| The industry of real estate is one of the supporting industries of our country, and its healthy development plays an important role to the development of our national economy. It is an important item of protecting its healthy development to solve its financing problem effectively. As the statistics show, about 70% project fund of real estate enterprises of our country comes from the bank loan directly or indirectly, real estate enterprises are used to taking the money from the domestic bank, and know a little about other financial instruments. The aim of the paper is to help them to see clearly the present financing situation, and understand the financing theory of real estate and basic theories of Real Estate Trust, and grasp the financing operation method and main point of Real Estate Trust, and use it to expand the financing channels and solve the financing problem which enterprises face at present effectively, and alleviate the financing predicament, and promote the ability of enterprise's capital operation. Firstly, the background of the paper is analyzed. The relevant research situation in present China and foreign countries is contrasted. The aim, meaning, research approach and route of the paper are explained in the part of the introduction. Secondly, the basic theories of real estate financing is studied in the part, which offers the theory supporting for the fact that real estate enterprises choose to finance in trust way. Concept, characteristic and basic principle of real estate financing is explained in the part at first. Then, real estate main financing ways that enterprise can utilize and their obstacle stored in our country are analyzed. Finally, main factors that real estate enterprises should consider is put forward when they make decision of financing. Thirdly, the basic theories of Real Estate Trust are studied in the part, which can offer the theoretical foundation for designing the products of Real Estate Trust. First, the meaning, basic types and characteristic of Real Estate Trust are introduced, letting real estate enterprises and investors to comprehend Real Estate Trust. Then, the meaning of trust financing for real estate enterprises is analyzed. Finally, linkage of Real Estate Trust and the macro-economic policy is studied, and its prospect is analyzed. Fourthly, on the basis of analyzing in depth the market of Real Estate Trust in our country, how real estate enterprises use Real Estate Trust to operate financing is studied. The part is a core of a full text. The main point that real estate enterprises cooperate with trust investment corporations is put forward at first. Secondly, how real estate enterprises reach the condition of using Real Estate Trust financing is studied, and the position in trust financing of real estate enterprise is defined, which are preconditions that enterprises succeed in applying for Real Estate Trust financing. Next, the general and concrete operation procedure of Real Estate Trust is proposed. Moreover, how the trust products should be designed is studied, including the designs of the scale, time and mobility of trust products, how to calculate anticipated earning ratio. Then, which type real estate enterprises should choose according to pros and cons of different types of Real Estate Trusts is studied. Finally, fund cost of trust financing is analyzed, combining some cases. Fifthly, the main risks faced by real estate enterprises and precautionary measures in financing are analyzed by using risk analysis technique. |
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