| Influenced by the macroeconomic environment and increase of people’s living standard in China, real estate in China has been continuously weakening while tourism has enjoyed strong support from the government. The government has introduced a series of tourism-supporting policies, pushing more and more real estate enterprises entering into the tourism industry and flourishing tourism real estate. However, the development of tourism real estate is different from the traditional real estate industry. The real estate part has the effects of fast funds withdrawal and larger premium from the tourism attractions, but more investment should be given to tourism attractions such as theme parks for development and operation because of large investment scale, long pay-back period, deep dependence on later operation and huge risks. Large investment and unstable outcome is a huge challenge for tourism real estate enterprises as they will face early investing and financing difficulties. The right decisions for investing and financing patterns concern a healthy and orderly development of tourism real estate industry.With the above background, the following essay firstly summarizes the content of tourism real estate which is different from simple "tourism + real estate" and points out three features for its definition. Based on which, the essay briefly introduces financing theories home and abroad. With existing studies on tourism real estate financing, the essay found not many studies on financing patterns were based on real tourism real estate cases, which makes the essay of certain value in both theory and practice. Secondly, the essay analyzes several financing patterns which have been mostly applied for tourism real estate development: government investment, equity financing, bank loan, bonds issuing, BOT and so on. Each pattern has its own features and advantages and has been applied for tourism real estate and infrastructure investment, playing an importance role in the industry development. Unavoidably, all financing patterns are like a coin with two sides, one is the sufficient fund for project development, the other is unavoidable risks. On account of several major financing patters, the essay analyzes the basic problems existing in the tourism real estate development of China. The main reasons why such development is facing financing difficulties are poor mortgage liquidity of tourism industry, long development period, dilution of real estate profits by tourism attractions in the comprehensive developments, imperfection of laws and regulations and insufficient financing channels. Through the case study of ZJ tourism real estate project, the development modes, financing patterns and return of investment, sensitivity and financing timing theories are analyzed, coming to the conclusion of the importance of multi-channel and customized financing. Lastly, based on the problems of these financing patterns and the practice of ZJ Project, measures and suggestions for tourism real estate financing patterns are put forward in the following essay. |
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