在违约风险变为现实.现有应对违约风险的各种手段只是治标之策,应从创建良好的外部环境、降低道德风险、加强市场约束、规范银信合作等构筑全方位的房地产信托安全网.

英文摘要：

The market cooling policies taken by the Chinese government in 2009 has made real estate investment trusts and the funding they provide to the developers very attractive. Their explosive development since 2009 has been complicated by a series of problems such as the poor quality of some projects, inadequate experience and poor professional training of the staff, high cost of financing, etc., making for increased default risks. The short-term incentive mechanisms of the REITs and predatory staff behavior further exacerbated the problems. The intrinsic fragility of the property trust often transformed potential risks into reality. Current measures that deal with default risks have mostly focused on the surface. Effective containment of default dangers must be approached holistically, involving building a healthy external environment, lowering moral hazards, tightening regulation and the cooperation of the financial institutions.