Study On Financing Modes Of Commercial Residential

After More than 20 years of Chinese housing system reform in towns, the commercial residential has become the important channel for housing supply of Chinese urban residents. At present, commercial residential is the main product of real estate development, its development funds mainly stems from bank loans, the percentage of other means of financing is low, and its financing mode is single, so it can easily be affected by macroeconomic policies and economic environment. Rensent yeas, under background of tightening macro-control,the government has strengthened the control of land resources and bank loans, and the traditional financing pattern has also exposed a variety of disadvantages and limitations. The commercial residential development enterprises are facing with unprecedented financing dilemma.Started from the perspective of real estate enterprises, based on financing theories of real estate, the thesis expounded the situation of development financing of commercial residential under the background of China current policy environment for real estate financing and the financing status. The thesis analysed traditional financing mode deeply, pointed out the problems and their causes, adviced that real estate enterprises should innovate financing modes on the foundation of making full use of existing financing modes, divert financing modes from dependence on the bank loan mainly in the past to public offering, corporate bond, the real estate trust financing mode, funds and so on, so as to change the development financing status quo of commercial residential. Afterward, this thesis studied several financing modes concentratedly, including market conditions which they faced now, advantage, the existence problem, the feasibility as well as the legality, and has made comparison.In view of the fact that the choice of commercial residential development financing mode's is a multi-objective decision-making question, this thesis, on the basis of making a study of the characteristic of each kind of financing mode, summarized a number of factors that would influence the financing mode selection, such as financing difficulty, financing cost, financing risk, fund arriving rate, financing main body degree-of-freedom as well as following influential and so on, it analysed that how different scale real estate development enterprise to choose the reasonable financing mode. On the basis of extensive real estate development enterprises are resourced, which would pay more attention to the comprehensive effect of financing, this thesis utilized non-structural fuzzy decision method(NSFDM) to carry on sorting order to the current several main financing mode, and provided the theory basis for its financing decision-making. The small and medium real estate enterprises are infirmity, the choice about financing mode is limited, and the influence of the policies brought is greater than the resourced real estate enterprise, they could adopts suitable financing mode by stages according to projects.