Study On Commercial Real Estate Financing Of China

Commercial real estate in China grows very quickly after entering new century, and the age of commercial real estate in China is coming. However, we should understand commercial real estate in China is still in primary stage, the financing methods are mostly indirect financing, and direct financing is less. Since it needs huge cash to develop commercial real estate, the financing problem for commercial real estate is becoming more and more serious especially under credit squeeze. Therefore, it is necessary and urgent to study the financing in commercial real estate. The financing tools usually used in real estate in advanced countries are real estate securities, industry fund, real estate fund and mezzanine finance. All these financing tools are based on maturing capital market. However, these tools cannot be used in China in short-period since there are no effective financing mechanism and regulations. Using the foreign successful experience for reference, promoting financing innovative tools and enlarging financing methods would be the ways to optimize the operation of commercial real estate in China.Since commercial real estate operation is a complex concerning with estate, financing, laws, information and so on, it also important to study the status and developing trend of the whole real estate, the reform and innovation of finance, the perfecting of law system, the developing of information technology etc. Based on the analysis of relating theories of commercial real estate and commercial real estate financing, the thesis introduced the status of commercial real estate financing in China, studied the financing methods in real estate in some representative countries and China, and also gave some suggestions on how to perfect commercial real estate financing in China.The thesis put more emphasis on below aspects: introducing and comparing commercial real estate financing in USA, Germany and Singapore to summarize their commons and find out the mode for China; bringing forward the ways on how institution investor involving in commercial real estate financing, the optimizing of commercial real estate financing mode; giving suggestions on how to perfect auxiliary system from the angle of law system, financing informationization, supervision and administration system, real estate information statistics and disclosure.