The reporter learned that similar sensitive topics often become industries? Under the table? Talking about the hot spot of capital, gray capital? Player? There are many methods of operation. An executive of a financing company in Shenzhen, who asked not to be named, said: Although the property market is gradually picking up, the financing space for developers is still limited, and the motivation for gray capital to profit from it will be stronger. ?
The ubiquitous grey capital
In view of the flow path of gray capital in the real estate industry, Yang Chao wrote that some developers will smuggle private capital into the property market through high interest rates. In addition, some people will have improper origins? Grey fund? It is used to buy a house, and the monetary form is turned into a physical form. In her view, private capital has long lacked stable investment channels and standardized financing entrusted financing, and real estate can meet the profitable investment needs of these funds, but there are still a lot of money laundering in the real estate market.
Li Qun, a person from a guarantee company in Shenzhen, told reporters that this kind of gray capital introduced in real estate development is usually called? Can't ask the source or the funds? . He admits that he has been exposed to similar funds almost every month since he started his business. These are all introduced by friends? Bamboo cabbage business? That is, a business that does not pay.
For example, Li Qun said that many guarantee and pawn shops have deep political and business backgrounds, and some government officials can come up with funds or objects whose value exceeds their actual salary level. Through the pawnshop, they can realize the real thing or get the industry's? Credit? That is, the investment amount. ? Our intermediary is willing to do such business, mainly because these officials will not keep the price too low. Because they don't understand the actual market, and the fund may have some gray background, they are generally reluctant to pursue mortgage prices, but hope to generate investment returns as soon as possible. ? Li Qun said.
With such a demand, when the project that needs financing is eager to find you, business will naturally be logical. In Li Qun's view, the interest rate of project financing will not be lower than that of banks, and sometimes it will even be two or three times that of bank loans, so both intermediaries and investors will be attracted by the high return on investment. Mortgage a suite and double the return? Industry rumors can indeed be realized.
Moreover, this channel generally operates in the circle and has strong confidentiality. ? Everyone is tacitly aware. ? Li Qun said frankly that because real estate needs a lot of money and the return on investment is fast, projects in this industry are often subject to intermediary and investment needs? Special guest? Favor.
In addition, in the ecological chain of private fund-raising and lending, gray capital is also surging. The reporter once obtained the details of an economic dispute case related to such funds from a law firm in Foshan. It is understood that a commercial real estate project is in urgent need of a large amount of capital turnover and has been repeatedly rejected in other formal financing such as banks. The developer of this project has contacted the financing support proposed by a government official, which was proposed by the other party. There is no limit to financing. The interest rate is higher than that of banks and lower than that of other professional financing institutions? Preferential terms, but only if their relatives participate.
The developer later revealed to the lawyer that these funds not only have normal income, but also have a large number of physical objects and funds with official background. Misappropriation of public funds? Color. The above-mentioned developers rejected each other for fear of risks. He learned from the industry that some peripheral projects have solved the urgent needs more or less through such channels, while some developers with tight cash flow pay the principal and interest by giving away the property rights of new houses.
? Fish in troubled waters?
? Over the years, the property market regulation policy has not standardized the source of real estate development funds, which has provided great breeding space for the opacity of real estate funds. ? The person in charge of a medium-sized housing enterprise in Zhuhai believes that it is precisely because of this kind of soil that a large amount of gray funds can be found in various mysterious channels? Fish in troubled waters? .
The manifestation of this mysterious channel is often seen in major newspapers. From private lending and usury to all kinds of real estate financing products, real estate trust products and real estate private equity funds. These gray funds are gradually covered with all kinds of legality? Bright coat? .
Mr. Lei, a financial planner of China Bank, pointed out to this newspaper that due to the large value-added space of the real estate industry and the lack of strict supervision by the regulatory authorities on the sources of real estate funds, real estate has become the first choice for many gray funds or illegal funds.
He said that by investing in real estate companies or participating in shares, the illegal income will be confused into the form of operating income, and the criminal income will be legalized after paying taxes, so as to achieve? Wash white? The purpose of; Or through the purchase, real estate speculation, resale and other means to turn gray into legal income.
Mr. Shi, manager of Huaao International Trust, said that at present, more and more huge personal funds are involved in real estate investment through trust or private placement. In this way, it can play a reasonable role in tax avoidance, and secondly, the review of the source of funds by trusts and private placements is relatively loose.
He took the trust as an example. Although the trust will also ask for the source of funds, it is only a form. ? Several people in the private equity circle agree with Mr. Shi's point of view. In reality, careful investigation of the source of funds will increase the inconvenience of business, which is not the focus of business index assessment. So? As long as the form is ok? .
A person from a business department in southern fund pointed out to reporters that for trust companies, real estate-related products are still profitable projects. In order to avoid excessive information disclosure, some wealth management products will hide the factors related to real estate projects, and even issue them in other names.
Because of the large demand for funds, the raising time of this kind of products is short, and the feasibility of verifying the source of funds is also very low. ? Even if they have gray capital, they have various ways to cover it. They can buy in large quantities in a short time and generally will not be rejected. ? The above person added.
Industry insiders predict that the issuance scale of real estate trusts may be reduced in the future, and it will be more and more difficult for housing enterprises to obtain funds under the regulatory environment such as loan restriction. In fact, the limited financing channels of housing enterprises have always been the heart disease of housing enterprises.
? We should clear the channel. If housing enterprises want to survive, capital is a lifeline and financing channels are limited. If only these gray funds can be found, housing enterprises have no choice but to accept them. ? The head of the financing department of a listed real estate enterprise in South China had a similar experience. General companies only get funds from legal channels, but last year financing was very limited, so they had to find? Visit? Solve the problem.