摘要
自 2010 年初，中国中央政府推出一系列被房地产业视为史上最严厉的房地
产调控政策，包括限购令及对房地产开发商从紧的信贷政策，这些都影响到房
地产开发商的部署及资金链的安全性，导致国内房地产开发商感受到资金的压
力。但正正是在这个最需要融资帮助去解决房地产开发商资金缺口的时间，国
内的信贷从紧使得开发商原来一直依赖的信贷为主融资渠道面临瓶颈。亦因为
过去房地产开发商只注重信贷融资，在房地产金融领域上涉足及关注相对比较
少，加上中国整体环境在房地产金融市场上的发展对比一些发达国家，例如美
国、新加坡等，仍相对落后，因此导致房地产企业发展到今天面对融资难的问
题。这亦正是房地产开发商下一步需要面对如何拓展房地产金融及认清房地产
金融对他们自身的发展的必要性
本论文试图站在房地产企业的位置出发，首先了解国内现时的房地产调控
政策对房地产企业的影响，从而提出房地产金融的概念及其对于房地产企业的
意义和作用。接下来透过对美国、新加坡及国内一些龙头企业的案例分析，希
望为房地产企业对于房地产金融的发展带来一些启示，并通过国内两家房地产
企业（一家在国内上市，而另一家在境外上市）的经验，证明国内房地产企业
要实施房地产金融战略并非不可为之事，关键是在实行的决心、战略上如何部
署及如何落实执行的问题。最后，把对房地产金融的一些战略部署及执行方案
列出，为房地产企业提供一些执行房地产金融的概念
房地产金融不仅决定着房地产开发商的生存，也影响到他们下一步的发展，
因此如何落实执行房地产金融战略，对今天的房地产来说至为关键
关键词：房地产金融 融资工具 融资手段 金融化战略 金融平台
ABSTRACT
Since the beginning of 2010, the Central Government of the PRC has launched a
series of macro-control policy towards the property market which is being regarded as
the most restrictive in the history by the property players, including the home
purchase restriction and the tightening of credit towards property developers. All
these not only affect the development of the PRC developers but also affect their
funding and cash-flow position. This leads to funding pressure to raise capital by the
developers. However, even though it is the time which PRC developers require
funding most to solve the shortfall in cash-flow, the tightening of credit has limited
PRC developers’ access of bank borrowings, which they previously rely heavily as
their primary funding source. And because of previous focus on bank borrowing,
PRC developers historically paid little attention on other real estate financing
channels. In addition, because the development progress of other real estate financing
channels in the PRC is still far behind that of developed countries such as US and
Singapore, therefore leading to the difficult dilemma faced by the PRC developers in
fund raising today. Therefore, it is very important for the PRC developers to
understand the importance of real estate finance towards their business development
and get to know how to develop their own real estate financing channels.
This thesis is written from the point of view of property developers, starting with
understanding the current macro-control policy and how it affects the property
developers. And then there will be a brief introduction on the idea of real estate
financing and what it means and why it is important towards developers. After that,
through analyzing several cases on leading developers in US, Singapore and the PRC,
this thesis hopes to give some insights to the developers on real estate finance,
especially through the case study or a PRC listed developer and a offshore listed
developers, to demonstrate that applying real estate financing strategy is not
something impossible, but something requires determination in execution,
well-planning of overall strategy and action plan. Finally, through listing out some of
the ideas on real estate financing strategy and execution plan, I aim to provide some
preliminary ideas on how to implement real estate financing.
Real estate financing not only affect the development of PRC developers but
their survival, therefore it is most essential today for them to under how to implement
real estate financing strategy.
Key words: Real estate finance, Financing channels, Financing methods, Financing
strategy, Financing platform