What are the debt financing methods of real estate enterprises?

I. Real estate enterprises 1. The so-called real estate enterprise refers to an economic organization that is engaged in real estate development, operation, management and service activities for the purpose of making profits, and conducts independent operation and independent accounting. Real estate refers to land, buildings, inseparable parts fixed on land and buildings and various rights and interests attached to them. Real estate is also called real estate in economics because of its own characteristics, that is, the fixed position and immovability. There can be three forms of existence: the integration of land, buildings and houses. 2. In the auction of real estate, the auction target can also exist in three forms, namely, land (or land use right), material entities and their rights and interests in the integrated state of buildings and premises. With the development of personal property ownership, real estate has become the main component of commercial transactions. Buying real estate is an important investment method. Hong Kong real estate attaches great importance to real estate geomantic omen. Zhang Jinhua, a descendant of Shi Tian and a master of geomantic omen, said: There are blessings in the land, harmony between people and land, and the survival of the fittest is blessed. Second, the financing channels of real estate enterprises (1) Listed financing Real estate enterprises can quickly raise huge amounts of funds through listing, and the funds raised can be used as registered capital permanently, with no fixed repayment period. Therefore, it has great advantages for some large-scale development projects, especially commercial real estate development. Some large and medium-sized enterprises with development potential and eager to expand their scale and capital can also consider buying (borrowing) shell financing. (II) Overseas funds At present, there are generally two ways for foreign real estate funds to enter the domestic capital market: one is to apply to the China Municipal Government for special approval to operate real estate projects or purchase non-performing assets; Second, set up investment management companies according to laws and regulations to avoid restrictions, and realize the legal circulation and recovery of funds through direct or indirect means such as buying back houses, buyouts and leasing. The cooperation between overseas funds and domestic real estate enterprises is characterized by high concentration. Overseas funds invest in China real estate, and most of them choose large real estate enterprises, which require high reputation, scale and strength. However, compared with other enterprises, powerful developers have wider financing channels, and the cost of overseas funds is higher than that of bank loans, trusts and other financing channels. Therefore, the influence of overseas funds in China real estate is still very limited. (3) Joint development Joint development is a way for real estate developers and operators to develop real estate projects in a cooperative way. Joint development can effectively reduce investment risks and realize the sustainable development of commercial real estate development and commercial network construction. Most developers hold the business idea of selling houses and leaving people, so they can't make perfect planning and long-term operation of commercial real estate projects. Therefore, it is easy for developers to sell hot at that time, but the commercial city and commercial street are getting more and more depressed after they leave. The cooperative development between developers and operators can achieve the consistency of goals and strategies in the process of real estate development and reduce the possibility of the above phenomenon. (D) M&A Under the influence of national macro-control policies, there will be two contrasting situations in the real estate market: on the one hand, some small and medium-sized real estate enterprises that have land resources but lack the cost of development funds have stopped the construction of a large number of projects because there is no way to raise funds, and only by entering the market as soon as possible can they ensure that the land will not be recovered; On the other hand, some large real estate enterprises with strong financial strength have no land in their hands, so they seize the opportunity to acquire small and medium-sized enterprises and high-quality real estate projects, so as to achieve rapid expansion of scale. (V) Real Estate Investment Trust (REITS) At the end of 2003, the first domestic commercial real estate investment trust plan-French Auchan Tianjin First Store Fund Trust Plan was launched in Beijing, representing the embryonic form of China Real Estate Trust Fund (REITs). However, the REITS products in China market are quite different from those in the international real sense because they are not listed and traded, the real estate investment lacks diversification and they do not participate in the real estate development process. The risk-return characteristics of REITS are: low equity capital and high liquidity; Secondly, the income is stable, the fluctuation is small, the market return is high, and you can also enjoy tax incentives, and the shareholders' income is high; At the same time, REITS implement professional team management, which effectively reduces risks. (VI) Real estate bond financing Debt issuance financing requires higher conditions for financing enterprises, and it is difficult for small and medium-sized real estate enterprises to get involved. Coupled with the imperfect operation mechanism of China's corporate bond market and some defects of corporate bonds themselves, most domestic real estate enterprises do not adopt this financing method. (VII) mezzanine financing mezzanine financing is a trust product between equity and creditor's rights, and it is a combination of equity in real estate. In China's real estate financing market, mezzanine financing, as a variant of real estate trust, has strong maneuverability. The most direct reason is that mezzanine financing can bypass the policy that developers of newly issued real estate collective fund trust plan must have complete "four certificates", more than 35% of their own funds and have secondary development qualifications. Compared with REITS, mezzanine financing can solve the emergency financing problem before the "four certificates" are complete. (IX) Project financing Project financing means that the project undertaker (i.e. the shareholder) establishes a project company for operating the project, borrows loans from the project company as the borrower, takes the cash flow and income of the project company as the repayment source, and takes the assets of the project company as the collateral for the loan. (10) developer discount entrusted loan developer discount entrusted loan means that real estate developers provide funds, entrust commercial banks to issue entrusted loans to people who buy their commercial houses, and developers give interest subsidies for a certain period of time. Its essence is a "seller's credit". Developers discount entrusted loans to provide discount to consumers who buy houses, which is beneficial for residential real estate developers to withdraw funds in the real estate sales stage, can avoid debt and financial crisis of real estate development enterprises in the case of temporary poor sales, and can solve the financing bottleneck problem for some powerful real estate enterprises. (11) Short-term financing bonds Short-term financing bonds refer to securities issued by enterprises in accordance with legal procedures, with the agreement to repay the principal and interest within 3 months, 6 months or 9 months to solve the temporary and seasonal short-term capital needs of enterprises. Short-term financing bonds have the characteristics of flexible interest rate, fast turnover rate and low cost, which undoubtedly endows the current capital field. mezzanine financing often refers to other subordinated debts or preferred shares that are not mortgage loans, and is often a combination of different creditor's rights and equity. In China's real estate financing market, mezzanine financing, as a variant of real estate trust, has strong maneuverability. The most direct reason is that mezzanine financing can bypass the policy that developers of newly issued real estate collective fund trust plan must have complete "four certificates", more than 35% of their own funds and have secondary development qualifications. Compared with REITS, mezzanine financing can solve the emergency financing problem before the "four certificates" are complete. To sum up, real estate enterprises are of course very profitable industries, but they are also faced with high risks and high returns. When a real estate enterprise is faced with risks, it is likely to decline. Of course, it may also be born after death. So for the real estate industry, we must face it with a fair and objective attitude.