The internal control measures of the fund include: feasibility study, internal risk control, making investment decision-making process of real estate real estate fund, setting up investment decision-making committee and risk control committee.
The pre-investment risks of real estate investment funds are mainly caused by information asymmetry. The formation of risk prevention measures in this period should be based on how to ensure that real estate investment funds can obtain complete and accurate information from entrepreneurs and investment enterprises as much as possible. Only by proving that institutional assets can be authorized to operators can we rely on them to bring maximum benefits to real estate investment funds. Therefore, it is necessary to take the following risk management measures: with the help of business plan, due diligence, evaluation and service of professional intermediary service companies, promotion of intermediary institutions and adoption of combination strategy.
The risk of real estate investment fund investment mainly comes from the information asymmetry afterwards and the moral hazard caused by it, and the risk of investment itself should be considered at the same time. In the face of possible risks, real estate investment funds should take the following measures: using the investment agreement signed by both parties to prevent risks, the fund manager's monitoring mechanism for real estate enterprises and default relief.
The financial management modes of real estate funds include: single direct management mode, joint contract management mode, agency bookkeeping mode, complete audit mode and internal audit mode.
Related: Real estate funds need to keep their eyes open when choosing high-yield temptations. Noah Holdings' strategy report for the second half of 20 12 holds that the conditions for real estate to enter the market are gradually mature, which will promote the recovery of sales, and the improvement of management ability and high turnover rate can effectively improve the profitability of real estate development enterprises. At the same time, in the process of real estate reshuffle, big brands will get more room for improvement, and 20 12 will be the year when real estate finance really begins. However, the reporter learned from many banks in Ningbo that due to risk considerations, banks basically stopped selling real estate-related trust products.
A senior developer said that there are many companies that want to try this financing method of real estate funds, and there are not many well-run projects in China. Once successful, investors can indeed get considerable benefits from it, but regulatory risks such as "purchase restriction" still exist.
Another said that the profit margin of real estate development has shrunk dramatically, and many of them are traded at prices. In some cities, house prices have even fallen below the floor price, so it is not easy to achieve a net profit of 15%. However, on the one hand, it is a change from "land is king" to "cash is king". On the other hand, it is not easy to get loans. If the loan cost is combined, the profit rate of real estate funds is not difficult to achieve.
An investor with rich investment experience in the primary market said that the income of real estate funds is very attractive, but the risks are also great. Basically, it is issued in cooperation with enterprises, and it is in the form of private debt in nature. If you have equity or land as collateral, the risk is slightly smaller. At present, the most popular investment in the market is creditor's rights, similar to usury. The fund gives money to the developer, and the developer takes the company seal and the bank seal as collateral, and at the same time must guarantee the annual rate of return. The senior investor suggested that investors should keep their eyes open when choosing projects and companies, because the cycle of such projects is relatively long, usually around three years, and the market is difficult to predict. Once the project loses money, investors can't directly ask the project itself for the principal, but the cooperative enterprise for it. If the enterprise itself is a shell company, the risk is very great.