摘要

房地产业是关系国计民生的支柱产业,涉及上下游50多个行业。其更是资

金密集型行业,幵发经营具有涉及面广、项目耗资巨大、投资周期长、资金回

收慢、经营风险大等特点。而目前我国房地产融资渠道较为单一,主要依靠银

行间接融资,自2003年06月13日中国人民银行发布了《关于进一步加强房地

产信贷业务管理的通知》,使得银根持续对房地产行业紧缩。加上房地产企业上

市融资的规模和时机受到限制,短期内从证券市场融资的愿望难以实现。寻找

广阔的投资来源和拓宽融资渠道成为房地产业发展的当务之急,作为四大金融

行业之一的信托具有安全、灵活以及管理有效、受益稳定的特点,理所当然的

成为了房地产行业融资的新亮点。货币政策的紧缩为房地产信托提供了发展的

新契机和市场空间。截止2013年9月底,今年已累计发行房地产类集合信托产

品775个,合计规模2588亿元。信托公司通过信托贷款、股权投资等方式为房

地产企业提供资金,有力的促进了房地产企业的融资方式多元化。本文主要介

绍了信托为房地产提供融资的几种方式,特别以BR信托JS地产基金为例进行

分析,得出BR信托JS地产基金模式具有较为广泛的借鉴和推广意义。该模式

设计独特,不违反监管法规,获得了当地银监局的认可,可以在目前的情况下

解决融资主体资质相对较好,对融资成本不是特别敏感,主要的资金用途是拿

地、前期工程建设等这一类客户的资金需求。期望通过本文的分析,可以为金

融、信托同业提供新的操作模式,为房地产客户提供不同于传统渠道的信托地

产基金模式。

关键词:房地产业;融资;信托融资;地产基金

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Abstract

Abstract

The real estate industry which is beneficial to the people's livelihood is a pillar

industry, involving more than 50 upstream and downstream industry.What's more, it

is very intensive to capital, the progress is not just costing much,but also have long

investment cycle. The management risk is bigger than normal. At present, China's

real estate financing channel is unitary, mainly relying on bank financing. Since the

people's Bank of China in 2003,06.13 issued notice on the 《Further strengthening

of the operational management of real estate credit》,the monetary policy is

continuing tight on the real estate industry. The scale which real estate enterprises

financed from the stock market's was restricted. To find a broader investment source

and broaden the financing channels of real estate development has become a

pressing matter of the moment.As one of the four financial pillars,trust has the

characters which is flexible, safe and effective,with no doubt,it becomes a new bright

spot in the real estate industry finance market. At the same time, Tight monetary

policy provides new opportunities for development and market space for the real

estate trust. As of 2013.9, the trust companies have issued 775 trust products,which

are relevant to real estate. The total size reach 258.8 billion yuan. The trust company

have provided funds for real estate enterprises through trust loans, equity investment,

etc.They have promoted the diversification of real estate financing ways. This paper

mainly introduces the several ways which is provided by trust company of financing

for real estate, especially in AA trust co. JS real estate fund as an example. The JS

real estate fund model has wider significance. In the current situation it can solve

the enterprises which have well qualifications,is not sensitive to the cost of financing

and whose aim is mainly to auction land money problem. Through the analysis, I

hope can provide a new mode of operation for the financial and trust industry,what’s

more,I hope can provide them real estate trust fund which is different from the

traditional channel for real estate customer.

Key words: real estate industry;financing;trust financing;real estate trust fund

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