Analysis And Optimization Of Investment And Financing Scheme For Cooperative Development Of TJ Real Estate Project

Under the current financing environment,investment-intensive businesses such as real estate financing is even more difficult.Through cooperation in investment,the regional real estate companies and real estate companies can solve financing problems,access to land resources,weak profitability,reduce an independent investment fund pressure,and can reduce investment risks.Through cooperation with large real estate company investment,the regional real estate companies can take advantage of the large company's operation and management methods and brands,can greatly shorten the construction period of the project,accelerate the project turnover,reduce project development costs,enhance overall returns.For large real estate companies,the cooperation development projects with regional real estate companies can effectively expand its market segments,reduce individual risk of market uncertainty,increase the scale effect of centralized procurement,strengthen bargaining power,reduce procurement costs,achieve economies of scale;At the same time,through its branding and management of intangible assets output,the large real estate companies can get more benefit,improve return on assets and conserve capital to invest in other projects.Cooperation development project is an investment resources complementarity from all the advantages of the companies;the cooperation development is a win-win situation and the investment income distribution in the different development cooperation programs are also be widely concerned.This paper is mainly a research about TJ real estate project development case study through the introduction of Sino-Singapore Guangzhou Knowledge City vision and planning,TJ real estate project location,plot,plan,project,case background such as traffic conditions,the project development plan.We have made economic analysis about the different cooperation development programs in TJ real estate investment project.In the investment analysis,the first part is investment analysis for TJ project cash flows through carrying out a detailed analysis of cash inflow and outflow,make the project total investment cash flow table,TJ obtained financial evaluation indexes of real estate projects is measured and the analysis of economic benefits of their investment is carried out.Second,we have made an financial analysis about three situations:the owners apply land shares,the investment party is responsible for other all construction investment;the owners borrow money from the bank in the development process;the owners apply land shares,investment party is responsible for part construction investment,the remaining funds are from bank borrowing;The cash flow discount method is used to calculate the project investment income and the distribution of the interests of the investment parties under the three cooperative development schemes.We compared with the different cooperation development plan about their financial evaluation indexes and give some selected recommends for the cooperation investment programs.The process of investment in real estate development is complex and changeable,facing a lot of uncertainties and risks.Assessment based on the DCF evaluation alone may neglect the opportunity value brought by project uncertainty and the flexible value of management.To this end,this paper also uses the real option theory to modify the traditional method of cash flow evaluation,thus improving the accuracy of the project investment decision-making.Through this research,it can provide some corresponding reference suggestion for promoting the development of knowledge City real estate investment decision,as well as other new development investments.Meanwhile,it can also improve the efficiency of this type of project investment decision,reduce the risk,achieve a win-win cooperation and for reference.