| Currently in China , what fuel the economic growth are still investment , export , anddomestic demand. The contribution of real estate industry to boosting economic growth cannever be underestimated since now it plays a significant role in investment and domesticdemand expanding , and moreover , in the future several decades , it will still play a leadingrole in economic development . In recent years , real estate industry becomes one of the mostinteresting matters that people concern about and the state government has promulgated a seriesof policies to adjust the development of the real estate . Adjustment doesn’t mean how torestrict , but how to guide the healthy development of the real estate industry .Now in China , the real estate industry is just starting and since it is a high-rewardingindustry , so many investors regard this industry as a better investment destination. The realestate market is such a capital-intensive operation unit that we can say that capital is the bloodof and too significant to the real estate entrepreneurs. Features such as large investment anddevelopment scale , long cycle , and skyscrapers price make the real estate industry needhigher-amount investment. What’s more the real estate industry is eager to expand there-production , so financing becomes the problem that real estate developer concerns most. Atpresent , in China , financial products of real estate are too limited which are mainly threespecies , ie , liquidity loans of developing the real estate industry , loans to developing projectand mortgage loans. And this really restricts the development of our real estate industry.Initiated and administrated by professional real estate operational organization , the realestate industry investment fund not only can help earn higher rate of return from investmentfor the investors , but also can help to effectively evade the risks for the investors , to whichother investment means cannot hold candle .Meanwhile, this means also afford a more activechannel for other scattered and idle funds to take part in the real estate industry . Therefore, realestate investment trustis the ideal way in the future to solve the financial problem of the real estate industry inChina .From the current financial condition of real estate industry in China , this dissertation , by adopting the way that combines general analysis and case analysis reveals the existing problemin the financing of the real estate industry and seeks ways to solve the problems.Firstly , on the financing condition of the real estate industry , this dissertation aims toanalyze and discover problems . Currently , financing of the real estate industry in Chinamainly depends on debt financing , and now it has been operating on loans. It mainly dependson bank debt , so higher-risk financing is unavoidably existent .The financing means are notonly limited but also inappropriate in structure which contributes to the problem of thehigher-cost of financing .Secondly , typical one such as Tianye shares is chosen to be as case to analyze. Combinedthe exposed materials to the outside , and the basic material obtained from the investigationand research of the Tianye share in 2010 , a deep analysis is made by adopting capital assetpricing model and entrepreneur value calculation , and problems such as high cost of the assetand low value of the company are found . And means to solve these problems is to optimize thecapital structure . Tianye condition is a epitome of the problem prevailing the real estateindustry in China. And it is highly typical.Finally, through analysis , real estate investment trust, with the advantage of increasingmore financing channels , reducing capital cost , and increasing vale of the company, isintroduced to solve the existent problem. |
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