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目前社会各界对央行121号文件反响比较大,其中一个很重要的原因就是目前我国房地产融资渠道比较单一,银行贷款大约占房地产开发资金来源的70％。目前股市低迷、房地产企业上市需经严格审批,而房地产开发又是资金密集型、管理密集型的投资行为,周期长、风险高,房地产企业上市融资的规模和时机受到限制,短期内从证券市场融资的愿望难以实现。这种单一结构的融资模式会积聚商业银行的风险和整个社会的金融风险。因此,无论是政策面,还是市场面都需要房地产融资结构实现多元化。信托,作为一种宽松、灵活、安全、合法及有效管理、稳定收益的新型融资模式越来越多的走入了房地产发展商和社会投资者的视野,近些年我国推出的房地产信托产品层出不穷。为此,《银行家》采访了北京国际信托投资有限公司总经济师时宝东。
At present, the community has a lot of repercussions on the No.121 document of the Central Bank. One of the most important reasons for this is that the financing channels for real estate in our country are relatively single, with bank loans accounting for about 70% of the source of real estate development funds. Currently the stock market downturn, the real estate listing need to undergo a rigorous examination and approval, and real estate development is a capital-intensive, management-intensive investment behavior, long cycle, high risk, the scale and timing of listing and financing real estate enterprises is limited in the short term from the securities market The desire to raise funds is hard to come by. This single structure of the financing model will accumulate the risk of commercial banks and the financial risks of society as a whole. Therefore, both the policy side and the market side need real estate financing structure to achieve diversification. As a loose, flexible, safe, legal and effective management, stable and stable income, the new financing model of trust has more and more entered the field of vision of real estate developers and social investors. In recent years, there are many real estate trust products launched in our country . To this end, “Banker” interviewed Beijing International Trust and Investment Co., Ltd. Chief Economist Baodong.