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Wu Xiaoling: Capital stock financing is direction of main attack of estate break

From;    Author:Stand originally
"With stock of fair development travel, or in specialization below administrative premise, be benefited all right with open hair the means of the proof establishs estate to invest fiducial fund, just be estate the direction of direct financing and the mode that can develop continuously. "   real-estate industry present keyword is " capital " . The Central Bank " 121 files " meet with silver-colored inspect " 212 files " mix from the bank early or late fiducial two channel are right doorsill of drive up of financing of estate business creditor's rights, and at the same time, gold of condition foreign capital is about to enter outback real estate in a large-scale however. Liu Xiaoguang weighs initiate group president, weekly recently meeting recieves a batch of situations' foreign investment bank and development business. Estate financing problem warms up once more. The day before yesterday, be in " China is landed 2005 financial annual meeting " on, wu Xiaoling of assistant president of Chinese people bank points out, estate is industry of high income, high risk, it is better to give priority to ability with capital stock financing only the problem that solves risk and accrual photograph to match, "With stock of fair development travel, or in specialization below administrative premise, be benefited all right with open hair the means of the proof establishs estate to invest fiducial fund, just be estate the direction of direct financing and the mode that can develop continuously. " she expresses, this also is the important financing means that solves a building to rent the market to invest origin. According to 2003~2004 year " Chinese estate market reports " , indebted rate is in the asset of outback estate company 75% the left and right sides, among them of 24.6% in fundsing raised by oneself, having 13.3% is own reserves. Wu Xiaoling points out: "So high indebted rate, once appear market risk, will bring huge loss to debtor. " this report still mirrors instead, the return rate of own reserves is 21.17% , to this, wu Xiaoling says politely: "I think this capital return rate is to be underestimated far. " she thinks, in light of the enormous wealth that gather 20 years from real-estate industry, with this scale was not to come true absolutely. "The problem of Chinese estate banking, basically not be the problem of degree of tightness of estate credit policy at present. " the banking that contrast assumed a large number of risks and bad assets, wu Xiaoling points out, compare with debt cost photograph, the risk that debtor place assumes and its accrual do not match. As the maturity of money market, in the means that risk and the principle that accrual matchs can permeate estate financing necessarily, raising the scale of capital stock financing that develops business is hasten of general trends place. Estate banking should include all financing means that develops for estate, capital stock financing, bond financing, credit financing and apply fiducial means financing. Wu Xiaoling points out, negotiable securities financing is issued publicly to suffer below the circumstance that the condition restricts in estate, adopting circulate necessary funds of illicit collect way also is the road that is worth exploration. Capital of fiducial investment firm is fiducial in managing method " 200 limitation of fiducial plan " with what passed on October 28 " negotiable securities law " edit in draft " issue negotiable securities accumulative total to exceed 200 people to specific target " the regulation to issue negotiable securities publicly, "For illicit collect fiducial fund and illicit collect stock, bond left a space. " Wu Xiaoling points out, it can be used at project development and estate investment and property to buy, illicit collect issues a stock to be able to solve development business capital stock to raise money on certain level problem. Nevertheless, wu Xiaoling points out at the same time, fiducial fund and illicit collect issue illicit collect estate the stock is put in fluidity difference, limits the limitation with high risk of small, market. Accordingly, with stock of fair development travel, or in specialization go with open hair below administrative premise be benefited the means of the proof establishs estate to invest fiducial fund, just be estate the direction of direct financing and the mode that can develop continuously.

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