Research On Commercial Real Estate Financing Model In China

The commercial real estate in our country is developing fast which reveals its potential and investment value to the world.Commercial real estate has three key elements,real estate,commerce and capital,with which attaching to the capital market closely,so it is valuable to research.Currently it is influenced by the tightening of the traditional financing channels and global financial crisis.The existing financing model has many drawbacks and limitations.How to broaden the financing channels, innovate the financing method,and promote the structural adjustment of our real estate industry,implement diversified financing channels,has become very important.This paper aims to research the financing model of the commercial real estate in our country from the innovation of financing tools,the combination of financing tools, and practical case analysis.About innovation of financing tools,from the point of the enterprise financing,the paper put forward that the REITs can connect the commercial real estate with the capital market,set up long term investment platform.This paper establishes the real estate trust investment system(C-B-REITs) from five aspects.From the view of the project financing,this paper put the project financing theory into the real estate financing, analyzes the characters and applicability of the five popular project financing models, and researches the ABS financing model in our country in depth.Regarding the combination of the financing tools,from the view of the cooperation financing,it combines the REITs and traditional financing tools in two stages.For project financing, it employs the project financing theory,according to the characters of the fund demand in the project life cycle,it estimates the fund quota,and combine the financing tools.Based the conclusions,this paper design an enterprise financing combination program for Beijing Capital Land Co.,Ltd;For project financing,it takes a comprehensive commercial real estate project as example,according to the characters of financing in every phase to plan and design.Through the above two practical cases, combine the theory and practice together.