Analysis On The Restructuring Of Listed Real Estate Enterprises In Hongkong-with LVGEM As An Example

In view of the real estate enterprises in China,the capital and the land are the vitals of the enterprise.The capital is the first safeguard of possessing the land,so we can judge from it that the capital is of vital importance to the real estate enterprises.With the deepening of reform and opening up,the fast development of our economy and the dilatation of the private enterprises,more and more real estate enterprises are planning for obtaining the capital from the capital market.However,there are some instability and uncertainty in the Chinese capital market,especially since 2015,the superintendency layer have taken a series of measures so as to “save the market” which transferred from the secondary market to the primary market,and the vitality of the capital market has reduced a lot;the real estate enterprises which wished to obtain capital by coming into the market had suffered huge difficulties;what's more,the central authorities have put forward a series of regulatory policies to deal with the tendency of the rising price of houses,in the aspect of financing,the threshold for financing from the bank is getting higher,in the equity market,the refinance may be suspended at any time,the method of backdoor listing may also be cut at any time which make financing for the real estate enterprises at the interior becoming difficult.So more and more real estate enterprises at the mainland choose to be listed overseas and Hong Kong become popular with many real estate enterprises for its exceptional advantages.The paper does survey on this phenomenon,the key point of the survey is the building of the structure for the real estate enterprises at the mainland to be listed in Hong Kong.I use the case analysis as the research method of the paper,and take the LVGEM as the instance.The LVGEM was successfully listed by backdoor listing in Hong Kong in 2015,through the study of this successful case,I hope I can provide reference for the real estate enterprises at the mainland which hope to be listed in Hong Kong.The paper firstly discusses and analyzes the phenomenon that the real estate enterprises at the mainland be listed in Hong Kong,including the development and model of listing of the real estate enterprises at the mainland;then make a brief introduction on the LVGEM for readers to know better about the main body on research of the paper.The LVGEM has some representativeness among the Chinese real estate enterprises,so it can represent most of them,and these enterprises are just those who want to obtain capital from the market overseas.The case analysis of this paper is mainly being carried out about the restructuring framework of the LVGEM for being listed.The main point of the study process is about how to build the structure,the motivation of the building and the related problems on the influence of tax.etc.The innovation of the paper is not only aimed at analyzing of the existing facts but also putting forward the brief assumption and analysis of the subsequent problems of the LVGEM after being listed to make the readers better know which way will the real estate enterprise choose for being listed in Hong Kong,how to build its structure and why it should do like this.Finally I made a conclusion on the study in this paper and put forward the deficiencies to offer the reference for readers.