On the other hand, Rule 212 and Rule 54 only apply to collective trusts products. They do not apply to single trusts. As a result, the single trusts are becoming the favourite of trust institutions and investors.
　　2.3　　　REITs and Industry Investment Funds
　　There are no REITs or industry investment funds in China now. The most similar product is the trust mentioned above. However, many people, from academics, market practitioners or governments, are advocating for domestic REITs and industry investment funds. On some occasions, government officials have even indicated that regulations regarding REITs and industry investment funds will come out at the end of 2006.
　　In the meantime, overseas REITs and real estate investment funds are active in the China real estate market. Currently, most of them are from Hong Kong, Singapore and Australia; and those from USA and Europe are now flooding into China.
　　Among them, the most active now is the CapitalRetail China Trust ("CRCT", a trust company of Singapore Capitaland). CRCT has obtained approval from the Singapore Exchange to list on its main board market. CRCT is the first REIT that purely holds China retail properties and is also the first trust unit of China property that is listed on an overseas market after the promulgation of Rule 171. It has purchased shopping malls in Beijing, Shanghai, Henan, Inner Mongolia and Anhui, and is planning to expand its investment in the second level cities in China.
　　2.4　　　Securitisation
　　Asset securitisation, including real estate securitisation, has been a hot topic in China for many years. Now it is becoming one of the hottest practices in China.
　　The typical product now in the China securitisation market is securitisation of non-performing loans (NPL) from the big four asset management companies and other commercial banks. In late November 2006, "Dongyuan 2006-1ABS" of Oriental Assets Management and "Phoenix 2006-1 ABS" of Xingda Assets Management were approved by the CBRC.

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