The Case Study Of Diversified Financing On Greenland Group

As the foundation of pillar industry of the national economy,the sustained and healthy development of the real estate industry is closely related to the steady growth of the national economy.As the real estate industry is belong to capital-intensive industry,there is an urgent need for capital to be poured into the process of developing land and managing commercial real estate.In recent years,the government has adopted a series of macro-control policies to reduce speculative investment in the industry and regulate the normal operation of the capital market.Among them,the macro-control policies are mostly to adjust the bank loan rate and deposit reserve ratio,which results in real estate companies relied on long-term bank loans withstanding enormous financing pressure.As financing structure of real estate companies is not flexible,the business capital chain rupture may occur.The financing difficulties of the real estate market hindered the sustainable development of enterprises.Greenland Group is a comprehensive large-scale enterprise with real estate as the main business and supplemented by infrastructure,finance,consumer industries,and so on.Greenland Group is a leading real estate company of our country.The group's financing channels have changed from the simplification of the early days to the diversification of development period.Nowadays,it already formed the multi-platform,multi-channel and low-cost all-round financing system.The diversification of financing channels is worthy of reference by other real estate companies in our country.This thesis takes Greenland Group as the research object,and analyzes the successful experience of Greenland Group's diversified financing combination from the perspective of the theoretical basis of real estate financing and the actual situation of the enterprise itself.It also presents relevant recommendations on diversified financing of the real estate industry from the perspective of the case company,as well as risk prevention and control,and lastly does a corresponding summary.Firstly,it introduces the related basic theories of real estate enterprises on financing.On the enterprise life cycle theory level,it expounds the changes of real estate financing,then analyzes the traditional financing channels of real estate companies from four aspects,and points out that the real estate enterprises lack of new financing ways.Secondly,this thesis takes the Greenland Group as a case,briefly introduces the development situation,briefly summarizes the policy background and business conditions of the company at the three development stages,analyzes the four kinds of diversification financing combination:"Post-sale Repurchases + Equity Financing","Long-term Financing Bonds + Short-term Financing Bonds","A+H" + Overseas Financing" and "Internet Financial Products + Real Estate Securitization".It deeply analyzes the reason for the selection of a diversified financing combination,the effectiveness achieved after financing,and the risk prevention and control of the financing combination.In the end,this thesis elaborates the successful experience of the diversified financing of Greenland Group,the needs to be perfected and the related suggestions to the real estate industry.