房地產融資渠道分析外文翻譯文獻房地產融資渠道分析外文翻譯文獻房地產融資渠道分析外文翻譯文獻(文檔含中英文對照即英文原文和中文翻譯)原文:TheResearchonFinancingChannelsInnovationinChineseRealEstateIndustry Accordingtothepublicinformation，theincreasingrateinrealestateinvestmenthasobviouslyexceededthefixedassetsinvestment．Becauserealestateinvestmentaccountforover20percentintheaggregatefixedassetsinvestmentinChina，realestateindustryhasdriventhesocietyinvestmentandplayedmoreandmoreimportantroleinChineseeconomy． Bankloanstotheindustryhaveascendedgraduallysince1998．Theloanvolumehasbeenattained6657billionyuanin2009，3．2timesasmuchasthatin1998．Atthesametimelpersonalhousemortgage—backedloanshasbeenincreasedramatically．Inlast6years，therateoftheseloanstototalpersonalconsumingloansisabout75—97percent.ChineseCurrentStatusofHouseFinancingChannelsFinancingchannelsofChineserealestateenterprisesaremainlyfocusedonBankcredit．OtherchannelslikeIPO，entrust，Bondsandspecialfundstoobtaincapitalareofquitelessproportion．Housemortgage—backedloanscameintobeingin1998．Beforethat，themoneyuserswererealestatecompanies.Generally，Chineserealestateindustrygivesprioritytocreditor’srightsfinancing．Thefinancingstructureshowsunitarycharacteristics．BankCreditisMainChannelforChineseRealEstateEnterprisesAccordingtotheoperatingprocessandcapitalchainfigureofChineserealestatemarket，wecouldfindthatbankloanhasbeenrunningthroughthewholeprocessoflandreservation，landtransaction，developmentandsale．CommercialbanksarealmosttheonlycapitalprovidersofallprincipalsinChineserea1estatemarket．RealestatetrustfundbecomeChina'srelativelyactivefinancingformOurcountryhasexperiencedthreeyearsofindustriesintoagainafterthereorganization,2010rapiddevelopmenttrackoftherealestateindustry,totheendofthetrustproperty24.1millionyuan,hasreachedthetotaltrustpropertythanthetotal2.82%,earlymbm1260millionyuan,increasein2010grewnearly110%realestatetrustscontinuewithhigherspeedgrowth,buttheoverallperspective,realestatetrustsfunctionisrelativelysingle,realestatecapitaltrustmostistoprovide"plan",i.e.bridgeloansmainlyforcommercialbankloansconditionsdidnotreachtherealestateprojecttoprovideaninitialtrustcredit,thesetrusthasnoplanforbasicportfolioinvestmentfunctionconversionfunctionandduration.China'srealestatefinancingproblemsDevelopmentfundreliedonabankloanThisdependencymakestherealestateinvestmentmarketriskandfinancingcreditriskfocusedoncommercialbanklaccordingtostatisticsestimate,80%ofthelandpurchaseandrealestatedevelopmentfundsaredirectlyorindirectlyfromthecommercialbankcreditlthroughhousingconsumptionloanandrealestatedevelopmentloans,constructionenterpriseliquidityloanandlandreserveloans,etcallformsofcreditassetsconcentrated,commercialBanksactuallydirectlyorindirectlyunderarealestatemarketoperationofvariouslinksmarketriskandcreditrisk.Financialinstitutionsexistmanagementbehaviorirrational,notscience,isnotstandard,etcBecausetherealestatecommercialbankuniversalcreditasa"fineassets"vigorouslydevelop,inbusinesstoproducethetendencyoftheeager,suchassomecommercialBankstoreducecustomerthethresholdlevelofqualificationsassessmentwillexamineformalities,simplify,willexaminespeedetclalsolikeinrealestateloansissuedintheprocess,somecommercialBankstogovernmentguaranteeandgovernmentinterventionprojectoptimisticblindly,evenblindadored,andignoredtheseprojectshaverisk.Belikeagain,atpresentalotofrealestatetrustsisbasicallyaboutthetermsofreferencebankloanstoimplementation,waslargelybankloans,andtrustcompanyinvarietiesofentrustloanmonitoring,operationandmanagementexperiencemaynotcommercialBanks.Therealestateindustryfinancingchannelinnovationdesign Developingdiversifiedrealestatefinancemarket Inamaturerealestatefinancemarket,realestatedevelopandoperationfinancinghasnotonlythecreditor'srightsfinancingandequityfinancingtwobasicforms,andinthecreditor'srightsfinancingandequityfinancingoutsidetheprimarymarket,therearedevelopedinthesecondarymarketlsecuritizationofsecondarymarket,allkindsoffinancialinnovationproducedemergeinendlesslyofrealestatefinancetools,includinginvestmentfund,trustsecurities,stockindexissuchthroughvariousinvestorsinlofrealestatefinancemarketfinancialassetsecuritization,thesecondarymarketbuysindependentlyoftheoriginalfocusonrealestatecreditagencymarketriskandcreditriskeffectivelyscatteredthroughoutthefinancialmarketvariousinvestors. RealestatecapitaltrustInsteadofrealestatetrusts Realestatedevelopmentisalonglifecycle,highrisk,capital-intensiveindustries,managementintensiveinvestmentbehavior.Developingtheenterprise'sequityfinancingconditionsofthepoor,equityfinancingmeansfailtoplayitsfullrole.Thuspreventingfinancialrisks,firstlyisopenfinancialmarkets,letmoreprivateinvestmentpartlyreplacebankrisk.ExistingThefuturedevelopmentdirectionofrealestatetrustsforrealestatedevelopment,shouldbetheacquisition,buyingandselling,leasing,administrationandotherlinksprovidedcomprehensivefinancialservices,adapttothecharacteristicsofrealestateindustry,providingeffectivefinancingandriskmanagement. Tostrengthenthemanagementofindividualhousingloan Individualhousingcreditbytheformationofthefinancialassets,areincreasinglythecommercialBanksshouldimprovethepillarlpersonalhousingloanmanagementmeasures,regulateindividualloanexaminationproceduresandstandards,promotethestandardizationofpersonalhousingloanbusiness,andgraduallyestablishandperfectpersonalcreditregistrysystem;Toimprovethepersonalhousingloanguaranteesystem,speedingupimprovinghousingloanguaranteemeasurestoguaranteeagencies,strengthenregulationandoversight,thebusinessofstandardizationdemonstrativetextguarantycontract,inordertoimprovethecreditworthinessofresidentsindividualhousingloantothebank,ensurepersonalhousingloanrecovery,effectivelypreventloanrisks.finally,tostrengthentheindividualcustomer'screditreview,timelydoriskearly-warningwork.

譯文:中國房地產業融資渠道的創新研究 據公開資料顯示，房地產開發投資增速明顯快于固定資產投資。由于房地產投資在全社會固定資產投資中所占比重約20%。在中國的經濟中，房地產業帶動了社會投資并且發揮著更重要的作用。 用于房地產開發的銀行信貸自2000年起逐年上升，2009年擴大到6657億，是2000年的3.2倍，與此同時，個人住房抵押貸款顯著增長。幾年來，個人住房貸款占個人消費貸款比高達75%—97%。相比于00年，個人住房消費貸款增加了1.14萬億元，增長了26.64倍。我國目前房地產行業融資渠道分析 我國房地產企業的融資渠道主要集中在銀行信貸，其他金融方式如上市融資、信托融資、債券融資和基金融資等占比較小。而在1998年以前，銀行房地產信貸的主要對象是房地產開發企業，1998年以后才擴展到個人住房消費信貸，可見我國房地產金融以債權融資為主，股權融資比例較小，融資格局較為單一。銀行信貸是房地產金融的主渠道 從我國房地產市場的運行過程及其資金鏈來看，房地產金融主要是由銀行房地產信貸構成的，銀行信貸貫穿于土地儲備、交易、房地產開發和房產銷售的整個過程。在我國的房地產市場上，商業銀行的信貸幾乎介入了房地產業運行的全過程，是我國房地產市場各種相關主體的主要資金提供者。房地產信托基金成為我國較活躍的融資形式 我國信托業經歷了3年的整頓后，再次步入了快速發展的軌道2010年底，投向房地產業的信托財產已達24.1億元，占全部信托財產總額的2.82%，比年初增加12.6億元，增幅接近110%。2010年房地產信托繼續以較高的速度增長，但總體上看，目前房地產信托功能較為單一，房地產資金信托計劃大部分是提供“過橋貸款”，即主要為未達到商業銀行貸款條件的房地產項目提供前期信托信貸，這些信托計劃基本不具有組合投資功能和期限轉換功能。我國房地產融資中存在的問題開發資金過多依賴銀行貸款這種依賴使得房地產投資的市場風險和融資信用風險集中于商業銀行。根據統計估算，80%左右的土地購置和房地產開發資金都直接或間接地來自商業銀行信貸。通過住房消費貸款、房地產開發貸款、建筑企業流動性貸款和土地儲備貸款等各種形式的信貸資金集中，商業銀行實際上直接或間接地承受了房地產市場運行中各個環節的市場風險和信用風險。金融機構存在經營行為不理性、不科學、不規范等問題由于商業銀行普遍把房地產信貸作為一種“優良資產”大力