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Blockchain real estate financing
Publish: 2021-04-18 12:00:13
1. Ubitquity is a real estate property rights service provider based on blockchain. It is the first time to use cryptocurrency technology to complete the transfer of real estate property rights. It has established the world's first record of real estate instry based on bitcoin blockchain, and managed the real world assets on bitcoin network by using the method represented by colored coins, It shows the potential use of bitcoin blockchain network in the real estate instry
in China, the representative of the combination of blockchain and real estate is the blockchain real estate application "fangyixin" of Xinyuan group, a listed real estate company. Public information shows that Xinyuan is IBM's first partner in the field of blockchain in China
on the platform, IBM provides the underlying blockchain technology and intelligent contract technology. On this basis, Xinyuan builds the upper real estate information database, real estate valuation system, transaction circulation system, risk control and other moles, which are said to support a variety of financial applications such as consumer finance, investment and financing finance, instrial finance, etc., and connect with investment and financing institutions, credit reference institutions and consumer businesses
however, the combination of blockchain and real estate instry is still in its infancy in terms of application. It will take time to test which step it can take and whether it will attract the attention of the national team like digital currency
blockchain not only has an impact on the real estate instry, but also has a potential impact on the existing instries. Coin Ying China and China post are in the forefront of using blockchain technology. Coin Ying China uses blockchain to reshape the crowdfunding instry, while China Post takes the lead in applying blockchain technology to asset custody.
in China, the representative of the combination of blockchain and real estate is the blockchain real estate application "fangyixin" of Xinyuan group, a listed real estate company. Public information shows that Xinyuan is IBM's first partner in the field of blockchain in China
on the platform, IBM provides the underlying blockchain technology and intelligent contract technology. On this basis, Xinyuan builds the upper real estate information database, real estate valuation system, transaction circulation system, risk control and other moles, which are said to support a variety of financial applications such as consumer finance, investment and financing finance, instrial finance, etc., and connect with investment and financing institutions, credit reference institutions and consumer businesses
however, the combination of blockchain and real estate instry is still in its infancy in terms of application. It will take time to test which step it can take and whether it will attract the attention of the national team like digital currency
blockchain not only has an impact on the real estate instry, but also has a potential impact on the existing instries. Coin Ying China and China post are in the forefront of using blockchain technology. Coin Ying China uses blockchain to reshape the crowdfunding instry, while China Post takes the lead in applying blockchain technology to asset custody.
2. After deeply analyzing the application of blockchain in commercial real estate transactions, it is pointed out that blockchain technology has great potential to improve the transparency and efficiency of commercial real estate and save costs by eliminating many defects in the existing key processes. Jinwowo network technology research summarizes the key points of blockchain + real estate:
first, improve the search process of real estate buyers and sellers< Second, rece the cost of investigation before renting and selling< Third, optimize the asset management after leasing and selling.
first, improve the search process of real estate buyers and sellers< Second, rece the cost of investigation before renting and selling< Third, optimize the asset management after leasing and selling.
3. The status quo and trend of the real estate financing system
the status quo and trend of the real estate financing system
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -. Since 1999, the proportion of real estate development loans in the loan balance of financial institutions has been increasing year by year. So far last year, real estate loans accounted for more than 20% of the loan balance. Almost 60-80% of the domestic real estate development funds rely on bank loans. In the financing structure of foreign real estate instry, bank debt financing accounts for 10-15%, while equity and various direct financing account for 70%. Compared with foreign development mode, the risk of domestic banks is obviously higher. Therefore, since last year, the State Council and the central bank have issued a series of macro-control policies to rece investment and tighten monetary policy, and have achieved initial results
the central bank's monetary tightening is tantamount to strangling the aorta of China's real estate instry. How to open up new financing methods and establish new financing platforms has become a top priority for many real estate developers. For developers, the financing methods generally include the following: cooperative development or acquisition of project companies, listing of enterprises, residential mortgage loans, commercial mortgage loans, funds, trusts, real estate asset securitization and financial leasing, etc. This paper will make a brief analysis of the concept and operational feasibility of the above financing methods< Since last year, a number of domestic enterprises have successfully cooperated with foreign capital to develop real estate projects. In July 2003, Morgan Stanley successively established overseas project companies with Shanghai Yongye group, invested 90 million US dollars to build "Jinlin Tiandi Yayuan", and cooperated with Shanghai Fudi group to invest 50 million US dollars to build "Fudi Yayuan"; Singapore Tengfei fund acquired and developed Shanghai Tengfei building. Whether international investment institutions participate in the investment cooperation of domestic enterprises mainly depends on two aspects: one is the basic strength of the project, the other is the corporate image, professionalism and marketization. For domestic enterprises, through cooperation with strong players, we can find the source of high-quality funds, achieve the innovation of investment and financing direction and the integration of financing channels< It is understood that in the United States, the top three real estate enterprises in credit account for 45% of the total market share of the country; In Hong Kong, there are also seven or eight large enterprises with good credit standing, accounting for nearly 80% of the market share. With the increasing demand of real estate development, in the next three years, the real estate development of several big cities in China will mainly focus on a few real estate giants
in the notice on further standardizing the work related to the initial issuance and listing of shares, the CSRC stipulates that joint stock companies must be established for three years before they can apply for initial listing; It is required that the business and management of the issuer have not changed significantly in the past three years, and the actual controller has not changed. However, the process of issuing shares is long, the proceres are complex, the cost is high, and the requirements for enterprise qualification are very strict. The real estate development project itself has the characteristics of long payback period, uneven cash flow, and large performance changes. At present, most real estate companies can not meet this requirement. With the establishment of the second board market, it may bring a little surprise to the developers. However, the emergence of this new investment market may also make some funds withdraw from the real estate investment market, and further promote the pace of survival of the fittest in the real estate instry< Real estate investment fund
the basic principle of real estate investment fund is to diversify investment and rece risk, and its investment in a real estate enterprise will not exceed a certain proportion of the net assets of the fund. According to the international definition, there are three categories of REITs. First, equity real estate investment trust fund. The fund invests in real estate, and its income comes from rents and profits from real estate sales, such as Singapore Government Investment Corporation, American International Group, Macquarie Bank, Morgan Stanley, etc; Second, mortgage loan real estate investment trust fund. The fund loans to real estate owners, and the income comes from the interest of mortgage loans; Third, the mixed real estate investment trust fund. The fund not only invests in real estate, but also loans to real estate developers. At present, another way for foreign funds to enter China's market is to invest in non-performing assets, such as Goldman Sachs and Morgan Stanley's purchase of non-performing assets of asset management companies< At present, there are more than 300 real estate funds in the United States, with the scale of more than 300 billion US dollars, and two thirds of them are listed on the stock exchange. Because there are no clear laws and regulations in China, foreign funds enter the domestic market through financial management companies and investment companies. The nonstandard operation of domestic enterprises and the opacity of the real estate market are still the main obstacles to the entry of overseas funds. According to statistics, there are 57 trust funds in China, of which 20 are invested in real estate, but they are not internationally defined real estate investment trust funds because they do not operate under strict laws related to real estate investment trust funds. With the introction of "one law and two regulations" in the trust instry, it not only standardizes the trust business, but also makes the trust begin to give full play to the special advantages that the bank can not replace, and opens up a new channel of real estate financing, and its prospect is very promising< The procere of real estate investment trust is divided into the following steps: set up the real estate investment collective fund trust plan; Trust companies issue trusts and raise trust funds; Trust companies invest in real estate companies to form equity; The project party (or the third party) promises to buy back the equity; The third party provides performance guarantee for equity repurchase; The project party develops and constructs the project; The project distributes investment income and repurchase equity to the trust company; And the distribution of trust property by the trust company to the trust beneficiaries. Trust has unique advantages in connecting a variety of financial instruments. It can introce overseas funds, act as domestic instrial investment trust funds, enter the project company in the form of fixed return or equity investment, package and list the project company at an appropriate time, complete the early construction of the project, and make the project meet the requirements of bank loan. According to incomplete statistics, about 7 billion yuan of funds entered the real estate sector through trust in 2003. Generally, the trust period is less than three years, and the expected rate of return is as high as 8.4%, most of which are more than 4%. The expected return is far higher than the agreement loan of the bank, so it is quite attractive to investors
at present, real estate enterprises use trust funds as bonds or loans, with higher cost and no lower risk than banks. Trust procts and their publicity and marketing planning also need perfect market support to make their circulation more convenient. Trust can not compete with bank loans in China. Therefore, although trust has many advantages, e to the inherent limitations of trust procts and strict policy restrictions, the threshold for indivial investors is relatively high, which makes financing difficult< Real estate asset securitization (including RMBs of housing loan securitization and CMBS of commercial property securitization)
the implementation of securitization must establish an independent evaluation system, a credit guarantee intermediary system, and a national bank trading network. At present, there is no complete housing financial system and related insurance system in China, and the housing provident fund system is only limited to some urban areas. In the absence of influential independent asset appraisal companies and credit guarantee intermediaries, it is obvious that there are technical difficulties in the evaluation of real estate land price and ground construction quality, which increases the risk of housing mortgage securitization. Real estate credit is not only the best quality assets of banks, but also the growth rate is very fast. At present, the average annual growth rate of personal housing mortgage loan is 112.8%; At the end of 2003, the balance of personal loans reached 1178 billion yuan, 60 times that of 1977, accounting for 6.69% of the total balance of social loans of 16.98 trillion yuan. If there is no complete credit guarantee system, large-scale implementation of housing credit asset securitization will be a potential risk for banks. Asset securitization is not only beneficial to real estate developers, but also beneficial to banks, recing the risk of banks relying solely on loans< It is reported that the plan of mortgage-backed securitization has been brewing for three years and was submitted to the State Council in March 2003. It is believed that it will be introced soon
6. New real estate financial procts (including mortgage insurance and ownership insurance)
at present, the scale of funds available in the insurance instry has exceeded 800 billion yuan. Through the professional evaluation of the project, the insurance company obtains the possibility of accidents in all aspects of the construction, and takes targeted preventive measures for this possibility; In addition, the insurance company will invite professionals to supervise the whole process of the construction project to minimize various unsafe factors; For the consumers who have purchased the construction insurance project, the intervention of the insurance company is equal to adding a supervision organization for the project, and for the losses caused by accidents, the insurance company will compensate according to the insurance contract, which undoubtedly reces the risk of investment and real estate. It should be a new financing way for huge insurance funds to intervene in the long-term stability of real estate. It is another very important new financing channel for insurance to get involved in the real estate instry. However, there are few tools available in the existing market, and there are certain obstacles in policy. There is still a buffer process for the convergence with the real estate instry
7. Real estate financial leasing
real estate financial leasing refers to that the developer who owns a piece of land rents the land to another investor to develop and construct a house, and uses the annual rent as the mortgage to apply for the full amount of long-term mortgage loan for the development project; Or the developer obtains the right to use and occupy the land through leasing, and applies to the bank for long-term mortgage loan with the real estate developed by himself as the mortgage
as a market-oriented operation carrier, real estate financial leasing companies can absorb social investment by absorbing shareholders' investment, or by borrowing, lending, issuing bonds and listing in the money market and capital market. House users directly obtain the right of use by paying rent. Real estate financial leasing can make flexible arrangements for the leaseholder, and the leaseholder and the leaseholder can also negotiate the rent price. At the same time, real estate companies can also promote their procts through their own or holding leasing companies. For the lessor, because before the expiration of the contract, the lessor is always the property owner of the real estate, it greatly reces the threshold of housing consumption and reces the risk. The lessors get income by collecting rent, and get higher return than bank interest in a relatively risk-free way. Leasing companies can also transfer the right to collect rent to investors through asset securitization and property trust, so as to disperse the operational risk
in the United States, the United Kingdom and other western countries where the leasing instry is relatively developed, the average annual growth of the financial leasing instry has reached 30%, becoming the second largest financing mode after bank credit. With the establishment and improvement of China's socialist market economy, financial leasing will become the third important capital market financing mode after loans and securities. At present, there are many savings deposits in China
the status quo and trend of the real estate financing system
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -. Since 1999, the proportion of real estate development loans in the loan balance of financial institutions has been increasing year by year. So far last year, real estate loans accounted for more than 20% of the loan balance. Almost 60-80% of the domestic real estate development funds rely on bank loans. In the financing structure of foreign real estate instry, bank debt financing accounts for 10-15%, while equity and various direct financing account for 70%. Compared with foreign development mode, the risk of domestic banks is obviously higher. Therefore, since last year, the State Council and the central bank have issued a series of macro-control policies to rece investment and tighten monetary policy, and have achieved initial results
the central bank's monetary tightening is tantamount to strangling the aorta of China's real estate instry. How to open up new financing methods and establish new financing platforms has become a top priority for many real estate developers. For developers, the financing methods generally include the following: cooperative development or acquisition of project companies, listing of enterprises, residential mortgage loans, commercial mortgage loans, funds, trusts, real estate asset securitization and financial leasing, etc. This paper will make a brief analysis of the concept and operational feasibility of the above financing methods< Since last year, a number of domestic enterprises have successfully cooperated with foreign capital to develop real estate projects. In July 2003, Morgan Stanley successively established overseas project companies with Shanghai Yongye group, invested 90 million US dollars to build "Jinlin Tiandi Yayuan", and cooperated with Shanghai Fudi group to invest 50 million US dollars to build "Fudi Yayuan"; Singapore Tengfei fund acquired and developed Shanghai Tengfei building. Whether international investment institutions participate in the investment cooperation of domestic enterprises mainly depends on two aspects: one is the basic strength of the project, the other is the corporate image, professionalism and marketization. For domestic enterprises, through cooperation with strong players, we can find the source of high-quality funds, achieve the innovation of investment and financing direction and the integration of financing channels< It is understood that in the United States, the top three real estate enterprises in credit account for 45% of the total market share of the country; In Hong Kong, there are also seven or eight large enterprises with good credit standing, accounting for nearly 80% of the market share. With the increasing demand of real estate development, in the next three years, the real estate development of several big cities in China will mainly focus on a few real estate giants
in the notice on further standardizing the work related to the initial issuance and listing of shares, the CSRC stipulates that joint stock companies must be established for three years before they can apply for initial listing; It is required that the business and management of the issuer have not changed significantly in the past three years, and the actual controller has not changed. However, the process of issuing shares is long, the proceres are complex, the cost is high, and the requirements for enterprise qualification are very strict. The real estate development project itself has the characteristics of long payback period, uneven cash flow, and large performance changes. At present, most real estate companies can not meet this requirement. With the establishment of the second board market, it may bring a little surprise to the developers. However, the emergence of this new investment market may also make some funds withdraw from the real estate investment market, and further promote the pace of survival of the fittest in the real estate instry< Real estate investment fund
the basic principle of real estate investment fund is to diversify investment and rece risk, and its investment in a real estate enterprise will not exceed a certain proportion of the net assets of the fund. According to the international definition, there are three categories of REITs. First, equity real estate investment trust fund. The fund invests in real estate, and its income comes from rents and profits from real estate sales, such as Singapore Government Investment Corporation, American International Group, Macquarie Bank, Morgan Stanley, etc; Second, mortgage loan real estate investment trust fund. The fund loans to real estate owners, and the income comes from the interest of mortgage loans; Third, the mixed real estate investment trust fund. The fund not only invests in real estate, but also loans to real estate developers. At present, another way for foreign funds to enter China's market is to invest in non-performing assets, such as Goldman Sachs and Morgan Stanley's purchase of non-performing assets of asset management companies< At present, there are more than 300 real estate funds in the United States, with the scale of more than 300 billion US dollars, and two thirds of them are listed on the stock exchange. Because there are no clear laws and regulations in China, foreign funds enter the domestic market through financial management companies and investment companies. The nonstandard operation of domestic enterprises and the opacity of the real estate market are still the main obstacles to the entry of overseas funds. According to statistics, there are 57 trust funds in China, of which 20 are invested in real estate, but they are not internationally defined real estate investment trust funds because they do not operate under strict laws related to real estate investment trust funds. With the introction of "one law and two regulations" in the trust instry, it not only standardizes the trust business, but also makes the trust begin to give full play to the special advantages that the bank can not replace, and opens up a new channel of real estate financing, and its prospect is very promising< The procere of real estate investment trust is divided into the following steps: set up the real estate investment collective fund trust plan; Trust companies issue trusts and raise trust funds; Trust companies invest in real estate companies to form equity; The project party (or the third party) promises to buy back the equity; The third party provides performance guarantee for equity repurchase; The project party develops and constructs the project; The project distributes investment income and repurchase equity to the trust company; And the distribution of trust property by the trust company to the trust beneficiaries. Trust has unique advantages in connecting a variety of financial instruments. It can introce overseas funds, act as domestic instrial investment trust funds, enter the project company in the form of fixed return or equity investment, package and list the project company at an appropriate time, complete the early construction of the project, and make the project meet the requirements of bank loan. According to incomplete statistics, about 7 billion yuan of funds entered the real estate sector through trust in 2003. Generally, the trust period is less than three years, and the expected rate of return is as high as 8.4%, most of which are more than 4%. The expected return is far higher than the agreement loan of the bank, so it is quite attractive to investors
at present, real estate enterprises use trust funds as bonds or loans, with higher cost and no lower risk than banks. Trust procts and their publicity and marketing planning also need perfect market support to make their circulation more convenient. Trust can not compete with bank loans in China. Therefore, although trust has many advantages, e to the inherent limitations of trust procts and strict policy restrictions, the threshold for indivial investors is relatively high, which makes financing difficult< Real estate asset securitization (including RMBs of housing loan securitization and CMBS of commercial property securitization)
the implementation of securitization must establish an independent evaluation system, a credit guarantee intermediary system, and a national bank trading network. At present, there is no complete housing financial system and related insurance system in China, and the housing provident fund system is only limited to some urban areas. In the absence of influential independent asset appraisal companies and credit guarantee intermediaries, it is obvious that there are technical difficulties in the evaluation of real estate land price and ground construction quality, which increases the risk of housing mortgage securitization. Real estate credit is not only the best quality assets of banks, but also the growth rate is very fast. At present, the average annual growth rate of personal housing mortgage loan is 112.8%; At the end of 2003, the balance of personal loans reached 1178 billion yuan, 60 times that of 1977, accounting for 6.69% of the total balance of social loans of 16.98 trillion yuan. If there is no complete credit guarantee system, large-scale implementation of housing credit asset securitization will be a potential risk for banks. Asset securitization is not only beneficial to real estate developers, but also beneficial to banks, recing the risk of banks relying solely on loans< It is reported that the plan of mortgage-backed securitization has been brewing for three years and was submitted to the State Council in March 2003. It is believed that it will be introced soon
6. New real estate financial procts (including mortgage insurance and ownership insurance)
at present, the scale of funds available in the insurance instry has exceeded 800 billion yuan. Through the professional evaluation of the project, the insurance company obtains the possibility of accidents in all aspects of the construction, and takes targeted preventive measures for this possibility; In addition, the insurance company will invite professionals to supervise the whole process of the construction project to minimize various unsafe factors; For the consumers who have purchased the construction insurance project, the intervention of the insurance company is equal to adding a supervision organization for the project, and for the losses caused by accidents, the insurance company will compensate according to the insurance contract, which undoubtedly reces the risk of investment and real estate. It should be a new financing way for huge insurance funds to intervene in the long-term stability of real estate. It is another very important new financing channel for insurance to get involved in the real estate instry. However, there are few tools available in the existing market, and there are certain obstacles in policy. There is still a buffer process for the convergence with the real estate instry
7. Real estate financial leasing
real estate financial leasing refers to that the developer who owns a piece of land rents the land to another investor to develop and construct a house, and uses the annual rent as the mortgage to apply for the full amount of long-term mortgage loan for the development project; Or the developer obtains the right to use and occupy the land through leasing, and applies to the bank for long-term mortgage loan with the real estate developed by himself as the mortgage
as a market-oriented operation carrier, real estate financial leasing companies can absorb social investment by absorbing shareholders' investment, or by borrowing, lending, issuing bonds and listing in the money market and capital market. House users directly obtain the right of use by paying rent. Real estate financial leasing can make flexible arrangements for the leaseholder, and the leaseholder and the leaseholder can also negotiate the rent price. At the same time, real estate companies can also promote their procts through their own or holding leasing companies. For the lessor, because before the expiration of the contract, the lessor is always the property owner of the real estate, it greatly reces the threshold of housing consumption and reces the risk. The lessors get income by collecting rent, and get higher return than bank interest in a relatively risk-free way. Leasing companies can also transfer the right to collect rent to investors through asset securitization and property trust, so as to disperse the operational risk
in the United States, the United Kingdom and other western countries where the leasing instry is relatively developed, the average annual growth of the financial leasing instry has reached 30%, becoming the second largest financing mode after bank credit. With the establishment and improvement of China's socialist market economy, financial leasing will become the third important capital market financing mode after loans and securities. At present, there are many savings deposits in China
4. Hello, the real estate instry is a highly capital intensive instry. The characteristics of large-scale development investment, long periodicity, high risk and high income make the real estate instry need large and concentrated funds. The success of enterprise financing is related to the smooth progress of real estate projects and even the survival and development of the whole real estate enterprise. However, the traditional financing methods and channels have been difficult to meet the needs of the rapid development of the real estate instry, which makes the real estate enterprises face a serious shortage of funds. How to broaden the financing channels of real estate, so that all parties can get better returns, has become a common concern of real estate enterprises. China's real estate financing should establish a multi-level real estate financing system to meet the needs of diversified financing
hope to adopt!
hope to adopt!
5.
The book "20 models and successful cases of China's real estate financing" systematically studies and summarizes the theory of China's real estate financing, explores and introces 20 models of China's real estate financing, and lists a large number of successful cases to prove the practicability of these 20 models. It should be said that this book is the latest research achievement of China's real estate finance theory and the operation guide of China's real estate financing practice. The publication of this book will play a good role in helping to solve the problems of the current shortage of funds and financing difficulties of China's real estate enterprises
6. 1. Enterprise business license
2, enterprise organization code certificate
3, enterprise tax registration certificate
4, enterprise bank basic account opening license
5, enterprise loan card
6, real estate development qualification certificate
7, land certificate for financing real estate projects
8, land use planning license for financing real estate projects
9 Construction project planning license for financing real estate project
10, construction license for financing real estate project
11, pre-sale license for financing real estate project
12, company profile, shareholder profile, business plan
13, financing plan (financing amount, term, key mortgage, repayment source), Statements for the past three years
2, enterprise organization code certificate
3, enterprise tax registration certificate
4, enterprise bank basic account opening license
5, enterprise loan card
6, real estate development qualification certificate
7, land certificate for financing real estate projects
8, land use planning license for financing real estate projects
9 Construction project planning license for financing real estate project
10, construction license for financing real estate project
11, pre-sale license for financing real estate project
12, company profile, shareholder profile, business plan
13, financing plan (financing amount, term, key mortgage, repayment source), Statements for the past three years
7. 1. Development loan financing (the most common and the easiest): that is to apply for development loan financing from the bank after obtaining land and four certificates. The interest rate is usually low, slightly higher than the current loan interest rate of 20%; However, the supervision of development loan is often strict, the quantity is limited, and it is inconvenient to misappropriate
2. Mortgage financing of construction in progress: in principle, it can not be obtained at the same time as development loan, but now it is basically operational
3. Corporate bond financing: this kind of financing is usually suitable for listed companies, especially in Hong Kong and abroad. The interest rate is extremely low. The higher the credibility of the enterprise, the lower the cost. It is the first choice of the enterprise, but the debt ratio needs to be controlled
4. Equity financing: equity cooperation among enterprises, equity investment of fund side, fund raising from shareholders, directional fund raising, public fund raising (additional issuance, etc.). At present, more fake shares are used to increase debt, that is, fund companies intervene in the form of equity, but do not participate in the management, and agree to buy back shares at the agreed interest at a certain node in the future
5. Other ways: financial management, in fact, is to raise funds through a third party, similar to mortgage loans
2. Mortgage financing of construction in progress: in principle, it can not be obtained at the same time as development loan, but now it is basically operational
3. Corporate bond financing: this kind of financing is usually suitable for listed companies, especially in Hong Kong and abroad. The interest rate is extremely low. The higher the credibility of the enterprise, the lower the cost. It is the first choice of the enterprise, but the debt ratio needs to be controlled
4. Equity financing: equity cooperation among enterprises, equity investment of fund side, fund raising from shareholders, directional fund raising, public fund raising (additional issuance, etc.). At present, more fake shares are used to increase debt, that is, fund companies intervene in the form of equity, but do not participate in the management, and agree to buy back shares at the agreed interest at a certain node in the future
5. Other ways: financial management, in fact, is to raise funds through a third party, similar to mortgage loans
8.
1、 Listed financing real estate enterprises can quickly raise a huge amount of funds through listing, and the funds can be used as registered capital permanently without fixed repayment period. Therefore, it has great advantages for some large-scale development projects, especially for commercial real estate development. Some large and medium-sized enterprises that are eager to expand their scale and capital and have development potential can also consider buying (borrowing) shell to go public for financing
There are two ways for foreign real estate funds to enter the domestic capital market: one is to apply to the Chinese government for special approval to operate real estate projects or to purchase non-performing assets; The second is to set up investment management companies to legally avoid restrictions, and to realize the legal circulation and recovery of funds through direct or circuitous ways such as buy back, buy out and lease. The cooperation between overseas funds and domestic real estate enterprises is characterized by a high degree of concentration. Most of the overseas funds invest in China's real estate enterprises, which require high reputation, scale and strength. However, compared with other enterprises, powerful developers have broader financing channels, and the cost of overseas funds is higher than bank loans, trusts and other financing channels. Therefore, the influence of overseas funds in China's real estate is still very limited Third, joint development is a way for real estate developers and operators to develop real estate projects in a cooperative way. Joint development can effectively rece the investment risk and realize the sustainable development of commercial real estate development and commercial network construction. Most developers hold the idea of leaving after selling their houses, so it is impossible for them to make perfect planning and long-term operation for commercial real estate projects. Therefore, it is easy for the developers to sell hot at the same time, but after they leave, the commercial city and Commercial Street are becoming increasingly depressed. The cooperative development of developers and operators can achieve the consistency of goals and strategies ring the real estate development, and rece the possibility of the above phenomenon Fourthly, under the influence of the national macro-control policy, there will be two kinds of big contrast in the real estate market: on the one hand, some small and medium-sized real estate enterprises with land resources and lack of development capital cost will suspend the construction of a large number of projects because they have no way to raise money. Only by entering the land into the market as soon as possible can they ensure that their land will not be recovered; On the other hand, some large-scale real estate enterprises with strong financial strength suffer from the lack of land in their hands, which makes the project stranded. Therefore, they seize the opportunity to acquire small and medium-sized enterprises and high-quality real estate projects, so as to realize the rapid expansion of scale At the end of 2003, China's first commercial real estate investment trust plan "Auchan Tianjin first store fund trust plan" was launched in Beijing, representing the rudiment of China's real estate trust fund (REITs). But it has not been listed on the market, the real estate investment lacks diversity, does not participate in the development process of real estate and other issues, which makes the past REITs procts in our market very different from the real REITs in the international sense. The risk return characteristics of REITs are low equity and high liquidity; Secondly, the income is stable, the volatility is small, the market return is high, the tax preference can be enjoyed, and the shareholders' income is high; At the same time, REITs implements professional team management, which effectively reces the risk Sixth, real estate bond financing has higher requirements for financing enterprises, and it is difficult for small and medium-sized real estate enterprises to set foot in. In addition to the imperfection of China's corporate bond market operation mechanism and some defects of corporate bond itself, most of the domestic real estate enterprises do not use this kind of financing method (7) mezzanine financing mezzanine financing is a trust proct between equity and creditor's rights. In the field of real estate, mezzanine financing often refers to other subordinated debt or preferred stock that does not belong to mortgage loan. It is often a combination of different creditor's rights and equity. In China's real estate financing market, mezzanine financing, as a variety of real estate trust, has strong operability. The most direct reason is that mezzanine financing can bypass the CBRC document 212, which stipulates that the developers of the newly issued real estate collective fund trust plan must have complete "four certificates", more than 35% of their own funds, and have the second level or above development qualification. Compared with REITs, mezzanine financing can better solve the urgent financing problem before the "four certificates" are complete The firewall of real estate trust financing is the legal and institutional advantage of trust procts. The trust property is neither the assets nor the liabilities of the trust company. Even if the trust company goes bankrupt, the trust property will not be affected by the liquidation, realizing the risk isolation. In addition, the trust is very flexible in the way of supply, and can design personalized trust procts according to the operation needs of real estate enterprises and specific projects. The main defects of trust financing are as follows: first, the scale of financing is small; Second, the liquidity is poor, because of the strict restrictions of "one law and two regulations", it is far from being able to meet the growing demand of investors for transfer; The third is the restriction on private placement, which stipulates that the number of fund trust plans should not exceed 200, which is equivalent to raising the threshold for investors Project financing project financing refers to that the project undertaker (i.e. the shareholder) establishes a project company for the operation of the project, takes the project company as the borrower to borrow the loan, takes the cash flow and income of the project company as the source of repayment, and takes the assets of the project company as the collateral of the loan The real estate developers provide funds, entrust commercial banks to issue entrusted loans to the buyers of their commercial houses, and the developers subsidize the interest for a certain period of time, which is essentially a kind of "seller's credit". The discount entrusted loan of developers provides the discount to the consumers who buy houses, which is beneficial to the capital recovery of the real estate developers in the real estate sales stage, can avoid the debt and financial crisis of the real estate development enterprises in the case of temporary poor sales, and can solve the financing bottleneck problem for some powerful real estate companies Short term financing bonds short term financing bonds refer to the securities issued by enterprises in accordance with legal proceres and agreed to repay the principal and interest within 3, 6 or 9 months to meet the temporary and seasonal short-term capital needs of enterprises. Short term financing bonds have the characteristics of flexible interest rate, flexible term, fast turnover and low cost, which undoubtedly provides a possible choice for China's real estate instry which is short of funds. Short term financing bonds have no legal constraints on real estate enterprises of different sizes. However, in the current situation, e to the underwriting system in the issuance of short-term financing bonds, the Underwriters, considering their own interests, must give priority to the enterprises with good qualifications and large issuance scale Financial leasing according to the contract law, the real estate financial leasing contract refers to that after the house is selected by the House Lessee himself or through the lessor, the lessor purchases the house from the real estate seller and gives it to the lessee for use, and the lessee pays the rent Real estate securitization real estate securitization is a financial transaction process that directly transforms the real estate investment with low liquidity and non securities form into securities assets in the capital market, so that the relationship between investors and investment objects is transformed from direct ownership of property rights into the form of securities with creditor's rights. Real estate securitization includes real estate project financing securitization and real estate mortgage securitization. China is in the primary stage of real estate securitization, and the ongoing housing mortgage securitization is the starting point
development materials:
in a narrow sense, financing is the behavior and process of an enterprise ', From certain channels to the company's investors and creditors to raise funds, organize the supply of funds, in order to ensure the company's normal proction needs, financial management activities need
in a broad sense, financing is also called finance, which is the financing of monetary funds. The parties raise or lend money in the financial market through various ways The new Palgrave Dictionary of economics explains financing as follows: financing refers to the monetary transaction means adopted to pay more than cash purchase price, or the monetary means adopted to obtain assets
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