Channel of the first kind of financing: The bank borrows money
Chinese people bank announces monetary policy carried out a report to show first quarter 2007, in March end, financial orgnaization RMB deposits money each remaining sum thirty-five thousand four hundred and twenty-four billion eight hundred million yuan, increase one thousand eight hundred and seventy-five billion five hundred million yuan than the beginning of the year; Monetary supply grows quickly, liquidity is excess still more outstanding. National statistic bureau is announced national economy ran a state first quarter 2007, estate development invests 354.4 billion yuan, grow 26.9% compared to the same period, than going up year of the corresponding period accelerate 6.7 percent. The residence finishs investment 246.2 billion yuan, grow 30.4% , accelerate 7.3 percent. First quarter, amount of imports and exports 457.7 billion dollar, grow 23.3% compared to the same period. In March end, national foreign exchange reserve 1.202 trillion dollar, than going up year end increases 135.7 billion dollar.
Chinese banking is not willing to abandon the huge cake that estate comes to into strip. Borrow difference in order to put to regard main profit as origin, fluidity is having below superfluous setting put borrowed impulse, this share capital became the development loan of estate company and circulating fund loan namely, bank credit also becomes the financing source with estate the mainest company. Because surplus of Chinese foreign trade is not resided high first quarter this year,fall, local government invests impulse hard keep within limits; The near future adds the anticipation of breath to increase to the government, predicting administration will tighten up money, adopt active constrictive sex monetary policy, raise estate company the doorsill of indirect financing, prevent financial venture effectively thereby. Develop an enterprise to partial estate so for, the cost that borrows money from the bank and difficulty will continue to increase.
Channel of the 2nd kind of financing: REITs
REITs (estate invests fiducial fund) it is by special investment the orgnaization is undertaken estate invests management, will invest integrated income to allocate the fiducial fund form of investor in proportion. Investor can be bought through security market, enjoy investment redound. REITs is developing Euramericanly already very mature, but just just start in Chinese inland.
Appear on the market in Hong Kong or Singapore on the problem, the law that Singapore appears on the market to REITs and superintendency requirement under Hong Kong, but its negotiability and collect endowment Troy want under Hong Kong, indissolubility raises fund to also be put in particular problem. First REITs of domestic is more beautiful appear on the market in Hong Kong, those who be abroad capital roll out channel to open convenient door; The 9 dragon of Beijing that ground of fine heart buy buys shopping centers, be about to make first make work in Hua Ling REITs; 10 thousand amount to REITs to also prepare commercial real estate to appear on the market, but as a result of home relevant law is short of estrangement to superintend a problem, it is difficult to pass REITs financing in home directly heavily; So partial enterprise adopted roundabout thereby the curve enters REITs market, realize financing in order to allow the means of REITs.
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