| Chinese real estate industry started in the eighties of last century, after nearly three decades of development, it has become an important part of the national economy, with its long industrial chain, it helped the development of a series of related industries, such as building construction, and metallurgy. According to some relevant statistics, each additional point made in real estate will made related industry output increased by 1.5% to 2%.Money has always been a concern of real estate developers, any developer, if you want the fierce slice of the real estate market, we need a wealth of management experience and ability of financing and the use of funds. For real estate developers, even have the right of a land, but if you can not find enough funds to support the operation of the project, there is no way to obtain the corresponding profits. Therefore, the real estate development companies rely heavily on financial institutions to provide long-term loans. Although most companies know the real estate market, including profits, but because of financing problems, the vast majority have no way to get involved. China’s financial reform has entered a very critical period, on the one hand developers and home buyers desire for money, the other is the pressure on the real estate market regulation, must control the size of loans the real estate market, while to control financial institutions to the amount of money into the real estate market on the one hand but also to ensure the stability of the real estate market in the quest for social, financial institutions, real estate, while the balance of the funds used to expand real estate financing is a serious problem. Real estate in recent years has become the undisputed most popular consumer point, but the voice of a shortage of funds has never stopped, the underlying reason for this is the absolute dependence on bank loans. This cycle would be appropriate for such a long loans of financial institutions to create a strong pressure, but the real estate market, a sharp price fluctuations, the formation of massive bad loans is bound to affect people’s livelihood. Real estate financing urgently needed new financing structure to change the current single, while the amount invested in real estate funds under the control of the situation substantially reduced its financial risk. After the financial crisis, China adopted a proactive monetary policy, to some extent alleviated the shortage of real estate investment and financing, but in April this year the state has promulgated a new "national ten" on the regulation of real estate investment has increased, making the shortage of funds problem, once again put on the real estate development, especially small developers desktop, especially now that the relevant countries have begun tightening monetary policy, to continue in-depth study of real estate financing risk is necessary.Real estate for small and medium enterprises, which in addition to few other than bank loans for long-term loan financing options, and these small and medium real estate companies own financial situation is also very big difference. Some companies own capital adequacy, bank loans only as a supplement in the form of cash flow to make up for the deficiencies, but some companies rely on bank loans as almost all the development funds. Therefore, control of small and medium enterprise financing of real estate risk is actually bad debts in the control of bank lending risk, stability and development of society has an important significance.This article is divided into six parts:The first part of the introduction. Is to introduce the research background and significance, in this study based on the proposed ideas, research methods, contributions and shortcomings.The second part, on real estate financing.channels for enterprises and financing risks of the literature review. Respectively, on domestic and international real estate financing and financing risks related literature was reviewed.The third part, the changes in China’s macroeconomic situation and its impact of small and medium real estate companies. Our first course of nearly three decades of real estate development was once again shocked sort of real estate development for nearly three decades the state has adopted various measures and their effects were analyzed. Economic cycle from the perspective of the world, to other countries, the typical real estate development such as Japan conducted a lessons learned review and summary. Finally, the financial crisis that began in 2008 as a starting point, review the three years the development of China’s real estate industry, and within one year of recent macro-control policies promulgated by the state to analyze the impact on small and medium real estate companies are expected to do a.The fourth part, small and medium real estate corporate finance risk assessment. First, from the real estate development enterprises to commence the financing of this concept are described in detail some characteristics of small and medium real estate companies, as well as some of their methods of financing, then the new macro-economic situation in this perspective, the current economic situation of small and medium the impact on the real estate business and the means of financing can be used. Focus of this chapter is to introduce the financial risk arising from factors, and some of these factors apply to the control strategy, and on the basis of these studies proposed financing risk indicators to determine their own financial risks, combined with a discriminant model of land value through these two means of financing from their own indicators of risk identification and discrimination by the value of the land value of the project out to determine the size of the enterprise financing risk. Financing of the core point of this chapter is to determine risk indicators and land value model, the two models both from within and outside the enterprise with the identification of risk, is the basis of case studies.the fifth part,ⅩⅩⅩCompany’s actual case study. First, the company made a brief introduction and the beginning of the project in 2007, when the financing of some things. Then analyzed for the current macroeconomic situation of the project. The core of this chapter is to use the Chapter established company model and the data obtained from the actual situation proved the reliability of change model and also to change the company has obtained some of the problems. Taken together, the contents of the small and medium enterprise financing and risk management of real estate made recommendations accordingly.the sixth part, Conclusions and Outlook. Mainly made on this article for a summary of some of the things.The main contribution of this article:1. On the real estate industry in China conducted a systematic review, as well as small and medium real estate companies in the new macro-economic situation can be considered some of the financing and financing risk control recommendations.2. To finance through the establishment of an effective risk assessment model, and obtained first-hand the actual company data on the established model was validated. Most importantly, the data used in this article come from a small real estate companies, with a very strong reference value. Operation of the company’s projects can represent a large part of the small real estate business works.This article is lack of:1. This article described many of the financing in the country have not been widely used, and because of China’s actual conditions resulting in a number of financing constraints is very large, in the present circumstances could be implemented. Such as equity financing, real estate companies in China has in principle to allow public financing, so some methods of study can only be released after a number of relevant policies can be used.2. This case is only used by a company in a certain area,and can not represent the small and medium real estate companies in nationwide. As the regional real estate development, leading to differences in the real estate market all over the country, so the case is only limited in a small situation. |
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