我国房地产投融资格局分析及路径选择

Analysis on Financing of China′s Real Estate and Selection of Approaches

我国房地产融资主要依赖银行贷款,银行系统因此而积累了较高风险。国家针对土地及信贷出台了一系列政策,房地产企业由此而出现的融资困难有目共睹,与此同时,巨额社会闲散资金却找不到合适通道投资于房地产,种种现象说明我国尚未形成一个完整有效的房地产金融体系。本文全面分析我国房地产的投融资格局,并提出以下建议:发展房地产投资信托基金,适时推出住房抵押贷款证券化,及时开辟多元化的房地产融资渠道,建立健全房地产金融体系。

The financing of China＇s real estate depends on banking loans and the banking system has accumulated fairly high risks. As the state government issued a series of policies on lands and loans, it is obvious that real estate enterprises are facing financing difficulties, and meanwhile, lots of social idle capital cannot find proper channels for investment in real estate. This means that there is no complete and effective financing system for real estate in China. This paper analyzes the financing situation in China＇s real estate and points out that it is proper to develop REITs, push forward MBS, open diversified financing channels for real estate and to set up and improve financial system for real estate in the current phase.