A Research On The Modes Of Capital Operations During The Rapid Expansion Period Of Real Estate Companies

China’s commercial housing market, thanks to the reform and opening up of the over three decades, has made remarkable progress. In the past ten more years since 2000, in particular, the market has entered a rapid development phase in which companies, along with the industry in full swing, enjoyed a fast growth period after completing the original capital accumulation. The real estate industry is a typical capital-intensive one, in which currently great opportunities and tough challenges coexist. This circumstance, therefore, demands high strategic efficiency on the capital operation of property companies, for the mode of capital operation determines not only the profit and prospect of a firm, but also the positioning and development of a firm itself, which in turn, serve the former. The purpose of this research is, firstly, to classify and appraise different modes of capital operation implemented by medium and large-sized listed real estate firms who undergoes rapid expansion; secondly, to provide suggestions on improvement of different modes of operation based on their merits and disadvantages concluded by the validation of appraisal through empirical researches; and thirdly, to offer valuable consultation to property firms by reflecting the analysis of comparison of self-positioning of real estate companies during the appraisal process, which makes the research more pragmatic realistically.After elaborating the basic concepts and development in the real estate industry, 30 medium and large-sized listed property firms are taken as samples here. Their modes of capital operation in the rapid growth period are, based on their different orientation in net interest revenue and total asset turnover, divided into five categories, which are Aggressive, Steady, and Conservative, three conventional ones, and Ideal, Inefficient, two extreme ones. In order to, specifically, appraise the property firms from different categories, while taking the sphere the firms belong to and the characteristics of mode of capital operation during a rapid expansion period, a broad qualitative evaluation system is deployed on the basis of conventional quantitative financial index system, which uses AHP(Analytic Hierarchy Process) method to determine the index weight, using the fuzzy comprehensive evaluation method to evaluate the degree of membership. Three conventional modes of membership are generalized, and are sorted according to the scores calculated on the basis of the reviews, from which the evaluation results are analyzed.The empirical research method is used again to verify the accuracy and to compensate the shortcomings of the qualitative evaluation system, a representative sample company is selected from each mode, whose financial data of the past 5 years will be analyzed and compared using the conventional quantitative financial index system.The final conclusion is that, for rapid expansion real estate companies, in the context of the current environment, the aggressive mode of capital operation is the most superior, the steady mode performing well, and the conservative mode mediocre. The same goes to the review-based rank. It’s obvious that each mode boasts its merits and suffers from its demerits. Companies, while choosing their strategies, shall consider both the development of their own the industry. They shall continuously optimize their operations and strive to achieve an ideal state of high turnover and high profit margins, while trying to avert the inefficient state of low turnover and profitability.