借鉴国内外成功经验，探索JKC房地产金融策略

发布时间：2018-07-05 14:37

本文选题：房地产金融 + 房地产基金　；参考：《复旦大学》2013年硕士论文

【摘要】：房地产作为资金密集型产业,有其自身的产业链。从一级土地整理、通过招拍挂拿地、房地产开发到开发完成卖房或持有物业等,每个环节都需要大量的资金投入。随着银行信贷等传统融资渠道不断收紧,对房地产开发贷款的审批要求也愈发趋向严格,对贷款项目的审批要求也集中在城市中心地段等地价抗跌性较好的区域。资本市场对房地产企业不仅IPO上市大门事实上关闭,通过公开市场再融资的审批门槛也暂时停止。为拓宽资金渠道,房地产业资金来源越来越多向房地产基金、信托等拓展,尤其是房地产基金,在信托接二连三被监管当局窗口指导的情况下,这两年可谓来势凶猛,成为新兴房地产融资渠道。大型房地产开发企业为房地产基金的主要发起人及募资设立,如中国海外、华润地产、金地集团等,均已试水房地产私募投资基金。同是在REITs酝酿推出的背景下,商业地产的管理智慧将在金融资本的支持下得到更充分的发挥,而私募地产基金的发展也将成为推动公募REITs市场壮大的重要基础近几年在国内快速崛起的凯德置地的母公司嘉德置地就是亚洲REITs模式下“私募+公募基金”的典型代表。嘉德置地本身是一家新加坡上市地产公司,旗下除了5家上市REITs外,还有17家私募地产基金,它借助私募基金通道开发新项目或收购待改善项目,待项目成熟后再转售给上市REITs,实现私募基的退出。国内以星浩资本、稳盛投资为首的机构发起的基金开创了“地产开发+基金管理”模式。星浩资本目前已完成对大连东港新城的20亿元投资,成都两个项目20多亿元投资和上海闸北的项目,所投项目均为星光耀城市综合体。模式促进了房地产行业本来一体化的的融资投资、开发管理和资产管理三大业务合理分开,加深了行业的专业化分工,将有效提升行业效率与社会资源的配置效率。面对中国房地产政策多变,经历了数次市场起伏,JKC逐渐认识到稳定而多元化融资渠道的重要性。提出了：强化资源整合意识,提升资产经营能力,实施房地产金融创新,创造城市区域价值的战略思路。意识到房地产金融创新将成长起来,占据产业链的高端,在更高层次实现资源配置,会对整个行业的生态产生革命性的影响,因此,在保证资金链安全,积极提升原有资金来源渠道的基础上,于2011年成立融资平台-KSD资本,并于2012年于中融国际信托合作,设立“嘉融优势发展基金”,并成功发行一期基金8亿,为JKC开展多元化投融资业务迈出成功的第一步。本文站着房地产企业角度,从理论研究和实际操作的可行性两个角度出发,从影响中国房地产金融市场发展的内因和外因,分析中国房地产金融市场的现状和特点,参考国内外房地产金融的发展经验,结合对政府和金融监管部门的相关政策的理解,重点探讨未来几年可能出现的房地产金融产品及其发展前景,从而探索JKC未来的房地产金融途径,以为推动JKC的金融创新提供实际有效的可操作的建议和思路。
[Abstract]:Real estate, as a capital intensive industry, has its own industrial chain. From the first level of land consolidation, by bidding and holding the land, the development of real estate to the development of selling or holding property, every link needs a large amount of capital investment. As the traditional financing channels such as bank credit are not broken, the requirements for the examination and approval of real estate development loans are also required More and more stringent, the approval requirements for loan projects are also concentrated in the urban central area and other areas with better land prices. The capital market is actually closed to the real estate enterprises not only the gate of IPO listing, but also temporarily stop the approval threshold through the open market refinancing. In order to broaden the financing channels, the capital source of the real estate industry is becoming more and more direction. The expansion of real estate funds, trusts, especially real estate funds, which have been guided by the windows of the regulatory authorities, has become a fierce and emerging financing channel for the two years. Large real estate development enterprises are the main promoters and fund-raising of real estate funds, such as China overseas, Huarun real estate, gold land. Under the background of REITs brewing, the management wisdom of commercial real estate will be more fully played under the support of financial capital, and the development of private property fund will also become an important basis for promoting the growth of public offering REITs market.
In recent years, the home company, Kade's parent company, which has risen rapidly in China, is a typical representative of the "private placement fund" under the REITs model in Asia. The land itself is a Singapore listed real estate company. In addition to 5 listed REITs, there are 17 private property funds, which are developed by private fund channels. Acquisition of pending improvement projects will be resale to the listed REITs after the project is mature, so as to achieve the withdrawal of the private base.
At present, Star Hao capital has completed 2 billion yuan investment in Donggang new town in Dalian, about 2000000000 yuan investment in Chengdu and Zhabei of Shanghai in Shanghai, and all the projects invested by Xingyao city complex. The original integration of the financing investment in the real estate industry, the rational separation of the three major businesses of development management and asset management, deepens the specialization of the industry, and will effectively improve the efficiency of the industry and the allocation of social resources.
Facing the change of China's real estate policy and experiencing several market ups and downs, JKC has gradually realized the importance of stable and diversified financing channels. It puts forward the strategy of strengthening the consciousness of resource integration, improving the ability of asset management, implementing real estate financial innovation and creating the regional value of the city. Taking up the high end of the industrial chain and realizing the resource allocation at a higher level, it will have a revolutionary impact on the ecology of the whole industry. Therefore, on the basis of ensuring the security of the capital chain and actively promoting the original sources of funds, the financing platform -KSD capital is set up in 2011, and the development of the "Jiaha superiority development" in 2012 is set up in the Sino melting international trust cooperation. The fund has successfully issued the first phase of the fund 800 million, which is the first step for JKC to carry out diversified investment and financing business.
From the angle of real estate enterprises, from two angles of theoretical research and practical operation, this paper analyzes the internal and external causes affecting the development of China's real estate financial market, analyzes the current situation and characteristics of the real estate financial market in China, and refers to the development experience of real estate finance at home and abroad, and the connection with the government and the financial supervision department. The understanding of the policy focuses on the possibility of real estate financial products and their development prospects in the coming years, thus exploring the real estate financial ways of JKC in the future, and providing practical and effective suggestions and ideas to promote the innovation of JKC's financial innovation.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.233.42

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