Research On Fund Management For Real Estate Companies Based On The Multi-project Development Mode

The real estate industry is a "quasi-financial industry". High investment, high debt, highprecipitation of funds, and high-risk determines the funding problems will inevitably to be abottleneck of the real estate companies. Many real estate companies are powerless when face thelarge fund requirements and huge difficulty of fund management of multi-project developmentmode.This thesis aim to put forward the modes and tactics of fund management based onmulti-project development mode. Through the analysis of funds management status andinfluencing factors, multi-project development status, fund management of multi-projectdevelopment mode.First, this thesis describes the background and significance of this topic; review the researchon the real estate funds management and multi-project management by the experts and scholarsat home and abroad. Pointed out that most of the existing funds management research stays inthe single project, the mainstream of multi-project management research is the form ofmulti-project organization. It lacks the research on fund management based on multi-projectdevelopment mode.Secondly, this thesis analyzes the current situation and influencing factors of the real estatecompanies’ funds management. Pointed out that the fund management problems are thefollowing: huge business risk; excessive dependence on bank credit; blind investment; lackingcapital budget management and process control; serious precipitation of funds; insufficient ofinformation construction.etc. Then this thesis explores the main factors which affecting fundsmanagement from five aspects. They are national policies, international financial markets,China’s capital market, industry warning system and the companies’ own business.Third, the paper analyzes the background of multi-project development, pointed out themain problem of multi-project funds management. They are funds management dispersed,powerless of overall operation of funds, imperfect funds management system, weak supervisionof project funds, poor transmission of funds information among projects; unable to take costadvantages of multi-project development.Fourth, this thesis presents the fund management tactics based on the multi-projectdevelopment mode: To implement capital centralized management, to optimize multi-projectdevelopment financing decisions, to adjust the development rhythm, to optimize the capitalallocation, to do the comprehensive budget management with PDCA cycle and to do taxplanning of multi-project development.Finally, this thesis analyzes the multi-project fund management status of S company. Itpointed out S company has these fund management problems, which are underutilized of external funds, weak profitability of projects and poor circulation of internal funds. To solve theabove problem, this thesis gives the following recommendations. S company should to domoderate decentralization of the funds management; to increase the proportion of externalfinancing, broaden the non-bank financing channels; to do centralized purchasing; to do thewhole process of tax planning and to do online process.