Study On Management Of Buyer Financing In Residential Development Project

In China, how to finance is a crucial issue for real estate enterprises. The enterprises depend on loans excessively for their survival and development, while whose development mode is changing from mass production mode to mass customization mode. Based on the reality above, the theory and methods of how to conduct buyer financing in residential development project are studied in this dissertation. In the end, a case study is incurred to support the theoretical research.Financing mode of residential project is set up on mass customization. Based on residential development project financing theory and the theory of mass ustomization, the financing mode by Customized-housing buyer is built, such as the organization structure, financing mechanism, property form and capital flows, is also analyzed in the dissertation, and the mode and advance sale of Commercial house is compared.Feasibility of the financing mode is studied. Applications for the mode are discussed in a macro perspective; With regard to the specific residential project, the index system which is used to evaluate whether the mode is feasible is built from the financing behavior risk of the project. And the fuzzy AHP is put forward.A preliminary study has worked out on pricing methods of the mode.The essence of the mode is the real advance financing. To be successful, the key is to accurately ascertain residential development project's current price, customization price, and the price of earnest money for mass customization. In this dissertation, hedonic pricing model and options pricing theory are adopted to determine these three pricing methods.Project payment scheduling is analyzed. This problem has been focused on by mass customized housing buyers and developers. Under hypothesis of fully dynamic information, a balanced optimization game model is established for project payment scheduling by using game theory. Since the game model is a combinatorial optimization problem, genetic algorithm is selected to optimize the game model in the dissertation.