What are the development trends of real estate finance?

Trust: the uncertainty of stock assets creates opportunities for mergers and acquisitions.

Wang Yi, General Manager of Daye Trust Co., Ltd.:

20 15 we feel that the whole real estate market is undergoing obvious changes.

Mainly in several aspects. First, in terms of the total amount, the total supply and demand relationship of real estate has changed, and the structure is undergoing major changes. It is highlighted in a chemical model, and some changes have taken place in both fields and types.

Second, since 20 14, the capital chain of the whole real estate supply has become more and more cautious.

Thirdly, with the requirements of urbanization, economic development and changes in the living requirements of the whole residents, there are also some specific needs to supplement the real estate business, including aging and health problems. However, this structural problem has not found a dominant, strategic and real demand.

Fourth, due to the lack of cash flow, the valuation of real estate is also changing, which is the most worrying issue for our financial institutions. In the past ten years, with the rapid development of real estate, the setting of real estate exchange rate and the realization of assets are very good. However, once the price and depreciation of assets reach a certain boundary, their liquidity, valuation and cash flow will attract great attention. As a financing and investment institution, this valuation is likely to cause the accumulation of financial risks.

Our financial institutions are engaged in scale wars and are not suitable for guerrilla warfare. However, to fight a large-scale war, large-scale industries must be introduced to connect. The next year, 20 15, based on the replicability accumulated by more than ten years of development experience, may be a trial and exploration stage for us.

The Unit focuses on two aspects. One is that the housing stock controls the supply of housing, depending on whether the conversion rate can bring cash flow. Of course, there must be some uncertainty in this stock, and this uncertainty is the opportunity for us to carry out mergers and acquisitions, intervene in corporate restructuring, and reorganize debt assets. Secondly, judging the profitability of sold assets in inventory can bring stable cash flow to support product design and distribution.

Banks: Building Financial Services in the Whole Industry Chain

Ye, President of Real Estate Finance Division of China Minsheng Bank:

Now, judging from the income of commercial banks, the increment of pure loan products is effective, the price can not go up, and the price of enterprises that can lend will not be too high. Up to now, we have really felt the risks in the real estate industry, and the root of the problem is that assets cannot flow.

Because the real estate market risk is controllable, there will be a relative classification. For example, serving customers is not about quantity, but about deepening customer service; Originally only the provider of funds, it is now infiltrating into the industrial chain to help enterprises become healthier. In the future, Minsheng Bank will continue to cooperate with more professional and commercial customers in a certain segment and do more strategic cooperation. From loan to its strategic level, investment, mergers and acquisitions, industrial chain, structure, listing and so on.

Securitization is also a part of Minsheng Bank's consideration, and we are also doing asset management. The pace of asset securitization arranged for us this year has great imagination, and good assets of commercial properties can be realized through asset management.

However, there are several problems that we cannot solve. First, it cannot solve the problem of continuing to be in debt. Second, it cannot solve the problem that investors in the public offering market have low requirements for relative beneficiaries.

Fund: Continue to build products with clear themes such as REITs.

Zhou Qian, General Manager of CITIC Jinshi Fund Management Co., Ltd.:

Since 20 15, real estate finance has entered an era of more and more productization. In the process of combining real estate with finance, the factors and importance of real estate have entered an increasingly important era.

Through nearly seven years of exploration, CITIC Jinshi has divided the whole real estate business module into five major sections.

The first sector is simple private financing, with many ways and cooperation with financial institutions. The second business is private equity funds. We have established two private equity funds. One was developed by us. Its model is relatively simple. After selling the house, we will share the profits. Our current investment scale exceeds130,000 yuan, making it the largest development fund in the market. The other is a holding fund, which is now in operation and may have a larger turnover.

The third business is REITs. We have two businesses, one is exchange REITs, and the other is inter-bank REITs. 20 12 launched the inter-bank affordable housing REITs in Tianjin, which absorbed the experience of Taiwan Province province and made it a full-service REITs. This is the first step for REITs to enter the market. There may be more public goods and different transaction structures in the future.

The fourth business is export business. At present, it mainly cooperates with some large central enterprises and financial institutions. How to provide all aspects of real estate services is also a factor to be considered.

The fifth business, in the next decade, the days when chickens and dogs will ascend to heaven are gone forever, and products will become the most important capital in the market. And the clear theme, competitive products, suitable for market demand, is our main direction.