The Study Of Life-cycle Financing Mode In China's Commercial Real Estate Projects

Under the circumstances of the gradual expansion of China's commercial real estate development scale,its investment increasing year by year.In order to mitigate the credit risk of bank institutions and effectively solve the financing problems of commercial real estate single financing channel and the lack of long-term financial support,this paper studies life-cycle financing mode of commercial real estate projects.First of all,on the basis of the study of the corporate finance theory and crowdfunding,mezzanine financing and Real Estate Investment Trusts(REITs),analyse the characteristics of commercial real estate,compare its development and operation model,summed up the development of China's commercial real estate,combined with the real estate financial environment,analysis China's commercial real estate financing and its project life cycle detailedly,study the current situation and existing problems of China's commercial real estate financing through the questionnaire survey and expert interviews,and use the constituent data method to forecast the capital source structure of China's real estate development enterprise,analyse the development trend of commercial real estate financing;Secondly,through the analysis of Singapore and the United States commercial real estate financing,compare differences in domestic and international commercial real estate financing,and learn from foreign experience,put forward the suitable idea of solving the problem of commercial real estate financing in China;Then,study the project financing model from the investment structure,financing structure,capital structure and credit guarantee structure four aspects detailedly,and targeted to build project life-cycle financing model for solving commercial real estate financing problems,put forward the relevant supporting measures and suggestions of its application;Finally,carry out a detailed theoretical analysis,pre-financing and post-financing financial analysis of the CMR financing model preliminary practice on the WD Group's commercial real estate projects,and validate the feasibility and validity of the financing model in solving the problem of commercial real estate financing.The main conclusions of this study are as follows:(1)China's current commercial real estate financing is dominated by bank loans and other indirect financing,the lack of the financing model to match the long-term funding requirements.With the commercial real estate financing environment changes and enterprises to light asset operation mode of transformation and development,commercial real estate financing is gradually from indirect financing to direct financing changes.(2)Commercial real estate financing model has a difference due to the difference of the degree of real estate financial development,the division of the financing subject labour in China and abroad,the development and operation model of project.In order to solve the problem of China's commercial real estate financing should continue to improve the domestic real estate financial system,the effective use and development of the financing methods that match with commercial real estate development and operation model,promote the financing capacity to enhance through professionalization and build the life-cycle financing mode of commercial real estate projects.(3)Use the investment structure of limited partnership and trust fund,make crowdfunding,mezzanine financing and REITs convergence combination effectively,lead to build the life-cycle financing mode of commercial real estate projects that can improve the proportion of direct financing of commercial real estate,mitigate the credit risk of bank institutions,meet the long-term funding requirements of the holding of commercial real estate projects.(4)For the same commercial real estate project that pre-financing financial analysis is feasible,in the same calculation period,through the post-financing financial analysis of the CMR financing mode of commercial real estate projects and the traditional “cash flow rolling asset” financing mode used by WD Group's find that the former's NPV and IRR financial indicators are better than the latter.