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专业英语结课作业
——李宁 2012级人文地理
On Financing Models of Real Estate
Enterprise
房地产公司的融资模式
Abstract: Against the background that the central government is strengthening macro control and tightening credit scale of real estate businees, financing capacity becomes the determinant for a real estate enterprise's 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 entrusted loan, trust financing and aets securitization.摘要：在国家加大宏观调控力度、紧缩房地产信贷规模的背景下，房地产企业面临严峻的资金压力，融资能力成为决定房地产持续发展的决定因素。国内房地产企业的融资方式较多，本文深入浅出地介绍了常见的十种模式，简单地分析了各种模式的优缺点，并结合工作实际，推荐和较详细地介绍了三种融资模式：个人委托贷款、信托融资、资产证券化。Keywords: real estate enterprise, enterprise financing, individual entrusted loan, trust financing, aets securitization, equity financing
关键字： 房地产企业；企业融资；个人委托贷款；信托融资；资产证券化；股权融资
文章分为四部分：
1、Introduction介绍
2、Common financing model for real estate enterprises 房地产公司的一般融资模式
3、Comparison and selection of real estate enterprise financing models 对比选择房地产公司融资模式
4、Conclusion结论
1、Introduction介绍
Real estate industry features in capital intensive, long development cycle, great input, high risk and so on.Traditional financing ways for real estate enterprises mainly include self-funded plus bank loans.Since the People's Bank of China iued No.121 Paper, financial institutions tightened cash flows, enterprises dependent on commercial banks for financing get into difficulties, meaning financing capacity has become a determinant for the sustainable development of a real estate enterprise.The financial system in China is not mature, so real estate enterprises should not only be confined to bank loans, but also seek for more financing channels and fully play the diversified financing functions of the society, for survival and further development.Only enterprises with timely innovation in financing and plenty of capital can survive and develop.Therefore, it is neceary and meaningful to study and analyze various financing ways.2、Common financing model for real estate enterprises 房地产公司的一般融资模式
Domestic real estate enterprises have different financing models, each with advantages and disadvantages, and they are summarized as follows:
2.1 Bank loans 银行贷款
This is a traditional financing method.According to statistics, before No.121 Paper from the People’s 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, 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 机构投资+银行贷款
Institutional investments plus bank loans, 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(croing bridge).When the projects have cash inflow, Banks began to loan.For enterprises targeting at further
development, this model only ease the cash tightne for a while, not a guarantee for long-term financial support.2.3Equity financing 股权融资
Equity financing model is broadly adopted in real estate industry.In order to get financed, many real estate project developers are willing to attract funds through capital and equity
increase.The largest shortcoming缺点 of this model is that the developers have to give out分发 a large part of profits, which is not quite acceptable for companies with good projects这一点并不能为拥有好项目的公司所接受.In addition, as equity financing involves management and administrative power由于股权融资包括管理和行政权力, enterprises for long-term
development would not prefer this method企业长期发展并不喜欢这种方式.2.4Corporate bonds 公司债券
This method is often used for new projects, with a higher interest rate than that of banks of the same period比银行同期利率更高的利息.Large enterprises generally iue more bonds, while general real estate projects seldom can get a chance to iue bonds大公司通常会发行很多债券，但通常不动产项目很少能有这样的机会.The requirements on the bond-iuer are strict, only exclusively-state-owned companies, public companies, and limited liability companies established by two state-owned investment subjects are qualified 债券发行人的要求是严格的,只有完全国有企业,上市公司,有限责任公司建立了两个国有投资主体才有资格。Meanwhile, the bond-iue should be entrusted to a security company, and there are strict requirements for the enterprise aet-liability ratio, capital fund and guarantee资本金和保证金.The procedure is complicate and rigorous, and because of the limited size and activities of China bond market, both iuing and holding bonds are risky.这个过程是复杂和严格,由于有限的规模和活动的中国债券市场,无论是发行和持有债券是有风险的。
2.5 Financing by listing 上市融资
Financing through listing in the stock market is a well known financing method.Besides domestic security markets, listing in overseas especially in HK stock markets are preferred by domestic enterprises.通过上市融资是股票市场上一个众所周知的融资方法。除了国内安全市场,在海外尤其在香港上市股票市场是国内企业的首选。
Due to numerous restrictions on real estate enterprises to go public, back-door listing借壳上
市 is the dominant way for them to complete the plan.If they can technically make use of
back-listing, enterprises will get financed easily.Long proce, complex procedure, high cost, and strict qualification requirements, all these would fail most real estate companies.2.6 Joint financing within the industry行业内的联合融资
Enterprises in the industry join together, collect idle capital in other fields and put it into enterprises or projects in need of funds, while the later pay for the utilization.企业在行业内联合，收集闲散资金并投入需要资金的企业或项目上，后者需支付一定的使用金 With this mutual and self financial aistance, enterprises can boost the project development, improve surrounding environment, 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 项目融资
This model is used for specific projects.特殊工程使用这种方式 Project undertaker
(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 aets of the company as loan collateral.项目承担者(即股东)为特定的项目设立项目公司,项目公司作为借款人申请贷款,公司现金流和收益偿还贷款,抵押公司资产作为贷款抵押品。Project financing raising capital relies on the project initiators’ credit or aets, while loan banks qualify the repayment ability through aets of the project and future cash flow.This mode is commonly used for power generation, road bridge and other large
infrastructure projects with stable cash flow, and now large petrochemical projects are included.这种模式常用于发电、道路桥梁等大型基础设施项目和稳定的现金流,以及大型石化项目。
2.8 Individual entrusted loan个人委托贷款
This model is to finance specific areas and groups through cooperation between real estate enterprises and banks and other financial institutions.这个模式是房地产企业和银行以及其他金融机构在特殊金融领域的合作。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 responsibility of repaying capital and interests on schedule.2.9 Trust financing 信托融资
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 continuoususe of real estate funds and the development of real estate enterprises.With trust financing, real estate companies can get direct loans, equity investment, and aet securitization and so on, via trust investment companies’ system arrangement, innovation design and implementation.Trust has unique systemic advantage, vast innovation potential and great flexibility, and can serve real estate companies of different levels and different grades.2.10 Aet securitization 资产证券化
Aet securitization means turning commodity apartments into financial products to be sold with vouchers.Real estate securitization refers to representing 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 mortage loan busine,but also greatly enhance the liquidity of mortgage loans by financial institutions to real estate industrial players.From an investor’s point of view, investment in real estate securities can reduce survey costs for investors into individual cases, and will be helpful for various 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对比选择房地产公司融资模式
Besides trust financing, there are many other financing models like corporate bonds, iuing 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 Changqing Property Group Co., Ltd.in the financing and sustainable development.3.1 Individual entrusted loan个人委托贷款
Xi’an Changqing Property Group Co., Ltd.tried a low cost financing method in
2004—individual entrusted loan, which had a good result.After several months’ operation, the company has attracted an accumulative fund of 60 million RMB.2004年，西安长庆房地产集团有限公司尝试了一个低成本的融资方法——个人委托贷款。这种方法效果显著，经过几个月的运行，公司吸引了一比高达6000万元的累积基金。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 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.一年期的贷款利率为4.03%，这意味着扣除印花税、利息税收等，净收益率为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 practical financing model, and gradually expand the range.3.2 Trust financing信托融资
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,三环基金信托、陕西电力基金信托以及陕西天然气基金等信托产品迎来一个消费热潮。
Take the supporting residential project 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 under the condition that the risk is under effective control.以支持住宅项目科技园区的西安交通大学为例,在几个信托项目中,受托人利用在住宅项目收集到的信托基金,并且在这种情况下风险是可以有效控制的。Taking advantage of the skills and abundant experiences in financing, trustee can provide profeional financial services, and obtain trust returns.The trust plan involved an amount of 160 million RMB, providing one-year, two-year, and three-year contracts, 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.信托产品可以灵活地适应和处理
各种房地产经济和法律关系,并且克服其他方法无法解决的困难。Trust is flexible in delivery, and can be designed into custom fund trust products according to the enterprise’s 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: 依据当前的操作模式的不同,可以将房地产企业使用信托融资的方式分为三种:
(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 governmental departments for approval for the design and distribution for the trust products;
Third, the trust company iues trust vouchers publicly to investors;
Fourth, the trust company puts the funds raised from iuing vouchers into the real estate projects as credit loans;
Fifth, developers complete 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 le than 50,000 RMB.这个模型很容易管理,并有一个稳定的融资成本.This model has limitations in the amount(100 million RMB or so)and the scope of the funds.该模型的金额和资金总量需控制在1亿元左右。
(2)Staged Equity Financing股权融资
In this mode, trust companies inject capital into real estate enterprises through taking equities in it.在这种模式下,信托公司注资房地产企业并通过控股的形式来控制该类房地产企业。When raise funds, the trust companies invest in real estate companies through capital increase, and hold some equities in it.当房地产公司需要筹集资金时,信托公司通过增资的方式获得一部分股票。Real estate enterprises promise to buy back the equities in two years at a premium price.房地产企业承诺两年内以溢价的价格回购股票。This mode takes advantages of trust, and can function where a bank can’t(as banks are not allowed for industrial investments).This procedure is:
First, trust investment companies raise capital from fund holders by iuing trust products;Second, trust investment companies inject fund in real estate companies through equity investment;
Third, trust investment companies obtain equity 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 shareholders, 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 shareholders)get fund from real estate companies, and repurchase equity.The trust financing proce is over.This mode can increase real estate enterprises’ capital fund, helping them meet the
requirements of bank financing.这种模式可以提高房地产企业资本基金,帮助他们达到银行融资的条件。Trust companies’ equity financing only requires 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时间段内的资金回报,而不参与分红。所以,房地产企业在解决金融问题的同时,并对该项目进行控制。
(3)Transactional trust products事务信托产品
This trust plan can bring a return as high as 6% to investors, but with more intermediate
operations and low liquidity, which matters most.此类信托计划可为投资者带来高达6%的回报。
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.从未来的发展来看,对于房地产信托融资，信托投资产品的多样化是至关重要的,也是信托产品的一个重要趋势。There is great potential for China real estate trust financing.3.3 Aet Securitization资产证券化
Aet securitization is the financing method with the most potential.Real estate securitization as an innovative financing method emerged in 1950s in the United States.20世纪50年代，房地产证券化作为一种创新的融资方法最早出现在美国。In late 1960s, real estate securitization mode in the United States and other developed countries gradually matured.In 1986, the United States Federal National Mortgage Aociation was renamed to Federal Housing Loan Mortgage Company, and set up Government National
Mortgage Aociation.Based on these two institutions, the United States creatively carried out residential mortgage loan securitization: the two institutions mentioned above undertake all the mortgage loans by financial institutions for residential purchase, then through legal ways iue bonds to turn the creditor’s rights on the loans into cash, repay the financial institutions by buying rights on the loans, to accelerate relevant financial institutions’ capital flow to provide new loans to homebuyers.Conclusion结论
Under the background that national economy maintains high growth rate, social reform
speeds up and industries have a promising future, Real estate enterprises are facing opportunities for development and various financing choices, each with advantages and disadvantages.在国家经济保持高速增长的背景下,社会改革的进程加快，产业的发展前景一片光明。房地产企业所面临的发展机遇以及所采用的融资方式,均有其利弊。For most real estate enterprises, bank loans are still a conventional choice, so it should not be given up;individual entrusted loan has potential to expand the scale, so it is worth trying;trust financing is getting popular in recent years and has developed many flexible financing modes, so it should be paid more attention;aet securitization with a promising future should be watched and investigated as soon as poible.
