| The Chinese real estate industry enters the commercial real estate period at the threshold of 21st century. With the development of commercial real estate, it tends to be more essential to our society and our daily life as well.But there are still many financing problems in the development process along with the rapid expansion of commercial real estate market. The government managements on the loan control and land exploitation rights became more strictly under the tighter macro regulation. The old exploitable mode such as "land gaining-loan-sale" must be changed on the basis of sufficient utility of existent financing methods. Development and operation should be integrated. The abuse of bank loan on the financing of commercial real estate project should be improved. Thus, the micro part of investment and development will get more funds which reduce the investment risk and increase the probability of success. Furthermore, the ineffective loans in bank will decrease obviously and the sufficient supplies of commercial facilities will fulfill the demand of high quality of living standards.One of innovations on financing modes of commercial real estate development is to introduce project finance which adds new partners, such as retailers and investors, to the development financing activities. The contradiction between large repaying pressure in the short run and leasing benefits in the long run can be solved by matching the income of investment with the risk of each partner involved.This thesis falls into five chapters:The first part analyzes the concepts of commercial real estate. Then comes the summary of the characteristics of commercial real estate on development, operation and financing. The paper also analyzes the background and problems existed in the processes during the commercial real estate development.The second part analyzes the current situation and the factors inducing the problems of commercial real estate finance.The third part makes a deep study on the different sorts of current financing channels and put forward the writer's judgments and evaluation.The forth part introduces the concept of project finance into development financing of commercial real estate. On the basis of analyzing the characteristics of project finance on commercial real estate and their cooperators, several project finance modes are designed. And comments are also made on the applicability in commercial real estate.The last part summarizes the paper on the basis of former analysis. |
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