1、 7/7專業(yè)英語(yǔ)結(jié)課作業(yè)-人文地理學(xué)-研究生二年級(jí) 專業(yè)英語(yǔ)結(jié)課作業(yè) 寧2012級(jí)人文地理 On Financing Models of Real Estate Enterprise 房地產(chǎn)公司的融資模式 Abstract: Against the background that the central government is strengthening macro control and tightening credit scale of real estate businesses, financing capacity becomes the determinant for a r

2、eal estate enterprises development. Domestic enterprises nave many ways of financing, and this paper describes ten common models, simply analyses the advantages and disadvantages of each model, while explains and recommends three financing examples models with practical examples : individual entrust

3、ed loan, trust financing and assets securitization. 2、Common financing model for real estate enterprises 房地產(chǎn)公司的一般融資模式 Domestic real estate enterprises have different financing models, each with advantages and disadvantages, and they are summarized as follows: 2.1 Bank loans 銀行貸款 This is a traditiona

4、l financing method. According to statistics, before No.121 Paper from the Peoples Bank of China, real estate projects sourced about 60% of the fund directly or indirectly from banks. Bank loans include credit loans, mortgage loans, etc. Some enterprises used to mortgage the land they take for loans,

5、 arrear part of land transferring fees, stage the project development, subcontract the project with advance capital and forward sale, etc. to rapidly recover funds. Nowadays, these ways are not workable. 2.2 Institutional investments + bank loans 機(jī)構(gòu)投資+銀行貸款 Institutional investments plus bank loans,

6、this model is also referred as bridge loans. When real estate enterprises are not able to self-fund for land grant fee, etc., institutional investors provide short-term capital support (bridging), to keep the project moving (crossing bridge). When the projects have cash inflow, Banks began to loan.

7、For enterprises targeting at further development, this model only ease the cash tightness for a while, not a guarantee for long-term financial support. 2.3Equity financing 股權(quán)融資 Equity financing model is broadly adopted in real estate industry. In order to get financed, many real estate project devel

8、opers are willing to attract funds through capital and equity increase. The largest shortcoming缺點(diǎn)of this model is that the developers have to give out分發(fā)a large part of profits, which is not quite acceptable for companies with good projects這一點(diǎn)并不能為擁有好項(xiàng)目的公司所接受. In addition, as equity financing involves

9、 management and administrative power由于股權(quán)融資包括管理和行政權(quán)力, enterprises for long-term development would not prefer this method企業(yè)長(zhǎng)期發(fā)展并不喜歡這種方式. 2.4Corporate bonds 公司債券 This method is often used for new projects, with a higher interest rate than that of banks of the same period比銀行同期利率更高的利息. Large enterprises

10、generally issue more bonds, while general real estate projects seldom can get a chance to issue bonds大公司通常會(huì)發(fā)行很多債券，但通常不動(dòng)產(chǎn)項(xiàng)目很少能有這樣的機(jī)會(huì). The requirements on the bond-issuer are strict, only exclusively-state-owned companies, public companies, and limited liability companies established by two state-owne

11、d investment subjects are qualified 債券發(fā)行人的要嚴(yán)格的,只有完全國(guó)有企業(yè),上市公司,有限責(zé)任公司建立了兩個(gè)國(guó)有投資主體才有資格。Meanwhile, the bond-issue should be entrusted to a security company, and there are strict requirements for the enterprise asset-liability ratio, capital fund and guarantee資本金和保證金. The procedure is complicate and rigor

12、ous, and because of the limited size and activities of China bond market, both issuing and holding bonds are risky. 這個(gè)過(guò)程是復(fù)雜和嚴(yán)格,由于有限的規(guī)模和活動(dòng)的中國(guó)債券市場(chǎng),無(wú)論是發(fā)行和持有債券是有風(fēng)險(xiǎn)的。 2.5 Financing by listing 上市融資 Financing through listing in the stock market is a well known financing method. Besides domestic security ma

13、rkets, listing in overseas especially in HK stock markets are preferred by domestic enterprises. 通過(guò)上市融資是股票市場(chǎng)上一個(gè)眾所周知的融資方法。除了全市場(chǎng),在海外尤其在上市股票市場(chǎng)是國(guó)企業(yè)的首選。 Due to numerous restrictions on real estate enterprises to go public, back-door listing借殼上 市is the dominant way for them to complete the plan. If they c

14、an technically make use of back-listing, enterprises will get financed easily. Long process, complex procedure, high cost, and strict qualification requirements, all these would fail most real estate companies. 2.6 Joint financing within the industry行業(yè)的聯(lián)合融資 Enterprises in the industry join together,

15、 collect idle capital in other fields and put it into enterprises or projects in need of funds, while the later pay for the utilization. 企業(yè)在行業(yè)聯(lián)合，收集閑散資金并投入需要資金的企業(yè)或項(xiàng)目上，后者需支付一定的使用金With this mutual and self financial assistance, enterprises can boost the project development, improve surrounding environm

16、ent, and optimize the use of funds. But this model is confined to a small range and projects with small amount of capital needs, and is not suitable for relatively large projects with great investments. 2.7Project financing 項(xiàng)目融資 This model is used for specific projects.特殊工程使用這種方式Project undertaker (

17、meaning shareholders) sets up a project company for a specific project, applies for loans with the project company as the borrower, repay the loans with the cash flow and earnings of the company, and mortgages assets of the company as loan collateral. 項(xiàng)目承擔(dān)者(即股東)為特定 的項(xiàng)目設(shè)立項(xiàng)目公司,項(xiàng)目公司作為借款人申請(qǐng)貸款,公司現(xiàn)金流和收益償還

18、貸款,抵押公司 資產(chǎn)作為貸款抵押品。Project financing raising capital relies on the project initiators credit or assets, while loan banks qualify the repayment ability through assets of the project and future cash flow. This mode is commonly used for power generation, road bridge and other large infrastructure projec

19、ts with stable cash flow, and now large petrochemical projects are included. 這種模式常用于發(fā)電、道路橋梁等大型基礎(chǔ)設(shè)施項(xiàng)目和穩(wěn)定的現(xiàn)金流,以及大型石化項(xiàng)目。 2.8 Individual entrusted loan個(gè)人委托貸款 This model is to finance specific areas and groups through cooperation between real estate enterprises and banks and other financial institutions.

20、 這個(gè)模式是房地產(chǎn)企業(yè)和銀行以及其他金融機(jī)構(gòu)在特殊金融領(lǐng)域的合作。Individual investors entrust banks to loan idle capital to real estate enterprises, to get a fixed return much higher than bank deposit interests of the same period, while real estate companies get loans special for real estate development projects, and take the resp

21、onsibility of repaying capital and interests on schedule. 2.9 Trust financing 信托融資 Compared with bank loans, real estate trust financing can not only reduce the overall operation cost of real estate industry and cut financial costs, but also be good for continuous use of real estate funds and the de

22、velopment of real estate enterprises. With trust financing, real estate companies can get direct loans, equity investment, and asset securitization and so on, via trust investment companies system a rrangement, innovation design and implementation. Trust has unique systemic advantage, vast innovatio

23、n potential and great flexibility, and can serve real estate companies of different levels and different grades. 2.10 Asset securitization 資產(chǎn)證券化 Asset securitization means turning commodity apartments into financial products to be sold with vouchers. Real estate securitization refers to representing

24、 investments in real estate projects in the form of securitization, which turns the direct property rights between investors and investees into securities. Overseas practices prove that real estate securitization can not only expand the capital sources financial institutions involving in real estate

25、 mortage loan business, but also greatly enhance the liquidity of mortgage loans by financial institutions to real estate industrial players. From an investors point of view, investment in real estate securities can reduce survey costs for investors into individual cases, and will be helpful for var

26、ious investors to get in. For a long-term development, domestic real estate enterprises need to develop various financing models, and real estate securitization is the trend. 3、Comparison and selection of real estate enterprise financing models對(duì)比選擇房地產(chǎn)公司融資模式 Besides trust financing, there are many ot

27、her financing models like corporate bonds, issuing stocks and listing, bank loans, equity investment, industrial funds, etc. In fact, most financing methods have disadvantages. Here we will select and explain three practical or potential financing models in detail, in hope of being helpful to Changq

28、ing Property Group Co., Ltd. in the financing and sustainable development. 3.1 Individual entrusted loan個(gè)人委托貸款 Xian Changqing Property Group Co., Ltd. tried a low cost financing method in 2004individual entrusted loan, which had a good result. After several months operation, the company has attracte

29、d an accumulative fund of 60 million RMB. 2004年，長(zhǎng)慶房地產(chǎn)集團(tuán)嘗試了一個(gè)低成本的融資方法個(gè)人委托貸款。這種方法效果顯著，經(jīng)過(guò)幾個(gè)月的運(yùn)行，公司吸引了一比高達(dá)6000萬(wàn)元的累積基金。Judging from current results ,this method is practical for Changqing. At present the procedure for individual entrusted loan is: the principal (depositor) deposits capital in a specific

30、branch of China Construction Bank, and signs relevant legal documents with Changqing, entrusting the bank to make loans to Changqing. The loan is one-year term, with an interest rate of 4.03%, meaning the principle will have a net return of 3.8%, deducting stamp duty, interest tax and so on. 一年期的貸款利

31、率為4.03%，這意味著扣除印花稅、利息稅收等，凈收益率為3.8%。 Individual entrusted loan adds a new way for employees to make investments, and also a try by Changqing in market financing, which can accelerate housing projects development, meeting oilfield workers demand of a home in cities. Changqing should keep pm this practi

32、cal fin ancing model, and gradually expand the range. 3.2 Trust financing信托融資 In 2004, trust products including 3rd Ring Road fund trust, Shaanxi Power fund trust, Shaanxi Natural Gas fund trust caused a buying wave in Xian. 2004年,三環(huán)基金信托、電力基金信托以及天然氣基金等信托產(chǎn)品迎來(lái)一個(gè)消費(fèi)熱潮。 Take the supporting residential pr

33、oject of Science and Technology Park of Xian Jiaotong University for example, under several principles entrust, trustee utilize the collected trust funds in the residential project based on the principles will, and und er the condition that the risk is under effective control. 以支持住宅項(xiàng)目科技園區(qū)的交通大學(xué)為例,在幾個(gè)

34、信托項(xiàng)目中,受托人利用在住宅項(xiàng)目收集到的信托基金,并且在這種情況下風(fēng)險(xiǎn)是可以有效控制的。Taking advantage of the skills and abundant experiences in financing, trustee can provide professional financial services, and obtain trust returns. The trust plan involved an amount of 160 million RMB, providing one-year, two-year, and three-year contract

35、s, and the yield for three-year investment was 4.5%. Trust products can flexibly adapt to and deal with various real estate economic and legal relations, overcoming difficulties other methods fail to solve. 信托產(chǎn)品可以靈活地適應(yīng)和處理 各種房地產(chǎn)經(jīng)濟(jì)和法律關(guān)系,并且克服其他方法無(wú)法解決的困難。Trust is flexible in delivery, and can be designe

36、d into custom fund trust products according to the enterprises operation requirements and the project, thus expanding choices for both the supply and the demand. In view of current operation modes, there are three modes for real estate enterprises using trust for financing: 依據(jù)當(dāng)前的操作模式的不同,可以將房地產(chǎn)企業(yè)使用信托

37、融資的方式分為三種: (1) Conventional Mode of Loaning This is the same with conventional commercial bank loans, and the operation includes five steps: First, property developers and trust investment companies negotiate on the project financing and sign agreement; Second, trust company applies to the relevant

38、governmental departments for approval for the design and distribution for the trust products; Third, the trust company issues trust vouchers publicly to investors; Fourth, the trust company puts the funds raised from issuing vouchers into the real estate projects as credit loans; Fifth, developers c

39、omplete construction and sale of the project, and trust company gets the funds repaid. This model is easy to manage, and has a stable financing costs, but it has to meet the requirements of 200 vouchers with each on less than 50,000 RMB. 這個(gè)模型很容易管理,并有一個(gè)穩(wěn)定的融資成本. This model has limitations in the amoun

40、t (100 million RMB or so) and the scope of the funds. 該模型的金額和資金總量需控制在1億元左右。 (2) Staged Equity Financing股權(quán)融資 In this mode, trust companies inject capital into real estate enterprises through taking equities in it. 在這種模式下,信托公司注資房地產(chǎn)企業(yè)并通過(guò)控股的形式來(lái)控制該類房地產(chǎn)企業(yè)。When raise funds, the trust companies invest in re

41、al estate companies through capital increase, and hold some equities in it. 當(dāng)房地產(chǎn)公司需要籌集資金時(shí),信托公司通過(guò)增資的方式獲得一部分股票。Real estate enterprises promise to buy back the equities in two years at a premium price. 房地產(chǎn)企業(yè)承諾兩年以溢價(jià)的價(jià)格回購(gòu)股票。This mode takes advantages of trust, and can function where a bank cant (as banks

42、 are not allowed for industrial investments). This procedure is: First, trust investment companies raise capital from fund holders by issuing trust products; Second, trust investment companies inject fund in real estate companies through equity investment; Third, trust investment companies obtain eq

43、uity in the real estate companies(such equity is similar to preferred stock, meaning having no rights to make decisions on routine operation, personnel appointments, but have rights to know, veto, make suggestions and so on); Forth, trust investment companies entrust holding equity to original share

44、holders, and sign equity repurchase agreements with the original shareholders and affiliated parties(in order to ensure the buyback, both sides need to have guarantees); Fifth, real estate companies operate the development projects, and obtain cash flows. Sixth, affiliated parties (or the original s

45、hareholders) get fund from real estate companies, and repurchase equity. The trust financing process is over. This mode can increase real estate enterprises capital fund, helping them meet th e requirements of bank financing. 這種模式可以提高房地產(chǎn)企業(yè)資本基金,幫助他們達(dá)到銀行 融資的條件。Trust companies equity financing only req

46、uires a reasonable return in the set time period, not a share of profits, so that real estate companies can solve financial problems, while keep control of the project. 信托公司只需要在特定時(shí)間段的資金回報(bào),而不參與分紅。所以,房地產(chǎn)企業(yè)在解決金融問(wèn)題的同時(shí),并對(duì)該項(xiàng)目進(jìn)行控制。 (3) Transactional trust products事務(wù)信托產(chǎn)品 This trust plan can bring a return a

47、s high as 6% to investors, but with more intermediate operations and low liquidity, which matters most. 此類信托計(jì)劃可為投資者帶來(lái)高達(dá)6%的回報(bào)。 Judging from future development, the diversification of trust investment products is vital to trust products, and also is an important trend for real estate trust financing.

48、從未來(lái)的發(fā)展來(lái)看,對(duì)于房地產(chǎn)信托融資，信托投資產(chǎn)品的多樣化是至關(guān)重要的,也是信托產(chǎn)品的一個(gè)重要趨勢(shì)。There is great potential for China real estate trust financing. 3.3 Asset Securitization資產(chǎn)證券化 Asset securitization is the financing method with the most potential. Real estate securitization as an innovative financing method emerged in 1950s in the United