The Application Of Mezzanine Financing In China’s Commercial Real Estate

The present situation of commercial real estate financing in China is not just as one wishes. As a capital-intensive industry, commercial real estate investment period is longer, and has a large risk, capital chain smooth is the basic condition for its health, effective development of commercial real estate, but from the current situation of our country, the capital circulation mode is simple, lack of financing capacity, resulting in China’s commercial property market develops slowly.Emergence of mezzanine financing, and provides a new way for the new round of macro-control policies of commercial real estate financing. Mezzanine financing was created and developed in the nineteen eighties, is the product of financial innovation. In recent years, mezzanine financing in the western developed countries has developed rapidly, as a kind of flexible financing mode, to make up for the priority of equity financing and debt financing gap, so as to improve the efficiency in the use of funds.But in our country, commercial real estate, mezzanine financing is still in the primary stage of the application, the relevant policies and regulations are not perfect, the business model is not yet mature. The specific practice of commercial real estate financing as well as on the mezzanine financing is the lack of.The first chapter introduces the mezzanine financing in commercial real estate research background and significance, explains the research ideas and research methods; the second chapter elaborates the basic concepts, mezzanine financing characteristics and related theoretical basis, and research the mezzanine financing at home and abroad are reviewed; the third chapter summarizes the commercial real estate financing international experiences and models; the fourth chapter analyses the motivation, current situation of the development of commercial real estate financing application of sandwich in China on the previous chapters and problems; the fifth chapter is the key chapter, with the mezzanine financing related theory as the guide, combining foreign mezzanine financing experience, put forward suggestions for the design of model selection of mezzanine financing and project I commercial real estate, and practice the mezzanine financing mode in our country is analyzed through a case; the sixth chapter summarizes the paper and draw some inspiration.