房地产融资渠道分析外文翻译文献

房地产融资渠道分析外文翻译文献房地产融资渠道分析外文翻译文献房地产融资渠道分析外文翻译文献(文档含中英文对照即英文原文和中文翻译)原文:TheResearchonFinancingChannelsInnovationinChineseRealEstateIndustry Accordingtothepublicinformation，theincreasingrateinrealestateinvestmenthasobviouslyexceededthefixedassetsinvestment．Becauserealestateinvestmentaccountforover20percentintheaggregatefixedassetsinvestmentinChina，realestateindustryhasdriventhesocietyinvestmentandplayedmoreandmoreimportantroleinChineseeconomy． Bankloanstotheindustryhaveascendedgraduallysince1998．Theloanvolumehasbeenattained6657billionyuanin2009，3．2timesasmuchasthatin1998．Atthesametimelpersonalhousemortgage—backedloanshasbeenincreasedramatically．Inlast6years，therateoftheseloanstototalpersonalconsumingloansisabout75—97percent.ChineseCurrentStatusofHouseFinancingChannelsFinancingchannelsofChineserealestateenterprisesaremainlyfocusedonBankcredit．OtherchannelslikeIPO，entrust，Bondsandspecialfundstoobtaincapitalareofquitelessproportion．Housemortgage—backedloanscameintobeingin1998．Beforethat，themoneyuserswererealestatecompanies.Generally，Chineserealestateindustrygivesprioritytocreditor’srightsfinancing．Thefinancingstructureshowsunitarycharacteristics．BankCreditisMainChannelforChineseRealEstateEnterprisesAccordingtotheoperatingprocessandcapitalchainfigureofChineserealestatemarket，wecouldfindthatbankloanhasbeenrunningthroughthewholeprocessoflandreservation，landtransaction，developmentandsale．CommercialbanksarealmosttheonlycapitalprovidersofallprincipalsinChineserea1estatemarket．RealestatetrustfundbecomeChina'srelativelyactivefinancingformOurcountryhasexperiencedthreeyearsofindustriesintoagainafterthereorganization,2010rapiddevelopmenttrackoftherealestateindustry,totheendofthetrustproperty24.1millionyuan,hasreachedthetotaltrustpropertythanthetotal2.82%,earlymbm1260millionyuan,increasein2010grewnearly110%realestatetrustscontinuewithhigherspeedgrowth,buttheoverallperspective,realestatetrustsfunctionisrelativelysingle,realestatecapitaltrustmostistoprovide"plan",i.e.bridgeloansmainlyforcommercialbankloansconditionsdidnotreachtherealestateprojecttoprovideaninitialtrustcredit,thesetrusthasnoplanforbasicportfolioinvestmentfunctionconversionfunctionandduration.China'srealestatefinancingproblemsDevelopmentfundreliedonabankloanThisdependencymakestherealestateinvestmentmarketriskandfinancingcreditriskfocusedoncommercialbanklaccordingtostatisticsestimate,80%ofthelandpurchaseandrealestatedevelopmentfundsaredirectlyorindirectlyfromthecommercialbankcreditlthroughhousingconsumptionloanandrealestatedevelopmentloans,constructionenterpriseliquidityloanandlandreserveloans,etcallformsofcreditassetsconcentrated,commercialBanksactuallydirectlyorindirectlyunderarealestatemarketoperationofvariouslinksmarketriskandcreditrisk.Financialinstitutionsexistmanagementbehaviorirrational,notscience,isnotstandard,etcBecausetherealestatecommercialbankuniversalcreditasa"fineassets"vigorouslydevelop,inbusinesstoproducethetendencyoftheeager,suchassomecommercialBankstoreducecustomerthethresholdlevelofqualificationsassessmentwillexamineformalities,simplify,willexaminespeedetclalsolikeinrealestateloansissuedintheprocess,somecommercialBankstogovernmentguaranteeandgovernmentinterventionprojectoptimisticblindly,evenblindadored,andignoredtheseprojectshaverisk.Belikeagain,atpresentalotofrealestatetrustsisbasicallyaboutthetermsofreferencebankloanstoimplementation,waslargelybankloans,andtrustcompanyinvarietiesofentrustloanmonitoring,operationandmanagementexperiencemaynotcommercialBanks.Therealestateindustryfinancingchannelinnovationdesign Developingdiversifiedrealestatefinancemarket Inamaturerealestatefinancemarket,realestatedevelopandoperationfinancinghasnotonlythecreditor'srightsfinancingandequityfinancingtwobasicforms,andinthecreditor'srightsfinancingandequityfinancingoutsidetheprimarymarket,therearedevelopedinthesecondarymarketlsecuritizationofsecondarymarket,allkindsoffinancialinnovationproducedemergeinendlesslyofrealestatefinancetools,includinginvestmentfund,trustsecurities,stockindexissuchthroughvariousinvestorsinlofrealestatefinancemarketfinancialassetsecuritization,thesecondarymarketbuysindependentlyoftheoriginalfocusonrealestatecreditagencymarketriskandcreditriskeffectivelyscatteredthroughoutthefinancialmarketvariousinvestors. RealestatecapitaltrustInsteadofrealestatetrusts Realestatedevelopmentisalonglifecycle,highrisk,capital-intensiveindustries,managementintensiveinvestmentbehavior.Developingtheenterprise'sequityfinancingconditionsofthepoor,equityfinancingmeansfailtoplayitsfullrole.Thuspreventingfinancialrisks,firstlyisopenfinancialmarkets,letmoreprivateinvestmentpartlyreplacebankrisk.ExistingThefuturedevelopmentdirectionofrealestatetrustsforrealestatedevelopment,shouldbetheacquisition,buyingandselling,leasing,administrationandotherlinksprovidedcomprehensivefinancialservices,adapttothecharacteristicsofrealestateindustry,providingeffectivefinancingandriskmanagement. Tostrengthenthemanagementofindividualhousingloan Individualhousingcreditbytheformationofthefinancialassets,areincreasinglythecommercialBanksshouldimprovethepillarlpersonalhousingloanmanagementmeasures,regulateindividualloanexaminationproceduresandstandards,promotethestandardizationofpersonalhousingloanbusiness,andgraduallyestablishandperfectpersonalcreditregistrysystem;Toimprovethepersonalhousingloanguaranteesystem,speedingupimprovinghousingloanguaranteemeasurestoguaranteeagencies,strengthenregulationandoversight,thebusinessofstandardizationdemonstrativetextguarantycontract,inordertoimprovethecreditworthinessofresidentsindividualhousingloantothebank,ensurepersonalhousingloanrecovery,effectivelypreventloanrisks.finally,tostrengthentheindividualcustomer'screditreview,timelydoriskearly-warningwork.

译文:中国房地产业融资渠道的创新研究 据公开资料显示，房地产开发投资增速明显快于固定资产投资。由于房地产投资在全社会固定资产投资中所占比重约20%。在中国的经济中，房地产业带动了社会投资并且发挥着更重要的作用。 用于房地产开发的银行信贷自2000年起逐年上升，2009年扩大到6657亿，是2000年的3.2倍，与此同时，个人住房抵押贷款显著增长。几年来，个人住房贷款占个人消费贷款比高达75%—97%。相比于00年，个人住房消费贷款增加了1.14万亿元，增长了26.64倍。我国目前房地产行业融资渠道分析 我国房地产企业的融资渠道主要集中在银行信贷，其他金融方式如上市融资、信托融资、债券融资和基金融资等占比较小。而在1998年以前，银行房地产信贷的主要对象是房地产开发企业，1998年以后才扩展到个人住房消费信贷，可见我国房地产金融以债权融资为主，股权融资比例较小，融资格局较为单一。银行信贷是房地产金融的主渠道 从我国房地产市场的运行过程及其资金链来看，房地产金融主要是由银行房地产信贷构成的，银行信贷贯穿于土地储备、交易、房地产开发和房产销售的整个过程。在我国的房地产市场上，商业银行的信贷几乎介入了房地产业运行的全过程，是我国房地产市场各种相关主体的主要资金提供者。房地产信托基金成为我国较活跃的融资形式 我国信托业经历了3年的整顿后，再次步入了快速发展的轨道2010年底，投向房地产业的信托财产已达24.1亿元，占全部信托财产总额的2.82%，比年初增加12.6亿元，增幅接近110%。2010年房地产信托继续以较高的速度增长，但总体上看，目前房地产信托功能较为单一，房地产资金信托计划大部分是提供“过桥贷款”，即主要为未达到商业银行贷款条件的房地产项目提供前期信托信贷，这些信托计划基本不具有组合投资功能和期限转换功能。我国房地产融资中存在的问题开发资金过多依赖银行贷款这种依赖使得房地产投资的市场风险和融资信用风险集中于商业银行。根据统计估算，80%左右的土地购置和房地产开发资金都直接或间接地来自商业银行信贷。通过住房消费贷款、房地产开发贷款、建筑企业流动性贷款和土地储备贷款等各种形式的信贷资金集中，商业银行实际上直接或间接地承受了房地产市场运行中各个环节的市场风险和信用风险。金融机构存在经营行为不理性、不科学、不规范等问题由于商业银行普遍把房地产信贷作为一种“优良资产”大力