I 摘要 近年来，房地产基金无疑得到了飞速的成长，受到了市场的追捧。因为房地 产开发企业可以不受资金用途的限制，进行快速扩张或者并购，极大的缓解了房 地产企业拿地无钱的困境，实现做大做强的目标。但是，近年来在中央“房住不炒” 的政策指导下，房价受到了抑制，而成本仍居高不下，导致房地产企业的利润空 间变得越来越薄。在房地产行业宏观调控的限制下，房地产基金募集规模也出现 了连续下降趋势，最终房地产基金也受到较大不利影响。由于 ZT 基金管理公司投 资项目单一，主要投资房地产，所以给公司带来了很大的不确定性。房地产基金 管理公司面临着资金募集难度加大、优质项目减少、投资回报率降低、退出风险 大等一系列问题。 本文对上述问题进行了原因分析，主要在于地产行业利润空间变小，投资者 购买意愿下降及风险意识增强，地产项目投资期限长、商业整体资产出售难度大 等。为了解决问题，本文首先从房地产私募基金相关理论研究、国家和地方宏观 政策研究及未来发展趋势预测，做了基础性的研究和总结。其次，通过 ZT 基金管 理公司的 SWOT 分析以及核心竞争力分析，清晰的展示了 ZT 基金管理公司所拥 有的优势、劣势和面临的机会、威胁，以及 ZT 基金管理公司所拥有的核心竞争能 力和资源，在充分认识了内外部条件和资源的情况下，公司需要逐步压缩房地产 投资规模，转而投资现金流回收较快的优质住宅项目，同时积极跟进基础设施、 通讯等项目，让投资结构更加优化。投资理念上要积极的主动管理，坚持强监管 方式，进行全面深入的资金监管和运营监管，减少房地产投资带来的风险。最后， 本文进行了投资基础设施项目案例分析并提出了转型保障措施，认为向基础设施、 通讯等项目投资转型会带来很好的投资结构优化和分散风险的效果。 关键词：房地产私募基金，投资转型，ZT 基金管理公司ABSTRACT II ABSTRACT In recent years, the real estate fund has undoubtedly gained rapid growth and been sought after by the market. Because real estate development enterprises can carry out rapid expansion or merger and acquisition without being restricted by the use of funds, which greatly alleviates the plight of real estate enterprises that have no money to take land and realize the goal of becoming bigger and stronger. However, in recent years, under the guidance of the central government's policy of " houses are for living in, not for speculating with ", housing prices have been suppressed, while costs remain high, leading to thinner and thinner profit margins for real estate companies. Under the restriction of macro-control of the real estate industry, the raising scale of real estate funds has also shown a continuous downward trend, which leads to a great adverse impact on real estate funds. Since ZT Fund Management Company has a single investment project and mainly invests in real estate, it brings great uncertainty to the company. Real estate fund management companies are facing a series of problems such as increasing difficulty in raising funds, reducing high-quality projects, reducing investment returns, and high exit risks. This paper analyzes the reasons for the above problems, which mainly lie in the smaller profit space of the real estate industry, the decline of investors' buying intention and the enhancement of risk awareness, the long investment term of real estate projects, and the great difficulty in selling the overall commercial assets. In order to solve the problem, this paper first from the real estate private equity related theoretical research, national and local macro policy research and future development trend forecast, do the basic research and summary. Second, by ZT fund management company's SWOT analysis and the analysis of the core competitiveness, clearly shows the ZT fund management companies have strengths, weaknesses and opportunities, threat, and ZT fund management companies owned by the core competitive power and resources, in the full knowledge and resources under the condition of the internal and external conditions, the company will gradually compressed scale of investment in real estate, cash flow and investment recovery faster high-quality residential projects, at the same time, actively follow up the projects such as infrastructure, communication, make the investment structure optimization. In terms of investment philosophy, it is necessary toABSTRACT III actively manage, adhere to strong supervision, carry out comprehensive and in-depth capital and operation management, and reduce the risks brought by real estate investment.Finally, this article analyzes the case of investment infrastructure projects and proposes transformation guarantee measures. It is believed that the transformation to infrastructure, communications and other projects will bring about good investment structure optimization and risk diversification effects. Keywords: Private fund of real estate, Investment transformation, ZT Fund Management Company目 录 IV 目 录 第一章 绪论........................1 1.1 研究的背景及意义1 1.2 文献综述................2 1.2.1 国外文献研究...........................2 1.2.2 国内文献研究...........................3 1.3 研究内容及方法....6 1.3.1 研究的内容6 1.3.2 研究的方法7 1.4 研究思路及论文框架...........................7 1.4.1 研究思路....7 1.4.2 论文框架....7 1.5 研究创新之处........8 第二章 房地产私募投资基金概述...................9 2.1 房地产私募投资基金的概念及发展现状..........................9 2.1.1 房地产私募投资基金的概念...9 2.1.2 房地产私募投资基金的发展现状..........................9 2.2 房地产私募投资基金的特点和类型.10 2.2.1 房地产私募投资基金的特点.10 2.2.2 房地产私募投资基金的类型. 11 2.3 房地产私募投资基金的运作模式.....12 2.3.1 房地产私募投资基金的设立.12 2.3.2 房地产私募投资基金的资金募集........................13 2.3.3 房地产私募投资基金的运作流程........................13 2.3.4 房地产私募投资基金的退出方式........................14 2.4 本章小结..............15 第三章 ZT 基金管理公司的投资现状分析... 16 3.1 ZT 基金管理公司的基本情况........... 16 3.2 ZT 基金管理公司的投资现状........... 16 3.2.1 ZT 基金管理公司的投资标的分析....................... 16 3.2.2 ZT 基金管理公司的投资模式分析....................... 17目 录 V 3.2.3 ZT 基金管理公司的监管方式分析....................... 18 3.2.4 ZT 基金管理公司的退出方式分析....................... 18 3.3 ZT 基金管理公司取得成功的关键因素分析.................. 18 3.4 因内外部因素变化导致 ZT 基金管理公司面临的问题.20 3.4.1 投资收益率下降且风险变大.21 3.4.2 地产基金产品销售难度变大.21 3.4.3 投资期限长导致资金管理难度大........................22 3.4.4 自营商业综合体整体销售难度大........................23 3.5 ZT 基金管理公司出现上述问题的成因分析.................. 23 3.5.1 投资项目较单一且房地产项目利润空间变小....23 3.5.2 投资者风险意识加强及投资多元化的需求........24 3.5.3 短期产品与地产项目周期不匹配........................25 3.5.4 投资者对购买商业地产变得更理性....................25 3.6 本章小结..............26 第四章 ZT 基金管理公司的转型分析........... 27 4.1 ZT 基金管理公司的 SWOT 分析......27 4.1.1 优势分析..27 4.1.2 劣势分析..28 4.1.3 机会分析..30 4.1.4 威胁分析..30 4.2 ZT 基金管理公司的核心竞争力分析.............................. 31 4.2.1 公司的核心竞争力分析.........31 4.2.2 基于上述分析的战略选择.....32 4.3 ZT 基金管理公司的转型方向........... 33 4.3.1 主动挖掘股东单位项目调整投资结构................34 4.3.2 主动尝试“股+债”投资方式以获取更高的回报.. 35 4.3.3 主动推出投资期限短的基金产品........................35 4.3.4 对投资项目从弱监管主动变成强监管................35 4.3.5 商业资产整体出售或资产置换............................36 4.4 X 市智能交通项目转型案例分析..... 36 4.4.1 项目介绍..36 4.4.2 投资价值分析.........................36 4.4.3 创新的退出方式.....................38目 录 VI 4.4.4 项目总结及建议.....................41 4.5 本章小结..............41 第五章 ZT 基金管理公司投资转型的保障措施.......................... 42 5.1 基于股东视角的保障措施.................42 5.1.1 坚持现金流能快速回收的优质住宅项目............42 5.1.2 投资与股东单位相关的基建项目........................43 5.2 基于公司视角的保障措施.................43 5.2.1 完善公司的治理机构.............43 5.2.2 完善公司人才队伍建设.........44 5.3 基于投资者视角的保障措施.............45 5.3.1 加强与个人投资者和机构投资者的融合和粘度45 5.3.2 坚持投资者利益优先原则.....46 5.4 本章小结..............46 第六章 结论及建议..........48 6.1 研究结论..............48 6.2 房地产基金公司投资转型的思考与建议........................49 6.3 研究的不足..........50 致 谢...51