Study On Private Placement Model Of Chinese Real Estate Enterprises

The real estate industry is a special industry, comparing with other industries, it has characteristics, like higher incomes and higher risks, it can drive the economy development strongly. And it is a very important supporting industry, which relates to the national policy and people's livelihood and pulls to move the economy growth and improves residents' live condition. On the other hand, the real estate industry is a capital-intensive industry either, and its development is inseparable with the support of the financial industry. The two industries influent and rely on each other.For a long time, the main capital resource of the real estate enterprises is the bank loan, while enterprises themselves have a small part of capital, and the real estate financial system structure is simplex. As a result of lacking the mechanism of risk-sharing, overwhelming major risks of the real estate financing are all concentrated in the banks. After 2003, State Department and Central Bank come on a series of financial policy to the real estate financing. So each bank will be more careful to their real estate exploitation loan. As a result, the channel of raising exploitation capital is more and more narrow.This paper, taking opening up financing channel widely of the real estate enterprise as to the study purpose, financial innovation as to the guideline, related theories of the real estate financing as the foundation, combining with the present circumstance of real estate industry, through analysis Chinese real estate industry and its relative industry's development actuality and existing problem, puts forward a new mode for Chinese real estate enterprise financing in a creative way, which integrates the multi-direct financing and multi-indirect financing with strong market restriction and intendance. On base of it, the paper makes use of private placement to open up the direct and indirect financing channels widely of the real estate enterprise and gives a common character model. Finally, the paper gives some advices on its intendance.