According to major categories, there are three financing modes of housing enterprises: equity, creditor's rights and REITs. Comparatively speaking, the initial cost of equity financing is low, but the potential cost is not low. For qualified housing enterprises, listing is the first choice to obtain stable funds. Debt financing has a clear financing interest rate, which is better than fast loans and will not dilute equity. REITs combining creditor's rights and equity financing have just started. Similar to Internet finance, it is geared to mass investors, providing housing enterprises with a wider range of financing options and the possibility of low-interest financing. 1. Equity financing: the invisible cost of public offering is low but the threshold is high, and the invisible cost of private offering is high but flexible. 1. 1. Company-level equity financing: public offering is the mainstay, and the invisible cost can be measured by ROE. The main form of equity financing at the level of housing enterprises group is public equity financing. Public equity financing generally refers to the behavior of issuing corporate shares to public investors through the stock market to raise funds, including IPO, IPO and SPO, which are all important forms of equity financing by using the open market. The funds obtained by real estate enterprises through IPO and SPO financing do not need to pay interest and repay principal and interest. There seems to be no cost. However, it should be noted that after investors become shareholders, they will enjoy dividends, profit dividends, net asset appreciation income, and cash out from stock sales. It can be seen that, unlike debt financing which pays fixed interest on schedule, the cost of equity financing is "contingent cost": that is, the cost may or may not occur; When it happens, there are high and low; And the form is flexible, even if the profit of the enterprise is high, the dividend may be less, because the enterprise can retain more profits and the net assets per share will also rise. But no matter what form it takes, its cost can be measured by the return on assets. Considering the influence of many factors, such as net profit rate of sales, asset turnover rate and net debt ratio, we choose the return on net assets to measure the financing cost of public equity funds. Looking at small housing enterprises, the cost of public equity financing is as low as 7.32%, which is far lower than the cost of issuing bonds. Based on this, small housing enterprises should give priority to public equity financing forms such as IPO and SPO. 1.2 Project-level equity financing: non-public offering is the main form, and intangible costs can be measured by the net profit rate of sales. Equity financing at the project level of real estate enterprises is mainly in the form of non-public offering, including cooperation with other real estate enterprises or private equity funds, with flexible forms. In recent years, due to objective conditions such as housing enterprises strengthening project risk control and banks avoiding risks, corporate loans are difficult, and non-public offering of "equity" financing cases frequently occur. We believe that the cost of non-public equity financing (such as cooperation with private equity funds and housing enterprises) can be measured by the net sales interest rate. Because the cooperation between real estate enterprises and private equity funds and other real estate enterprises is based on the project level, it is not necessary to consider the overall asset turnover rate and net debt ratio of the enterprise, so we can only consider the net profit rate of sales of cooperative projects. Therefore, we choose the operating net profit rate to refer to the "invisible cost" of non-public equity financing. If measured by the enterprise's net interest rate, we find that the "invisible cost" of A-share 135 housing enterprises' non-public equity financing has the following characteristics: from the historical trend, as early as 20 10, the "invisible cost" of industry non-public equity financing was as high as 15.46%, and that of large housing enterprises was1. However, by 20 14, the "invisible cost" of the industry's non-public equity financing has dropped to 1 1.74%, and the small housing enterprises are as low as 10. 10%, which is better than some debt financing methods. This also reveals that more non-public equity cooperation between housing enterprises in the silver age can reduce the financial pressure and reduce costs at the same time. 2. Debt financing: With the encouragement of policies, the cost of bond financing is gradually reduced. Debt financing refers to the financing of enterprises through borrowing. The enterprise must bear the interest of the funds first, and repay the principal of the funds to the creditors after the loan expires. Since 20 14, due to the support of national policies, the debt financing cost of domestic housing enterprises has begun to drop significantly. 2. 1 bank loan: the cost is low, but it is often too large for real estate enterprises. According to CRIC monitoring, the annual interest rate of domestic bank loans obtained by real estate enterprises in 20 12-20 14 fluctuated within the range of 6. 15%- 15%, and the average borrowing cost of the industry was about 7.6%, which was significant in most financing methods. Among them, the borrowing costs of large real estate enterprises such as Poly and Greenland fluctuated in the range of 6. 15%-6.85%, indicating that real estate enterprises with strong strength and state-owned enterprise background are more likely to obtain low-interest loans. The cost of small and medium-sized housing enterprises fluctuates in the range of 6. 15%- 15%, and the cost is obviously high, especially for small housing enterprises, which is difficult to obtain because of risk management and control. At the same time, the cost of obtaining foreign bank credit for housing enterprises generally rises by 0.32%-4.5% on the basis of HIBOR or LIBOR, and the specific interest rate is related to the enterprise rating. Bank loan costs also have the following characteristics: 1) Housing enterprises with high debt ratio have higher borrowing costs. For example, Taihe Group 20 12 1 1 borrowed from Industrial Bank, and the cost was12%-15%; Zhongnan Construction 20 12 1 1 borrowed from Jiangsu Bank at a cost of 12%. At that time, the net debt ratios of Taihe and Zhongnan were 65,438+064.77% and 99.84% respectively. Based on the consideration of risk, the bank gives the cost of approaching trust. Except for some enterprises with state-owned background. For example, Poly Real Estate's net debt ratio reached 94.48% in 20 13 years, and increased to 1 13. 14% in the quarter of 20 14 years, but the cost of financing from banks was 6.77%, which was relatively low. 2) At present, the credit cost of overseas banks is lower than that of domestic banks. For example, from 2065438 to April 2005, Longhu Real Estate acquired HK$ 78 million, with an annual interest rate as low as 4.40%. Mainly because the benchmark loan interest rate of overseas banks is generally low. 2.2 Medium-term notes: The cost is lower than the benchmark interest rate, and the qualification requirements are relatively high. According to CRIC monitoring, the annual interest rate of medium-term notes obtained by real estate enterprises in 20 14-20 15 fluctuated in the range of 4.55%-8.37%, and the industry average borrowing cost was about 5.36%, which was lower than the bank benchmark interest rate and 2.24 percentage points lower than the actual bank loan interest rate of real estate enterprises. The cost advantage is very obvious. Among them, the financing costs of four large-scale real estate enterprises in 100M Jinbao fluctuated in the range of 4.55%-4.90%, and the costs of small and medium-sized real estate enterprises fluctuated in the range of 4.59%-8.37%. It can be seen that the medium-term bill financing cost of housing enterprises with large scale strength and obvious brand advantages is more advantageous. The cost of medium-term bill financing also has the following characteristics: 1) Medium-term bill financing is related to bank loan interest. In February, 20 14, Shimao Co., Ltd. successfully registered 5 billion yuan of medium-term notes, and then issued them in three times, with different costs: in April, 20 14, it issued 6,543.8 billion yuan, with an annual interest rate as high as 8.4%. After four months, the cost dropped to 7.6%. The financing cost gap before and after is as high as 2.3 percentage points, which is directly related to the central bank's two interest rate cuts in 2065 438+04-2065 438+05. 2) The average loan term of medium-term notes is longer than that of bank loans, and the cost of long-term notes is relatively high. Judging from the financing cases of real estate enterprises that have successfully issued medium-term notes, the average loan period is 4.24 years, the highest is 7 years, and the lowest is 3 years, which is lower than convertible bonds (5.9 1 year) and corporate bonds (5. 16 years), but obviously longer than the short term of bank credit of 2-3 years. The longer the term of medium-term notes, the higher the cost. For example, the two medium-term notes issued by Chengtou Holdings in April 2065438+2005 have an annual interest rate of 4.59% for three years and 5.25% for seven years, which is 0.66 percentage points higher than the former. 2.3 Corporate bonds: The cost is close to the benchmark interest rate, so it is not easy to be monitored by the CRIC. In 20 14-20 15, the annual interest rate of corporate bond financing of real estate enterprises fluctuated between 4.80% and 9.90%, and the industry average borrowing cost was about 6.74%, which was higher than that of medium-term notes and convertible bonds. Compared with bank loans, the cost of corporate bonds is higher than the benchmark interest rate of banks, but lower than the average interest rate of real bank loans of real estate enterprises. In particular, in the past two years, large-scale housing enterprises have not issued corporate bonds, and most of them are mainly small and medium-sized housing enterprises, which may be caused by the relatively small amount of financing. Corporate bond financing also has the following characteristics: 1) Corporate bond financing is too large to pass. Since 20 13, A-share housing enterprises have successfully issued 18 corporate bonds with the maximum amount of1600 million yuan. Most applications for large corporate bonds have not been approved. 2) The financing cost of corporate bonds is that the longer the term, the higher the cost. For example, Beichen Industrial successfully issued two corporate bonds at the same time on 20 15 and 1, with terms of 7 years and 5 years respectively. The annual interest rate of financing is 5.2% and 4.8% respectively, and the long-term cost is 0.4 percentage points higher. 2.4 Convertible bonds: The cost is extremely low, and the issuance qualification is higher than that of corporate bonds. According to CRIC monitoring, since 20 13, only two A-share housing enterprises have been successfully realized. The annual financing interest rate ranges from 0.6% to 4%, and the average financing cost is 2.77%, which is far lower than other bond financing methods. Mainly because convertible bonds are both bond financing and equity financing. Whether investors can accept such a low return depends more on the appreciation potential of the company's share price. In the future, if the stock price meets expectations, it can be converted into company shares and enjoy dividends. If the stock price does not meet expectations, you can also quit without risk. Because the investment risk is low, the interest payment cost is also low. We can see that apart from the low annual interest rate, another feature of convertible bonds is that the loan interest rate increases year by year. The main purpose of enterprises to do this is to ensure the stability of financing sources. 2.5 Trust: The cost is lower and it is no longer the mainstream of financing. According to CRIC monitoring, the annual interest rate of key real estate enterprises through trust financing in 20 12-20 14 fluctuated in the range of 5.63%- 13%, and the industry average borrowing cost was about 8.37%. Judging from the trend in recent years, the average borrowing cost of trust in 20 12 and 20 13 years is 8.6%, and it drops to 6.7% in 20 14 years. Mainly due to the scarcity of capital supply in 20 12 years, the imbalance of capital supply and demand structure in 20 13 years led to the increase of trust financing demand, and the high borrowing cost in these two years; By 20 14, housing enterprises are pursuing better financing methods, such as medium-term notes and corporate bonds, and their enthusiasm for trusts is reduced, so the average borrowing cost of trusts is reduced. By April of 20 15, Zhongtian City applied for a two-year loan of 500 million yuan from Huarong International Trust, with an annual interest rate of 4.65%, even lower than the benchmark interest rate of bank loans, which shows that the financing cost of trust mode is also decreasing with the times. We also see that the trust financing cost has the following characteristics: 1) The trust cost of insurance sources is generally lower than that of wealth management products. For example, from 2065438 to March 2002, COFCO Real Estate borrowed 497 million yuan from Ping An Trust, with an annual interest rate of only 6. 15%. However, we can see that many trust companies promise investors to buy wealth management products with annual returns higher than this level, so it is impossible to achieve such a low level. 2) Trust cost has little to do with the scale of housing enterprises. For example, in March and April of 2002, Vanke borrowed 65,438 billion yuan from China Resources SZITIC Trust, with an annual interest rate of 9%. Jianye Real Estate borrowed 900 million yuan from Barry Trust, with an annual interest rate as low as 6.65%. 3) Trust cost is related to the target project, and high-quality projects can obtain lower-cost financing. We saw that Sunshine City applied for a loan of 600 million yuan for Fujian subsidiary in March 2065438+2003, with an annual interest rate of only 6.30%, which was only 0.3 percentage points higher than the benchmark interest rate of bank loans at that time. In contrast, at 20 12 and 12, Sunshine City applied to China Railway Trust for a trust loan of 320 million yuan for Shaanxi industrial projects, with an annual interest rate of 1 1.00%, 4.7 percentage points higher than the former. As a Fujian enterprise deeply cultivated in Fujian, Sunshine City's high-quality projects in Xiamen are generally popular, with low investment risk and low trust cost. Shaanxi is a newly developed city in Sunshine City, and the expected risk is relatively high, so the cost is also high. 2.6 Advanced Note: After the Federal Reserve withdraws from QE3, the cost has no advantage. According to CRIC statistics, from 20 10 to May 20 15, 66 Hong Kong enterprises issued senior notes overseas 1 18 times, with the total financing amount equivalent to RMB 252.2 billion, and the average borrowing cost was about 965438+. The cost of issuing senior notes abroad is obviously affected by international liquidity and enterprise qualification. 1) The quantitative easing policy in Europe and America significantly affects the total amount and cost of senior notes. From the historical trend, the peak of overseas issuance of senior notes by real estate enterprises appears at 20 13-20 14, and these two years are also the time when the cost of this financing method is the lowest. However, after 20 14 1 1 Federal Reserve ended QE3, it became more difficult for real estate enterprises to issue bonds overseas, and the cost was also rising rapidly. According to the data, in the first five months of 15, Hong Kong-listed housing enterprises realized a total of 23.5 billion yuan of priority bill financing, only 37% of the whole year of 14. In terms of financing cost, the average cost in the first five months of 15 was 9.62%, which was 1.53 percentage points higher than that of 20 14. Especially in the first five months of 15, the lowest financing cost is as high as 7.5%, which is 3. 12 percentage points higher than the lowest level in 20 14 years. Therefore, after the opening of domestic medium-term bills and corporate bonds, the overseas priority bill financing of housing enterprises does not have a cost advantage. 2) The brand strength of real estate enterprises will affect the total amount and cost of priority bills. Among the 66 housing enterprises in Hong Kong stocks, the total financing of the top 20 housing enterprises in China's sales amount list is 654.38+0364 billion yuan, accounting for more than 50% of the total financing of senior notes, with an average financing of 8.60% and the lowest cost; Since then, the financing costs of priority bills of housing enterprises above TOP20-50, TOP50- 100 and TOP 100 are 9.43%, 9.83% and 10.54% respectively. With the decline of enterprise scale, strength and brand, the cost is also rising. 2.7 debt fund: the cost is in the middle, but the flexibility is poor, and it is in urgent need of improvement. According to CRIC monitoring, the annual interest rate of capital loans obtained by 20 12-20 12.4% real estate enterprises fluctuates, and the industry average borrowing cost is about 8. 14%, which is lower than trust and higher than bank loans. The cost of debt funds also has the following characteristics: 1) The cost of funds combined with equity and debt investment is relatively low. For example, from 2065438 to February 2004, Zhongnan Construction raised 500 million yuan from Huitianfu Capital through the combination of equity investment and creditor's rights investment, with an annual interest rate of only 5.5%, which is the lowest level in the financing mode of housing enterprise bond funds in the past three years. 2) The cost of debt fund is highly correlated with the target project. For example, the annual interest rates of the funds borrowed by Forte in May 2065438 and February 2065438 were 7.98% and 9% respectively, with a difference of 1.02 percentage points. The main reason is that the nature of the target project is different: the former can get quick income by investing in housing projects with high safety margin and strong growth; The latter invests in the theme real estate of eco-business community, which requires a long period of operation and development to obtain stable income, and the cost given by the fund is relatively high. 2.8 Perpetual bonds: can be included in equity, and the cost is high and increasing year by year. Perpetual bond refers to a bond that does not stipulate the repayment period of principal and can obtain interest on schedule indefinitely. The characteristics of perpetual bonds are: 1, and the interest rate is generally higher than the floating rate. 2. The repayment order is consistent with the company's stock, which is lower than that of ordinary bonds. 3. Accounting treatment can be included in equity capital, but investors can't participate in enterprise management and profit distribution like ordinary shareholders, so perpetual bonds can improve the level of equity capital without diluting shareholders' equity. 4. Perpetual bondholders are generally unable to ask the company to repay the principal except for bankruptcy and other reasons, and can only obtain interest on a regular basis. Although it can be regarded as equity, perpetual bond is essentially a bond financing method because of its remarkable characteristics of "paying fixed interest as agreed within the time limit". More importantly, it is impossible for real estate enterprises to never repay their perpetual debts. Because after a certain period of time, the cost of perpetual bonds will increase year by year, exceeding the affordability of enterprises. The cost of perpetual debt is not low, but many high-debt housing enterprises love this financing method. The most typical one is Evergrande Real Estate. By the end of 20 14, the company's perpetual bonds amounted to 52.85 billion yuan, and perpetual capital instruments accounted for 47% of the company's total share capital. Generally speaking, the financing cost of perpetual debt will be slightly higher than that of ordinary debt financing at first. After 2-3 years, the annual interest rate will jump to a higher level, such as 15%-20%, and then increase year by year, even reaching 25%-30%. 2.9 Internet finance: The cost of self-built channels for housing enterprises is relatively low, and the cost through third parties is not low. At present, there are two main forms of internet financial financing for housing enterprises. 1) Real estate enterprises directly build an internet financial platform, and the cost is relatively low. Take the green land "real estate treasure" as an example. In cooperation with Ant Financial and Ping An Jin Lu, the annualized interest rate is between 6% and 8%, and the financing interest rate of the first product is 6.4%, which is only 20% higher than the bank loan interest rate (5. 1%), and the cost is not high. At the same time, Greenland will open the platform to small and medium-sized housing enterprises, charge the financing party a management fee of about 0.5%-2%, and take Internet finance as a corporate business to further reduce the cost of capital use. Based on its huge customer base, Wanda, a commercial giant, is also actively building its own Internet financial financing platform. By buying quick money, it launched an Internet wealth management product, and the interest rate of the first product was as low as 5%. However, it should be pointed out that under this form of financing, investors have higher requirements for the strength of housing enterprises, and only powerful brand housing enterprises can attract a large number of netizens. 2) The cost for real estate enterprises to obtain funds through the third-party Internet financial platform is not low. At present, the cost of absorbing "deposits" by domestic P2P or P2B is between 5%- 10%. Typical ones such as Jin Fang Institute and lufax are between 8%-9.5% and 5%-8.4% respectively. If financing is conducted through third-party P2P or P2B, the cost is unlikely to be lower than 10%. According to the statistics of Internet finance company Rechi Financial Holdings, the current domestic borrowing cost of P2B is 14- 18%, which is significantly higher than other financing methods such as trust. Therefore, financing through the third-party Internet financial platform is more suitable for real estate enterprises in urgent need of capital turnover, and not suitable for long-term operation. 3.REITs: It integrates trust debt financing and securitization equity financing. The cost of REITs financing is slightly higher than that of bank loans, which can be measured by its average rate of return. However, because REITs in China have just started, the average rate of return lacks empirical data. You can refer to overseas data in this regard. According to institutional statistics, REITs in North America have the best returns (13.2%), followed by Europe (8. 1%) and Asia has the lowest average returns (7.6%). Due to the impact of the European debt crisis, the yield of REITs in Europe dropped rapidly to -9.2%, while REITs in North America still achieved an average return of 12.0%. It can be seen that the investment income of REITs in different countries and regions is different in different periods. In 20 14, the first domestic REITs "CITIC Sailing Special Asset Management Plan" was listed and transferred in Shenzhen Stock Exchange. Although the investment in real estate development projects is strictly restricted, mainly focusing on the investment and management of mature property assets, the official launch of REITs means that China's real estate securitization has entered a new stage, and real estate financing has new tools. Take CITIC Qi Hang REITs as an example, the product involves an investment target of 5,265,438 million yuan. According to the different risk levels, the product divides the investment into priority parts and secondary parts, and is issued according to the ratio of 7:3. Investors with low risk priority will start with 5 million yuan, with an expected rate of return of 5.5% ~ 7%; For the secondary part of medium and high risk preference investors, the subscription price is 30 million yuan, and the secondary expected rate of return is 12%~42%.