Architecting the Metaverse: Blockchain and the Financial and Legal Regulatory Challenges of Virtual Real Estate

There has been disagreement over the value of purchasing space in the metaverse, but many businesses including Nike, The Wendy’s Company, and McDonald’s have jumped in headfirst. While the metaverse land rush has been called an “illusion” given underdeveloped infrastructure, including inadequate software and servers, and the potential opportunities for economic and legal abuse, the “real estate of the future” shows no signs of slowing. While the current virtual space of the metaverse is worth $6.30 billion, that is expected to grow to $84.09 billion by the end of 2028. But the long-term legal and regulatory considerations of capitalizing on the investment, as well as the manner in which blockchain technology can secure users’ data and digital assets, has yet to be properly investigated. With the metaverse still in a conceptual phase, building a new 3D social environment capable of digital transactions will represent most of the initial investment in time in human capital. Digital twin technologies, already well-established in industry, will be ported to support the need to architect and furnish the new digital world. The return on and viability of investing in the “real estate of the future” raises questions fundamental to the success or failure of the enterprise. As such this paper proposes a novel framing of the issue and looks at the intersection where finance, technology, and law are converging to prevent another Dot-com bubble of the late 1990s in metaverse-based virtual real estate transactions. Furthermore, the paper will argue that these domains are technologically feasible, but the main challenges for commercial users remain in the legal and regulatory arenas. As has been the case with the emergence of online commerce, a legal assessment of the metaverse indicates that courts will look to traditional and established legal principles when addressing issues until the enactment of federal and/or state statutes and accompanying regulations. Lastly, whereas traditional regulation of real estate would involve property law, the current legal framing of ownership of metaverse assets is governed by contract law.

The Current Situation and Countermeasures of Real Estate Finance Development in China

In recent years, financialization of real estate in our country has been obvious with the continuous reform of housing system. In order to guarantee better financing, real estate finance has become a pillar of the economy in our country. However, the development of real estate finance has also brought out some problems such as lack of financing channels, monitoring and product innovation. In this article, Shanghai is taken as an example, the problems existing in the real estate finance in China are analyzed and corresponding countermeasures are put forward.

Analysis on using UPREITs in real estate finance in United States

This paper gave an overview introduction about umbrella partnership real estate investment trust (UPREIT) to the readers who are not related to real estate and accounting major. To show how UPREIT defer capital gain taxes,makes good cash flow and maximize profit in real estate finance,the paper included the theory and structure of UPREIT(real estate investment trust),partnership issues,advantage and disadvantage,and created a proforma to demonstrate how UPREIT works.

China's Real Estate Finance:Undergoing Directional Change

Influenced by a host of new policies on real property loans and foreign investment restrictions, real estate finance is in the midst of directional change characterized by fluctuations in domestic and overseas financing arrangements. The long-

Motivation,Dilemma and Countermeasures of Foreign Bond Financing of Real Estate Enterprises:Based on Perspective of Financial Internationalization

Several real estate enterprises in China(hereinafter referred to as housing enterprises)rely on overseas financing to meet their financing needs,but it is fraught with challenges such as high financing costs.Premised on the internationalization of finance,combined with the background of“staying and not speculating”and establishing a long-term mechanism for real estate market,based on the investigation of the financing motives of real estate enterprises,combined with a large amount of data,the present study examines the current situation and predicament of overseas financing of housing enterprises.It proposes four feasible countermeasures to promote sustainable development of real estate enterprises overseas financing including building a special financing system to reduce the cost,expanding various financing channels,strengthening the supervision of overseas bond financing,and reducing the loss devaluation of RMB internally and externally.

On Financing Models of Real Estate Enterprise

Against the background that the central government is strengthening macro control and tightening credit scale of real estate businesses, financing capacity becomes the determinant for a real estate enterprise＇s development. Domestic enterprises have many ways of financing, and this paper describes ten common models, simply analyses the advantages and disadvantages of each model, while explains and recommends three financing models with practical examples： individual entrusted loan, trust financing and assets securitization.

Analysis of Solvency of A-Share Listed Companies in China’s Real Estate Industry

The real estate industry is a capital-intensive industry and capital has become a particular concern for real estate enterprises.For a long time,China’s real estate enterprises rely on high-leverage development and carry out high-debt and high-risk operations.The solvency of real estate enterprises has been the focus of stakeholders’attention.In August 2020,China’s regulatory authorities introduced new financing regulations for real estate enterprises.They set up“three red lines,”which brought real estate enterprises’solvency into focus once again.This article takes A-share listed companies in China’s real estate industry as an example,analyzes and evaluates its debt solvency,and gives suggestions based on new policies and regulations,hoping to provide specific references to the enterpriser’s manager and external decision-makers.

中国式现代化的合理住房制度构建

我国现行住房制度与全体人民住有所居的目标差距显著,症结在于普通商品房结构性过剩,重售轻租、重商品轻保障和供需错配的结构性矛盾突出。系统构建面向中国式现代化的合理住房制度,需要协同发挥政府和市场两种力量,以普通商品房合理调控推动实现人口规模巨大的现代化,以保障性住房合理建设推动实现全体人民共同富裕的现代化,以改善性住房合理供给推动实现人与自然和谐共生的现代化。房地产税改革将从效率、公平和治理三个维度完善合理住房制度构建。在调整中央与地方财权与事权关系的前提下,流通和保有环节的差异化课税对促进合理住房制度内部循环意义重大,并在远期推动实现物质文明与精神文明相协调的中国式现代化。

房地产市场与绿色金融市场的高阶矩风险溢出效应分析

随着我国绿色金融蓬勃发展,房地产业转型逐步提速,房地产市场与绿色金融市场互联互通程度逐渐加深,科学衡量两个市场间风险溢出效应变得尤为重要。基于GARCHSK模型和DY溢出指数模型,分析了房地产市场与绿色金融市场的发展现状、溢出机制及各阶矩风险溢出,聚焦高阶矩风险溢出。研究结果表明,两市场间存在具有显著时变特征的双向风险溢出;多数情况下,房地产市场是风险的净传递方,且对不同绿色金融市场的风险溢出情况有所不同。根据研究结果,围绕市场监管者、房地产开发企业和绿色金融投资者三个层面提出了政策建议。

融资能力、偿债能力与房地产企业违约风险--基于房企实际违约事件的实证分析

试从投资者的角度出发,使用2017年以来房地产行业的实际违约信息,以2017—2022年A股及港股上市的139家房地产公司为研究样本,研究企业融资能力、偿债能力对房地产企业违约风险的影响。实证研究发现,企业的融资能力、短期偿债能力、长期偿债能力对房企违约风险具有显著影响。具体地,反映融资能力的综合融资成本上升会显著增加房地产企业违约风险,短期偿债能力与长期偿债能力的提升则有利于降低违约风险。此外,非国有企业对融资能力和短期偿债能力更为敏感。希望能够对投资者的决策选择,房地产金融风险调控的政策选择以及评级机构的模型选择提供新视角和实证证据。

房地产投资对城市绿色经济发展的影响研究

推动绿色经济发展是实现高质量发展的关键环节。基于中国2007-2019年280个城市面板数据,深入剖析房地产投资对绿色经济发展的影响机理,对于实现房地产业和绿色经济的协同发展具有重要意义。结果表明,过多的房地产开发投资对城市绿色经济发展产生抑制作用,这一影响在东中部城市、特大及重点城市中更为突出。进一步研究发现,过高的房地产投资在一定程度上影响产业结构优化升级和绿色技术创新活力,进而抑制绿色经济提升,但绿色金融能够在一定程度上缓解这种负面影响。据此,建议构建房地产业长效机制、因地制宜优化城市绿色发展布局、合理引导产业结构调整与激励绿色技术创新、形成绿色金融与房地产投资的有效联动,从而切实推动房地产业和绿色经济发展的良性循环。

基于价值链的中型房企业务财务体系研究

房地产业的良性循环和健康发展一直以来都是国内外宏观经济关注的重点。本文基于典型房地产企业价值链,将预算管理、成本管理、投融资管理、绩效管理和风险管理等管理会计工具与方法嵌入到房地产企业项目管理的各业务环节,构建了以拓展财务、设计财务、建造财务和销售财务为内容的房地产企业业务财务体系。这一体系的构建,推进了房地产企业在业财融合的基础上更好地实现可持续发展目标,为加快构建房地产发展新模式奠定了坚实的微观基础。

Measuring China's Real Estate Financial Innovation from the Perspective of Government,Enterprises and the Public:Index Compilation and Its Spatial-Temporal Characteristics Analysis

In recent years,China has witnessed the rapid development in housing finance,and there have emerged constantly real estate finance innovations;however,there exists no relevant index for measuring the innovations of China's real estate finance.Based on the perspectives of the governments,enterprises and the public,this paper constructs the"innovation index of real estate finance"on a quarterly basis from 2009 to 2019,with the method of empowerment which combines the subjective method(analytic hierarchy process)and the objective one(range coefficient method).It clearly and concretely depicts the innovations in housing finance and the related temporal-spatial characteristics in China since the outbreak of the financial crisis in 2008.The index covers 30 provinces,autonomous regions and municipalities directly under the central government,and analyzes its temporal and spatial characteristics.The findings show that there exist a strong spatial autocorrelation and a big regional difference in innovations.

房地产企业风险承担水平对债务融资成本影响关系研究

以2010—2022年房地产上市公司为研究对象,以会计信息可比性作为切入点,研究了房地产企业风险承担水平对债务融资成本的关系影响。研究结果表明:会计信息可比性作为调节变量在房地产企业风险承担水平与债务融资成本的负相关关系中起驱动作用,且两者的负相关关系基于产权性质的不同有所差异。研究结论丰富了企业风险承担水平与债务融资成本的关系理论,并从会计信息可比性视角为房地产企业降低杠杆率、拓宽融资渠道、增强风险管控提供建议。

住房租赁金融发展现状、存在问题与对策研究

中央金融工作会议提出,促进金融与房地产良性循环,加快保障性住房等“三大工程”建设,构建房地产发展新模式。基于我国房地产发展新趋势,以金融支持住房租赁市场供给侧结构性改革为根本,深入探讨我国住房租赁金融发展情况。研究发现:近年来我国加大政策支持力度,推动住房租赁金融的加速发展,在传统信贷、债券、资产证券化产品及股权投资等方面进行了积极探索和实践,对促进住房租赁市场发展起到了一定的支撑作用。但受住房租赁市场低市场化结构、低回报率特性和低迷发展环境等因素影响,我国住房租赁金融发展存在规模小、金融机构参与积极性不高、金融创新不足和金融服务效能不畅等问题,住房租赁市场与金融市场的良性循环有待提升。建议加强顶层设计、强化激励措施、加快金融创新、优化配套政策,通过建立健全的住房租赁金融支持体系,促进住房租赁市场稳健发展。

我国房地产市场波动对系统性风险溢出效应研究

鉴于房地产市场与金融市场的密切联系而引发人们对于我国金融风险状况的担忧,本文立足于我国区域经济发展实际,以房地产市场波动的主要诱因和我国金融市场间接融资渠道的主要特性,结合投融资错配的时空观特征,探讨由投融资错配引发的房地产市场波动对银行系统性风险溢出效应的影响。研究结果得出,我国不同区域存在不同程度的房地产市场波动对银行系统性风险的溢出效应,并根据研究结果有针对性地提出对策建议。

上市房企融资风险的实证研究

房地产企业在我国国民经济中占有重要地位,其健康发展对国家市场经济健康发展和金融秩序的安全稳定具有深远影响。本文在系统分析16家以“强扩张,高杠杆”为主要融资战略的上市房地产企业融资风险现状及存在问题的基础上,以K公司为例,探讨近年来房地产企业在过度举债扩张下发生的集体违约潮凸显出的融资风险问题的成因及风险管理路径,针对性提出对策和建议,以期为新时期房地产企业的融资风险防范与管理提供借鉴。

房地产开发企业融资和现金流管理策略探讨--以X房地产企业为例

为优化房地产开发企业的资金流,降低财务风险,文章采用案例研究方法,以X房地产企业为例,全面分析了房地产开发企业的融资渠道、融资结构、融资成本及现金流管理的基本原则。结果表明,通过多元化策略实施,X房地产企业不仅能降低资金成本,还可提升资金使用的灵活性,有助于企业在动态的市场环境中保持财务稳定。

地产公司业财融合的实施建议研究

我国房地产行业已进入数字化转型升级和缓步发展的新阶段,实施业财融合战略符合国家宏观调控政策、市场经济发展的趋势和企业自身建设的需要。在实施业财融合过程中,或多或少存在相关的问题,但信息化建设的推进、管理观念的革新、组织机构的协同和财务管理水平的提升,对帮助地产公司克服企业发展历程中的困难提供了科学有效的实施建议,从而促进房地产行业稳定长期发展。

房地产企业推进业财融合的优化研究

近些年来,国家有关部门发布的一系列宏观调控政策使得房地产行业的利润空间收窄,传统的粗放式管理模式已无法适应企业未来的发展需求。在这种背景下,业财融合作为新经济时期背景下财务管理的新方式,为管理模式转型提供新的途径。基于此,加强业财融合在房地产企业中的实际应用及其优化策略研究,更显得紧要而迫切。