REITs在运作过程中基金投资人、管理人和托管人之间就形成特殊的“委托-代理”关系,相应产生“逆向选择”和“道德风险”。文中分析契约型和公司型REITs中的委托-代理关系,并建议建立房REITs管理人、托管人资格条件准入审批程序等措施来解决REITs投资人的“逆向选择”问题和“道德风险”问题。 During the course of operation, REITs form a special relationship between fund investors, managers and custodians, resulting in “adverse selection” and “moral hazard” correspondingly. This paper analyzes the principal-agent relationship of contract-type and company-type REITs, and proposes to set up REITs managers, custodian qualification approval procedures and other measures to solve the “adverse selection” problems and “morality” of REITs investors Risk "problem.