Can the listed property be developed?

Ways and means of financing for real estate developers;

First, listing financing.

Real estate enterprises can quickly raise huge amounts of funds through listing, and the funds raised can be used as registered capital permanently, with no fixed repayment period. Therefore, it has great advantages for some large-scale development projects, especially commercial real estate development. Some large and medium-sized enterprises eager to expand their scale and capital development potential can also consider buying (borrowing) shells to go public for financing.

Two. overseafund

At present, foreign real estate funds generally have the following two ways to enter the domestic capital market:

First, apply to the China municipal government for special permission to operate real estate projects or purchase non-performing assets;

The second is to set up investment management companies to legally circumvent restrictions and realize the legal circulation and recovery of funds through direct or indirect means such as buying back houses, buyouts and leasing.

The cooperation between overseas funds and domestic real estate enterprises is characterized by high concentration. Overseas funds invest in real estate in China, and most of them choose large real estate enterprises, which require high reputation, scale and strength. However, powerful developers have wider financing channels than other enterprises, and the cost of overseas funds is higher than that of bank loans, trusts and other financing channels. Therefore, the influence of overseas funds in China real estate is still very limited.

Third, joint development.

Joint development is a way for real estate developers and operators to develop real estate projects in a cooperative way. Joint development can effectively reduce investment risks and realize the sustainable development of commercial real estate development and commercial network construction. Most developers hold the business idea of selling houses and leaving people, so they can't make perfect planning and long-term operation of commercial real estate projects. So it is easy for developers to sell well in time, but after they left, the commercial city and commercial street became more and more depressed. The cooperative development between developers and operators can achieve the consistency of goals and strategies in the process of real estate development and reduce the possibility of the above phenomenon.

Fourth, mergers and acquisitions.

Under the influence of the national macro-control policy, there will be two diametrically opposite situations in the real estate market: on the one hand, some small and medium-sized real estate enterprises that have land resources but lack the cost of development funds have stopped the construction of a large number of projects because of lack of money, and only by entering the market as soon as possible to develop land can they ensure that the land will not be recovered; On the other hand, some large-scale real estate enterprises with strong financial strength ran aground due to lack of land, so they seized the opportunity to acquire small and medium-sized enterprises and high-quality real estate projects, thus achieving rapid expansion of scale.

Verb (abbreviation of verb) real estate investment trust

At the end of 2003, China's first commercial real estate investment trust plan "French Auchan Tianjin First Store Fund Trust Plan" was launched in Beijing, representing the embryonic form of China Real Estate Trust (REITS). However, the previous REITS in China market are very different from the real REITS in the world because of the lack of diversification of real estate investment and participation in the development process of real estate. The risk-return characteristics of REITS are: low equity capital and high liquidity; Secondly, the income is stable, the fluctuation is small, the market returns are high, and you can enjoy tax incentives. When the shareholder's income is high, REITS implement professional team management, which effectively reduces the risk.

Intransitive verb real estate bond financing

It is difficult for small and medium-sized real estate enterprises to get involved in debt financing, which puts forward higher conditions for financing enterprises. Coupled with the imperfection of the operating mechanism of China's corporate bond market and a defect of corporate bonds themselves, most domestic real estate enterprises do not adopt this financing method.

Seven, mezzanine financing

Mezzanine financing is a trust product 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 loans, and is often a combination of different creditor's rights. In China's real estate financing market, mezzanine financing, as a variant of real estate trust, has strong maneuverability. The most direct reason is that mezzanine financing can bypass the policy that the newly issued real estate collective fund trust scheme developers must have complete "four certificates", more than 35% of their own funds and have secondary development qualifications. Compared with REITS, mezzanine financing can better solve the emergency financing problem before the "four certificates" are complete.

Eight. Real estate trust financing

Firewall is the legal and institutional advantage of trust products. Trust property is neither an asset nor a liability of a trust company. Even if the trust company goes bankrupt, the entrusted property will not be affected by liquidation, thus achieving risk isolation. In addition, trust is very flexible in supply mode, and personalized trust products can be designed according to the operational needs of real estate enterprises and specific projects. The main defects of entrusted financial management are: first, the financing scale is small; The second is poor liquidity. Due to the strict restrictions of "one law and two regulations", it is far from meeting the growing demand of investors for transfer; The third is the restriction on private placement, that is, no more than 200 fund trust plans, which is equivalent to raising the threshold for investors.

Nine. project financing

Project financing means that the project undertaker (i.e. the shareholder) establishes a project company to operate the project, with the project company as the borrower to borrow the loan, with the cash flow and income of the project company as the repayment source and the assets of the project company as the collateral for the loan.

Ten, the developer entrusted loan discount.

The developer's discount entrusted loan refers to the real estate developer providing funds and entrusting commercial banks to issue entrusted loans to the buyers of their commercial houses, and the developer subsidizes the interest within a certain period of time. Its essence is a "seller's credit". Developers discount entrusted loans to provide discount to consumers who buy houses, which is beneficial for residential real estate developers to withdraw funds in the real estate sales stage, can avoid debt and financial crisis of real estate development enterprises in the case of temporary poor sales, and can solve the financing bottleneck problem for some powerful real estate enterprises.

XI。 Short-term financing bonds

Short-term financing bonds refer to the securities issued by enterprises in accordance with legal procedures, and promise to repay the principal and interest within 3 months, 6 months or 9 months to solve the temporary and seasonal short-term capital needs of enterprises. Short-term financing bonds have the characteristics of flexible interest rate, flexible term, quick turnover and low cost, which undoubtedly provides a possible choice for China real estate industry, which is short of funds at present. Short-term financing bonds are not legally binding on real estate enterprises of different sizes, but as far as the current situation is concerned, because the issuance of short-term financing bonds is underwriting, underwriters must give priority to enterprises with good qualifications and large issuance scale from their own interests.

Twelve. finance lease

According to the Contract Law, a real estate financing lease contract refers to that after the lessee selects a house by himself or through the lessor, the lessor buys the house from the real estate seller and gives it to the lessee for use, and the lessee pays the rent.

Thirteen. Real estate securitization

Real estate securitization is a financial transaction process that directly transforms low-liquidity and non-securities real estate investment into securities assets in the capital market, thus transforming the relationship between investors and investment objects from direct property ownership to securities owned by creditor's rights. Real estate securitization includes two basic forms: real estate project financing securitization and real estate mortgage securitization. China is in the initial stage of implementing real estate securitization, and the ongoing securitization of housing mortgage loan is its realistic starting point.

Definition of financing:

In a narrow sense, financing is the behavior and process for enterprises to raise funds, that is, according to their own production and operation status, capital ownership status and future business development needs, through scientific prediction and decision-making, certain methods are adopted to raise funds from investors and creditors of enterprises through certain channels and organize the supply of funds to ensure the normal production needs and business management activities of enterprises.

Broadly speaking, financing is also called finance, that is, the financing of monetary funds and the behavior of the parties to raise or lend funds in the financial market in various ways. "New palgrave Dictionary of Economics" explains financing: financing refers to the monetary transaction means to pay for purchases that exceed cash, or the monetary means to raise funds for the acquisition of assets.