| Entering 21st century, with our country economy's developing rapidly and constantly, the resident consuming ability's rising step-by-step and the retail business open to the outside, commercial real estate has begun to appear in the whole nation as one kind of independent property type, and has kept a speedy and even super-normally development. However, However, this kind of fast development is actually one kind of non-rational development. The overwhelming majority divides the project and sale them separately after completing the construction of the project in which way the housing property makes. Finally it makes the project go out of business in the later period, because property right is too dispersed and makes manage too difficultly. Moreover, our country's commercial real estate financing channel is too unitary, the major part fund originates from the bank loan, once these non-rationality development operation project has the problem to repay the loan with difficulty, it will bring the huge risk to the bank, and affect the national financial security directly. These questions have two aspect reasons. In one hand, because it is a very short time that the commercial real estate appears in our country as an independent real estate property type. It is lack of the concept, the theory and the practice of it, therefore, the government, the financial institution and the developer know little about the real meaning of commercial real estate, the development operation rule and so on, making the commercial real estate development operation non-rationally. On the other hand, our country is mainly lack of a financing pattern and system in terms of commercial real estate, so it didn't satisfy the commercial property financing wants, even misled the direction of the commercial real estate's development. At present, our country's commercial real estate financing has the problem. Because our country's commercial real estate financing mainly relies on the short-term bank loan, some project is compelled to adopt the divided-sales non-rational operation way, just for returning the short-term loan in time. Therefore, we should begin to make a job from the reasons, making a study about the financing pattern in terms of commercial real estate after making clear the essence of commercial real estate in order to guarantee long-term sustainable development our country's commercial real estate.Firstly, This article conducts the thorough research to the domestic and foreign commercial real estate concept, and make clear about the commercial real estate essential attribute—commercial real estate refers to the property that it has a business service function, and its final value is decided by the successful operation of the business inside it. Then, the article makes a research about the commercial real estate financing characteristic, according to the commercial real estate essential attribute. Namely, the commercial real estate finance has two different phase, one is the construction phase that its goal is the construction's completing successfully, with characteristic of earlier period investment scale great, the anticipated income not obvious. The other one is operation phase that its goal is the business inside the property's successfully operating, with the characteristic of the stable cash flows and the long income period, etc. On the basis of theory, the article makes an analysis and research for our country's commercial real estate financing problem and reasons. The main problem lies in that the property mainly relies on bank loan and it is a big risk for bank, there is no financing instruments on the basis of commercial property's characteristic, etc. and the main reasons for them are that the real estate financing markets lags, the non-rational operation of commercial real estate making little impetus for new financing tools of commercial property, etc.Finally, the article proposes the commercial real estate phase financing pattern, by studying the foreign commercial property's financing pattern. And puts forward the proposal to our country commercial real estate financing pattern establishment and the development way, according to the present financing situation of our country's commercial real estate.Wishes it could provide a new angle for the government's formulating financing law and policy, the financial institution's studying the new financing instrument and the developer's choosing financing way of commercial real estate. |
PDF Full Text Request