What are the financing policies of real estate enterprises?

1. What are the financing policies of real estate enterprises? The growth of real estate industry can not only stimulate the development of the whole national economy, but also stimulate investment demand and consumption demand. Under the existing market economy conditions in China, real estate financing can take many forms, such as bank, trust, listing and fund. However, all kinds of financing methods have certain limitations, which also gave birth to the prosperity of a new industry-financing services. (1) Bank loans Bank loans have always been the main body of real estate enterprises' business development. According to the data, in 2003, loans granted by banks to developers accounted for 23.86%, self-financing by enterprises accounted for 28.69%, and deposits and advance receipts accounted for 38.82%. Most of the deposits and prepayments are personal housing loans issued by banks to property buyers. (2) Real estate trust has become a new hot spot of real estate financing with its institutional advantages, broad innovation space and great flexibility. Trust can carry out direct loans, equity investment, asset securitization and other related businesses, and can serve different levels and tastes of the real estate industry. However, the rapid momentum of real estate financing and the risks it brings have attracted the attention of relevant departments. The CBRC has begun to restrict the trust's support for real estate loans. In addition, the scale of trust funds, especially the scale of collective trust, is limited by the trust law, with a maximum of 200 copies. Trust funds entering the real estate industry will be affected to some extent. (III) Domestic ipo (IV) Overseas ipo (V) Backdoor listing (VI) Asset replacement of listed companies (VII) Comprehensive comparison of real estate investment funds: Due to the capital-intensive nature of real estate financing, few enterprises have the ability to use direct financing, and the direct financing of real estate development funds accounts for a small proportion. The sources of funds for real estate development in China can be divided into internal financing and external financing 1. Internal financing methods include: (1) enterprise's own funds: including the funds invested by investors when the enterprise is established, surplus reserve fund extracted from after-tax profits after a period of operation, capital reserve fund (mainly formed by accepting donations, capital exchange rate conversion difference, equity premium, etc.). ), led by enterprises and held for a long time. Self-owned funds are the foundation and guarantee of enterprise management, and the state has strict requirements on the proportion of self-owned funds of real estate enterprises. Developers are generally reluctant to use too much of the company's own funds. Only when the profitability of the project is considerable and certain, it is possible to appropriately invest the company's own funds. (2) Accounts received in advance: refers to the deposit received by the developer from the buyer in advance according to the contract, and the development and construction funds received by the entrusted development unit in advance according to the contract agreed by both parties. For developers, the necessary development funds can be raised in advance in this way. Among them, advance payment mainly refers to the personal mortgage loan of buyers, which is an important source of development funds for real estate enterprises in China. 2. The main channels and financing tools of external financing are: (1) listing financing: listing and issuing shares of joint-stock real estate enterprises has become an important financing channel, including direct listing and indirect listing using shell company resources. (2) Real estate development bonds: issuing bonds can gather idle social funds and bring large-scale long-term funds for real estate development for land development and real estate project investment. Bonds are an important financing channel when real estate enterprises have long-term capital needs in development. (3) Bank credit: Borrowing from banks is the main financing channel for developers. Short-term credit can only be used as working capital of enterprises, and long-term credit can be applied as collateral at the completion stage of development projects. Developers in China apply for loans from banks, which can be divided into land loans and construction loans. Common development loans include short-term overdraft loans, deposit mortgage loans and real estate mortgage loans. (4) Real estate investment trusts (REITs) are investment institutions that collect the funds of multiple investors in the form of companies or commercial trusts, acquire and hold real estate (generally income-generating real estate) or finance real estate, and enjoy tax incentives. In essence, it is a securitized industrial investment fund, which absorbs the funds of public investors by issuing shares or income units and entrusts special management institutions to operate and manage them. Through diversification, it chooses various real estate securities, projects and businesses for portfolio investment. (5) Commercial mortgage-backed securities (CMBS): This is a financing method of commercial securitization, which integrates commercial real estate mortgage loans in real estate loans into a portfolio mortgage loan and issues it to investors through the securitization process and bonds. (6) Other financing methods: utilizing foreign capital, leaseback financing, repurchase financing, lease financing, mezzanine financing, etc. Second, what is real estate financing? Real estate financing in a broad sense refers to a series of financial activities, including fund raising, utilization and liquidation, carried out through currency circulation and credit channels in the process of real estate development, circulation and consumption. Narrow real estate financing is the sum of direct and indirect financing of real estate enterprises and real estate projects, including real estate credit and capital market financing. The purpose, types and ways of real estate project financing are varied, but the simple, direct and clear description is two words: change. Finding money and finding rich enterprises, institutions and individuals has become the most important job for many real estate owners every day. Many real estate enterprises have also started to set up specialized financing institutions or departments, and will also recruit some financing managers or senior managers with successful financing experience and mature financing channels. These bosses or financiers spend most of their time talking about projects, financing and signing contracts with "rich enterprises, institutions or individuals". These rich enterprises, institutions or individuals are boycotted by them to become "silver owners", a very playful title, the protagonist of a story that will never exist in financing activities, a financing intermediary (broker) using good tools, and an excuse for seeking money, money and food. The first premise of real estate enterprise financing is to be able to analyze the situation of the enterprise itself and the project. Why do financiers love this project? And evaluate the project according to the market value; Secondly, and most importantly, how to ensure the financial security of the financier during the financing process? That is to say, the transaction structure design of financing funds in and out should fully consider the absolute requirements of financing parties for the safety of funds. In fact, in the financing activities of the real estate industry in China, successful financing cases are extremely rare. For example, listing financing makes most housing enterprises can't wait. At present, the financing methods suitable for real estate enterprises in China are equity financing, acquisition financing and financial financing (please refer to the article "Practical Research on Financing Operation of Real Estate Projects" for specific concept description). Real estate financing belongs to a series of financial activities that use financial means to raise funds and provide related services in the process of real estate development, circulation and consumption. In the process of real estate financing, it is necessary to analyze the situation of the enterprise itself and the project, and then make an evaluation to avoid facing greater risks. Meanwhile, the financing process should be carried out in accordance with relevant laws and regulations.