Business real estate financing.

Welcome to my “Business real estate financing.”

Core financing: financing costs and the growth of various types of financing needs, commercial real estate financial products continue to develop, financing channels from the previous single and simple way, and gradually penetrate into the commercial real estate development of the early stage, the construction stage, Aspects, and even spread to the upstream of real estate development.

Financing (special reading) high cost and various types of financing demand growth, commercial real estate (thematic reading) industry financial products continue to develop, financing channels from the previous single and simple way, gradually penetrate into the early stage of commercial real estate development, construction stage , The operating stage and other aspects, and even spread to the upstream of real estate development.

Private equity investment fund

Commercial real estate growth fund to capital long-term value-added investment objectives. In order to achieve the maximum value-added target, growth funds are usually very small dividends, but often the investment income dividends, dividends, and profits to reinvest in order to achieve capital appreciation. And the partnership private fund operation mode, you can achieve the financial strength of the limited partners and business investment management business experience with the general partner of the strong combination of the necessary situation.

REITs Real Estate Investment Trust

Real Estate Investment Trust. From an international perspective, REITs is a kind of trust fund that collects funds for a specific majority of investors by way of issuance of income vouchers, real estate investment management by specialized investment institutions, and prorated investment returns to investors. International RE-ITs in nature is equivalent to the fund, a small number of private equity, but the vast majority of the public offering. REITs can be closed to run, you can also market transactions, similar to China's open-end funds and closed-end funds.

In China, REITs have not been able to develop in China because of the legal status of SPV (the trust institution that is qualified to operate the trust business) and the double taxation of REITs. It is believed that REITs will be one of the major financing channels for the real estate industry, especially commercial real estate developers, as the legal system of the financial trust industry continues to improve and REITs' preferential tax policy is introduced.

CMBS (Commercial Real Estate Mortgage-backed Securities)

CMBS (commercial mortgage-backed Securities) refers to the commercial real estate company's creditor bank to the original commercial mortgage loans for the capital, the issuance of securities.

The price of the CMBS is determined by the rating of the rating agency; the investment bank determines the final issue price after the reference rating and issues it to the investor. CMBS sales revenue will be returned to the original owner of the property, used to repay the principal and interest on the loan, the surplus is the company's operating capital.

CMBS is a real estate securitization financing method, a variety of commercial real estate mortgage repackage, through the securitization process, in the form of bonds issued to investors. With the issuance of low prices, liquidity, and make full use of the value of real estate and other advantages, so the advent of 25 years in the global real estate financial market, the rapid growth of traditional bank loans, real estate developers to raise new options. In the case of the US region, commercial mortgage-backed securities currently account for one-third of the commercial real estate financing market.

In 2006, Wanda Group [with information on the latest developments] in the Australian well-known bank Macquarie Bank's help, the success of commercial real estate mortgage secured securities (CMBS) approach financing nearly 1 billion yuan, creating a successful domestic CMBS successful precedent The

Spin-off

The generalized spin-off, including listed companies or unlisted companies, will be part of the business from the parent company independent listing alone; narrow split refers to the listed company will be part of its business or a subsidiary of independent, another public offering.

After the spin-off listing, the original parent company shareholders, although the proportion of shares and the absolute number of shares without any changes, but can be in accordance with the proportion of shares held by the net profit of the invested enterprises into the most important is the subsidiary spin-off After the success, the parent company will receive excess investment income.

Buy shell listed

The first is to buy the shell, that is, the acquisition or transferee equity. There are two ways to buy equity:

One is the acquisition of non-tradable state-owned shares or legal person shares, another way is in the secondary market directly to the stock of listed companies, popular in the West, but because of China's special national conditions, only suitable for circulation of shares in the proportion of total equity Of the company or "three no company". Second-tier market acquisition costs are too high, unless there is a detailed set of operational plans, from the secondary market to obtain sufficient investment income to offset the acquisition costs.

Followed by the shell, that is, asset replacement. The shell of the company's original non-performing assets divested, sold to affiliated companies, and then high-quality assets into the shell company to improve the performance of the shell company, so as to achieve the rights issue, to achieve financing purposes.

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