At present, the excessive growth of real estate investment and the substantial rise in real estate prices have developed into unhealthy factors that affect the steady and rapid growth of the national economy. Therefore, strengthening the regulation of the real estate market has become a major task of macroeconomic regulation and control.

In order to understand the source of real estate investment funds, we conducted a special investigation and analysis of the sources and changes of real estate investment funds since the beginning of 2001.

Basic Situation For a long time, direct financing channels for real estate in my country have been narrow.

According to statistics, since the beginning of 2002, only 61 domestic real estate companies have achieved listing financing, with a total financing amount of only about 8 billion yuan.

Real estate corporate bonds have not been issued since 2000, and a small amount of the original bonds have been redeemed.

The funds within the national budget are only over 1 billion yuan each year.

After 2003, with the national macro-control on the scale of real estate credit, the growth of real estate loans slowed down, and real estate companies began to seek new financing channels. For example, institutional investors began to participate in real estate investment, real estate funds began to operate, and trust funds began to enter real estate.

industry, overseas financing is also developing rapidly.

At present, because real estate funds have just started, the trust funds invested in real estate are less than 30 billion yuan, and the proportion of direct financing in the real estate industry does not exceed 2%. Therefore, my country's real estate investment funds are still mainly bank loans, while social funds for the purpose of investment and speculation Overseas hot money has also become an important source of funds driving the rapid growth of real estate investment in the past two years.

The proportion of domestic bank loans. Judging from domestic and international situations, bank loans generally account for about 60% of the sources of real estate investment funds. This is a significant feature of the development of the real estate industry.

In my country, bank loans in the real estate industry mainly include land reserve loans, real estate development loans and housing mortgage loans in the sales process. Most of developers' self-raised funds and project advances also come indirectly from bank loans.

Specific manifestations include: the proportion of direct loans from domestic banks has dropped significantly.

Direct loans are represented by real estate development loans and personal home purchase loans.

From 2001 to 2003, the proportion of real estate development loans in real estate investment has remained at about 20%; home purchase loans, mainly personal mortgage loans, have developed steadily, and their proportion in real estate investment has increased from 25% to 28.3%.

In 2004, due to the state's control over real estate land and loans, and at the same time, the non-performing rate of personal consumer credit began to rise, commercial banks improved the standards for housing consumer loans, the growth of real estate loans slowed down, and the proportion of real estate development loans and home purchase loans in real estate investment

Both declined, 16.6% and 24.3% respectively.

In the first quarter of this year, due to the large number of reserve projects in the previous year, investment in real estate loans increased, and the proportion of real estate development loans in real estate investment reached 19%. The cancellation of the preferential interest rate policy for housing mortgage loans has a greater impact on real estate consumer loans, and home purchases

The proportion of loans in real estate investment funds dropped to 17.3%.

The total proportion of real estate development loans and home purchase loans in real estate investment funds was 43.6%, 48.1%, 49.4%, and 40.9% respectively from 2001 to 2004. At the end of March this year, it was 36.3%.

The proportion of direct bank loans in the real estate market has shown a significant downward trend since the beginning of 2003.

Part of the self-raised funds of real estate enterprises comes indirectly from bank loans.

The proportion of self-raised funds by real estate enterprises has increased year by year, from 24.1% in 2001 to 27.4% at the end of 2004. By the end of March this year, it had reached 30.1%, an increase of 6 percentage points.

For many years, real estate companies have had insufficient self-owned funds. In order to meet the state's requirements for the proportion of self-owned funds in real estate projects, they have resorted to various flexible methods to obtain bank loans to use as their own funds, especially in the past two years.

The requirement has been raised to 35%, and real estate companies have used methods such as loans from affiliated companies, misappropriation of funds for projects that have been started, borrowing from companies outside the province, and reinvesting sales proceeds to piece together their own funds.

According to the survey data, since the beginning of 2004, the proportion of bank loans in real estate investment funds among the self-raised funds of real estate enterprises has increased from about 8% in the past to about 9% currently.

The payables of real estate companies are mainly bank loans.

The payables of real estate enterprises mainly include the project payment owed by the real estate development enterprise to the construction unit and the material payment from the supplier.

The investigation found that it is common practice in the industry for real estate companies to default on project and material payments, and the defaulted payments are mainly bank loans obtained by construction units and suppliers through various channels.

Therefore, 60% of the payables of real estate companies actually come from bank loans.

As the corporate credit environment continues to improve, the proportion of payables of real estate companies in real estate investment has been declining year by year, and the proportion of bank loans in payables in real estate investment funds has also declined accordingly, from about 9% in 2001 to about 9% in 2004.

6%, compared with 7.5% in the first quarter of this year.

Social funds actively participate in real estate investment. Social funds mainly include: participating in real estate development in the form of direct investment and becoming a part of the real estate developer's own funds; converting into real estate development funds in the form of house purchase money; being raised by real estate companies at high profits to enter the real estate market.

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