| The real estate industry as a pillar industry of national economy, plays an important role in the development of the national economy. The real estate market is also an intensive operation of money, money is very important for real estate enterprises. as the blood of real estate enterprises. The characteristics of the huge development investment scale, long cycle and expensive real estate value that make real estate development and investment need to much money, it also is eager to expand reproduction, so the financing became the issue of concern for a real estate developer,.With the unceasing change of real estate investment financing system in our country and the national macro-control of real estate industry, real estate enterprise’s capital chain is facing increasingly severe challenges. For the Hohhot area, because the real estate financing financial products is less, only real estate development working capital loans, real estate development loans and real estate mortgage three products, which greatly limits the development of real estate industry of Hohhot. Therefore, how to solve the real estate capital bottleneck in the development of Hohhot, each real estate enterprise is facing the major problems to be solved. So the real estate funds, real estate investment trusts and other financial innovation arises at the historic moment.Real estate industry investment fund initiated by the professional real estate operation organization, can not only make investors get higher return on investment, also can effectively avoid the risk of investors, this is unmatched by other investment way, at the same time can actively looking for ways to participate in many social idle funds of real estate development. Therefore, the development of real estate investment trust fund is the direction to solve the problem of financing in Hohhot area and China’s real estate enterprises.This paper starting from the current status of financing for real estate enterprises in our country, by adopting the combination of general analysis and case analysis method, reveals the problems existing in the real estate enterprise financing, through the analysis of the advantages and disadvantages of all kinds of main financing way, policy constraints, and cost, and concluded that real estate enterprises must adopt diversified financing ways, and according to the different development phase, project type and the enterprise scale to choose appropriate oneself enterprise financing way, so as to better solve the problem of financing difficulty.First of all, analyze the situation of real estate financing in China. The current real estate enterprise financing mainly rely on debt financing, forming high debt management; Mainly rely on bank loans, higher financial risk; Financing is limited, unreasonable structure of existence, the problem of high financing costs.Secondly, choosing representative company MengYuan group as an example the empirical analysis. In 2010-2013 years, MengYuan group is formed after investigation to understand basic data, using the capital asset pricing model and the value of the company, analyzing calculation method of MengYuan group found that the group real estate company’s capital cost is high, the low value of the company, to solve the problem need to optimize the capital structure. MengYuan group, the phenomenon is a miniature of Hohhot, the real estate enterprise financing problems, typical.Finally, through analysis on the introduction of real estate investment trust fund this financing method to solve the problems existing in the current. Real estate investment trust fund has increased the current financing channels, reduce the cost of capital, enhance the role of the value of the company.Based on this, this article argues the real estate market financing problems of Hohhot, explore the operation mode of the real estate securitization in Hohhot and the government’s development of real estate securitization. |
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