Research On The Financing Of Commercial Real Estate Development

With the development of the domestic real estate market at full speed, People pay more and more attention to it. According to the current situation of the real estate industry in our country, commercial real estate will sell well after entering the WTO. The introduction rationally of commercial real estate project will play a role in adding a crucial touch in the market operation of the real estate, the development of the domestic commercial real estate nearly becomes the extreme urgent national mission.Though the investment of the commercial real estate has already become the new popular investment spot, most enterprises of the domestic commercial real estate are in exploration stage of the commercial real estate investment and development at present. We can say that it is still a brand-new subject for carrying on further investigation on commercial real estate financing question .The goal of this text is that, to stand on the internationalized competition aspect ,through studying the commercial real estate financing system ,which is need understood badly by the commercial real estate investors ,developers, investment institutions investors of retail shop in China, and foreign and ripe financing mode , we can set up preliminary understanding to the securitization of the real estate so as to meet the needs of the short-term tactics and the long-term strategic of commercial real estate investment and finance.Studying the real estate financing question can proceed from different participants' angles in the real estate financial market, this text will study the question only in terms of real estate developers (or the investors).This text lays particular emphasis on the research of the method, will carry on further investigation on relevant problems of the commercial real estate financing especially. We can understand the current situations of the real estate, especially commercial real estate financing of our country tentatively through analyzing the capital source statistics of development enterprises of the domestic real estate. It has been set up the basic judgment to the commercial real estate current situation and future of China by the comparison with commercial real estate fund circulation mode of U.S.A. .The paper carries on qualitative analysis to the application prospect of the domestic commercial real estate financing, puts forward the financing direction of the present commercial real estate-Project financing, sets up the optimization modelof the real estate financing decision by applying the Analytic Hierarchy Process, discerns and analyses the risks to the whole commercial real estate financing course, uses the analytic approach of sensitiveness to confirm the factors that mainly cause the dangers.. Besides, the text concentrates on studying the function and benefits of the securitization of the real estate, and draws the conclusion that for the rapid development of domestic commercial real estate, it must accelerate the development of securitization of the real estate, especially utilize the important form of the securitization of the real estate (REIT) to raise the social funds. Combining our own characteristics of the commercial real estate of our country, we can set up the suitable operation mode for the financing of our domestic commercial real estate, builds the relevant environment of commercial REIT, and combines out the financing system which maximizes the project value, opens up the effective and science road for the development of the commercial real estate of our country.Our domestic commercial real estate is still in developing period, the author expects that the research of this text can play a role that throw away a brick in order to get a gem, and promote the innovation of commercial real estate financing study on the theory and practice constantly.