基于房地产信托基金视角房地产企业转型路径研究——以凯德集团为例

Research on the Transformation Path of Real Estate Enterprises from the Perspective of Real Estate Trust Fund—Taking Cade Group as an Example

摘要: 房地产行业是促进我国经济发展的重要行业，但是目前我国房地产企业普遍面临资金周转困难的流动性危机，由于在商业银行资产中房地产企业相关贷款占比较大，故有将流动性危机蔓延至商业银行的风险，显著提高我国房地产企业融资难度，造成了融资难的困境而REITs有望多元化我国房地产行业的融资渠道，并增加资本市场分散投资组合风险的标的，从而显著改善房企“融资难”困境。本篇文章以新加坡凯德集团在二十一世纪初的改革为例，凯德集团通过房地产资产的质量及其现金流来评估房地产支持证券的信用风险。在一个典型的房地产开发生命周期中，从土地融资、竣工前销售收入、竣工前阶段的建设融资到竣工后阶段的租金收入和销售收入等一系列现金流都可以实现证券化；通过实现证券化，进一步推进房地产市场与资本市场融合发展。目前我国房地产企业转型应尝试将REITs与房地产企业转型相结合，引入股权融资模式，降低企业负债率，优化资产结构，缓解风险，促进房地产市场与资本市场融合发展。

Abstract: The real estate industry is an important industry to promote China’s economic development, but at present, China’s real estate enterprises are generally facing a liquidity crisis with difficult capital turnover. Due to the large proportion of loans related to real estate enterprises in the assets of commercial banks, there is a risk of spreading the liquidity crisis to commercial banks, which significantly improves the financing difficulty of China’s real estate enterprises. REITs is expected to diversify the financing channels of China’s real estate industry and increase the target of diversification of portfolio risk in the capital market, thus significantly improving the “financing difficulty” dilemma of real estate enterprises. This article takes the reform of Cade group in Singapore in the early 21st century as an example. Cade Group assesses the credit risk of real estate backed securities through the quality of real estate assets and their cash flow. In a typical real estate development life cycle, a series of cash flows, such as land financing, sales income before completion, construction financing in the pre-completion stage, rental income and sales income in the post completion stage, can be securitized; Through the realization of securitization, we will further promote the integration and development of the real estate market and the capital market. At present, the transformation of real estate enterprises in China should try to combine REITs with the transformation of real estate enterprises, introduce equity financing mode, reduce corporate debt ratio, optimize asset structure, mitigate risks, and promote the integration and development of real estate market and capital market.