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[法律法规] 怎么选房地产信托?(简析)

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发表于 2016-9-21 15:35 | 显示全部楼层 |阅读模式


进入正题,今天金融狗给大家带来的是房地产信托的简析:


随着时间的推移,中国房地产业整体告别十年黄金时代,粗放式野蛮生长阶段已逝,注重品牌、品质、个性化需求的新时代到来。虽然房地产行业的辉煌不再,由黄金时代逐步进入白银时代,但是作为信托公司传统业务领域,未有仍有一定发展空间,只是需要信托公司在专业性方面下功夫,逐步抛弃粗暴而简单的运作模式,而是更加精耕细作,赋予该项业务更多内涵。


房地产信托在中国的发展


我国的房地产信托是在2002年7月信托业重新开展后逐渐发展起来的。此前,信托业经过多次大规模调整一直处于业务匮乏的困境。而此时房地产市场呈现旺盛的发展势头,处于资金密集型行业的房地产开发企业大部分自有资金都较少,资金短缺是一个长期状态。而信托制度灵活性以及独特的财产隔离功能与权益重构功能,可以财产权模式、收益权模式以及优先购买权等模式进行金融创新,使其成为最佳融资方式之一。


两者结合,取得了双赢的结果。一方面,信托业借势发展壮大,分享房地产业较高的行业利润;另一方面,房企通过房地产信托计划的融资可以降低房地产开发公司整体融资成本,并且募集资金灵活方便及资金利率可灵活调整。



自2002年开始的十四年间,房地产信托共经历了2003年和2008年两次黄金发展期。


据统计,2003年全年约有70亿资金通过信托方式进入房地产领域,房地产信托产品也正式走入投资者视线,并进入了平稳发展阶段。因为,2003年6月,中国人民银行出台了《中国人民银行关于进一步加强房地产信贷业务管理的通知》(央行121号文件),对房地产开发链条中的开发贷款、土地储备贷款、个人住房贷款、个人住房公积金贷款等多个方面提高了信贷门槛。


比如:


1、对未取得土地使用权证书、建设用地规划许可证、建设工程规划许可证和施工许可证的项目,不得发放任何形式的贷款。


2、商业银行对房地产开发企业申请的贷款,只能通过房地产开发贷款科目发放,严禁以房地产开发流动资金贷款及其他形式贷款科目发放。


3、对土地储备机构发放的贷款为抵押贷款,贷款额度不得超过所收购土地的评估价值的70%,贷款期限最长不得超过2年。


4、对借款人申请个人住房贷款购买第一套自住住房的。首付款比例执行20%的规定;对购买第二套以上(含第二套)住房的,应适当提高首付款比例。


5、借款人申请个人商业用房贷款的抵借比不得超过60%,贷款期限最长不得超过10年。


这些措施使得房地产企业从银行贷款的难度大大提高。不得不转向信托公司融资。由此房地产信托迎来第一个黄金发展期。


而自2007年3月央行首次加息,到12月央行连续加息六次,同时银监会出台了九条新规,严禁银行业金融机构向项目资本金比例达不到35%(不含经济适用房)等不符合贷款条件的房地产开发企业发放贷款,地产企业又陷入融资困境。房地产信托产品再次迎来发行高峰。


此后,伴随着房价的一路飙涨,房地产市场火热的房地产信托一路升温。


房地产业是一个特殊的行业,与其他行业相比具有高收益、高风险的明显特征,它对经济发展的带动力很强,是关系国计民生、拉动经济增长、改善居民生活条件的重要支柱产业。同时它又是一个资本密集性的产业,其发展与金融业的支持密不可分,两个行业互相影响、互为依托。同时,房地产行业还是国家宏观调控的重点领域,对其又爱又恨,可谓成也萧何败也萧何,这也注定了房地产行业周期波动较为明显。


所以现在信托公司业务方向主要有几大块:


一、机会性抓取一线城市住宅地产项目,特别是中小开发商因资本实力不济退出市场带来的机会。


二、结合资产证券化业务,适当介入一线城市和重点二线城市办公楼项目。办公楼市场与住宅市场发展规律不完全相同,而且具有基础资产确定、现金流稳定和可测量等特点,是资产证券化的重要基础资产。


三、参与设立房地产并购基金。目前中国房地产业整体景气度下行,结构性库存高企,行业内普遍存在高杠杆问题,加之竞争加剧,优胜劣汰、行业整合和集中度提升将成为趋势,未来数年行业内蕴含大量并购机会。一方面信托公司可考虑与一线开发商、保险公司等合作设立机会性并购基金,在提供标的项目和并购融资方面发挥作用。另外也可与保险公司、国内外领先地产基金等长期资本合作,成立跨周期并购基金。


四、关注一线城市、重点二线城市中心老旧建筑改造项目。在成熟市场,通过整体收购、改造升级城市中心老旧建筑,并通过租赁、出售或者其他资本化运作方式实现获利退出是成熟的地产操作模式。目前中国的一二线城市也积存了大量的老旧建筑,如何盘活这块存量,考验着资产管理机构的专业、整体运营及资本运作能力。目前不少外资基金和一些国内资本已经开始进入该领域。


五、战略性关注旅游地产、养老地产等体现消费升级和大健康领域的业务机会。



房地产信托具有非常市场化的定价模式,对于项目风险、市场流动性等诸多因素都能够反映其中,不过总体看,由于信托承接的房地产项目相对银行风险稍大,因而整体融资成本比较高,投资者所获得的收益率也高,信托公司所获得的报酬在2-3%,以及其他费用,整体融资成本相比于其他类型信托也是要稍微高一些,具体定价根据融资方信用水平而有所不同。


房地产信托运作的几大模式


1、房地产债权信托




房地产债权信托房地产债权信托主要是指房地产贷款信托,是将信托资金用于向房地产开发企业发放贷款的一类信托业务。


根据监管部门要求,向房企发放贷款信托需要满足“四、三、二”条件:


四证:

国有土地使用证

建设用地规划许可证

建设工程规划许可证

建筑工程施工许可证


三成:

自有资本金投资比例达到30%


二级:

具有房地产开发二级资质


房地产债权信托主要关注点是信托到期本息回收问题,因而需要关注融资方偿债能力、融资项目可行性、抵质押物价值充足以及变现性等方面,通常设置抵质押、资金账户监管、股东或者实际控制人连带担保责任、本金分期归集计划等风险控制措施。(市面上绝大多数房地产信托属于此类型,信托公司直接以贷款的形式借给房地产企业


房地产债权信托具有简单、易于操作的特点,同时也是与现行法律衔接最好、最常用的信托资金运用方式。不过,房地产债权信托对于放款条件要求较高,部分未达到要求的融资需求,无法满足,而且该类信托业务模式将提升房企财务杠杆,将压缩其后续融资空间。


2、房地产股权信托




房地产股权信托房地产股权信托主要是指信托资金用于获得房地产企业股权从而为其提供开发建设资金的一类信托业务。


股权获得方式:

受让原有股东股份

增资

出资新设项目公司


与债权信托相比,房地产股权信托并没有那么严格的合规要求,因而可以满足房地产企业拿地、四证不全时期的融资需求,股权融资也有利于美化房企财务报表,部分情况是作为过桥资金,待四证齐全后向银行申请开发贷,实现信托资金的退出。很多房地产股权信托是附有回购协议的,实际上是假股真债;还存在部分股权投资信托仅以少部分资金获得房企股权,其余大部分资金以股东借款名义用于房地产项目开发建设,这实际上既降低了股权投资收益的不确定,也有效绕靠看房地产贷款信托的监管要求。


房地产股权信托重点关注最终能否到期退出,对于负有回购协议的,这就需要关注回购人是否能够履行回购义务。同时,由于参股房企,信托公司也需要履行股东权利义务,参与重大事项决策,这有利于维护自身利益。从房地产股权信托风险控制手段,第一一般采用采用结构化设计,通过次级受益权部分提升优先级投资人的投资安全性;除已拥有股份的剩余股份提供质押,从而全面掌控房企公司运作;全面参与重大事项决策,掌握财务、公章等各类印章和网银密钥,部分情况下还将聘请外部公司监督融资项目建设;融资项目抵押等;违约时的资产处置权利等


3、房地产财产权信托




房地产财产权信托是指以房企所有拥有的各类财产权或者以个人拥有的房地产作为信托财产而开展的一类信托业务。


(一)房企作为委托人的财产权信托


以房企所有拥有的各类财产权为财产权而设立的信托本质上仍是满足房企项目建设的投融资需求,但是此处房企为委托人,财产权小份额切分,转让给合格投资者,从而获得开发资金。不过,目前市场的大部分财产权还是会附有回购协议,从而实现投资者的固定收益,是信托融资的一种交易结构形式变通,或者对现有监管政策的规避。受托信托财产可以是特定资产收益权,诸如土地使用权收益权、在建项目收益权、股权收益权等特定资产收益权以及债权。虽然特定资产收益权信托已开展多年,但是特定资产收益权在我国现行法律制度下还存在一定争议,该类信托还有待于接受司法审判的检验。

目前房地产财产信托本质还是一种融资工具,而不是来自基础资产的收益,因而其重点还是要看回购义务人的履约能力,主要是偿债能力和偿债意愿,其风险控制措施、交易结构基本与房地产债权信托和房地产股权信托相类似。




(二)个人作为委托人的房地产财产权信托


个人将其所拥有的房产等财产作为信托财产而设立信托,是以财产管理以及财产传承为主要目的的信托模式。这主要是借助信托公司的专业性,实现房产的保值增值,以及实现财富的有序传承。此类房地产信托可以进一步划分为房地产开发信托、房地产管理信托以及房地产处置信托。


房地产开发信托主要是委托人将所拥有的土地作为信托财产,由信托公司负责聘任建筑公司、房地产开发过程中的融资等事项,待房地产建设成功后,或者通过出租实现向受益人分配收益,或者将成品房向受益人分配,不过该类业务还主要适用于土地产权私有的欧美等国家。


房地产管理信托主要是指信托公司按照委托人意愿或者受益人利益最大化,通过有效管理以房地产作为信托财产的方式,所进行的一类业务。此类信托在美国、日本、我国台湾都较为普遍,在日本个人可设立不动产信托,由受托人实现信托财产的管理、租赁等,从而实现房产的保值增值。而在欧美,设立基于房产的信托则可以保障其在死后有序传承给继承人,同时由避免继承人直接获得房产后变卖。


房地产处置信托主要是指委托人将房产受托给信托公司,尤其帮助通过出售等方式,处置房产,最终将获得现金分配受益人的一类信托业务。


我国尚未开展此类业务,一方面是由于现行信托法律制度不健全,包括信托财产登记、信托税收等诸多障碍存在,另一方面是信托公司在房地产经营管理方面专业性不高,市场需求不高。但是,从未来发展看,此类业务还是具有一定市场空间的。




4、房地产资产证券化信托


资产证券化既包括各类金融债权,也包括各类不动产,房地产资产证券化也就是通常所说的房地产投资基金信托,就是不动产资产证券化的重要一类,是指投资人将资金以类债券的投资形式,投入在由专业机构管理和全程担保的不动产里,通过专业机构的管理获得稳定的高效的回报。REITs主要的目的是通过分红的形式和投资者分享可预测的、稳定的房地产投资回报。REITs从上世纪六十年代初开始在美国兴起,至今欧美及亚洲的较发达国家和地区均设立了REITs。在美国约有300个REITs,其总资产超过3000亿美元,近2/3在国家级的股票交易所上市。目前已有近40个国家成功推出了房地产投资信托基金。


不同于一般的信托产品,REITs具有鲜明的特征。它投资期限长,以成熟的商业物业为主,资金来源多是公募形式,对投资对象(限制开发项目)有限制,甚至地域有限制,属于一种大众投资工具,监管严格。每份REITs基金单位都代表对某个物业一定比例的所有权,有固定资产作后盾,因而也较容易用于质押或担保融资,收购物业需要具备独立法人资格。同时,REITS也受到较为严格的监管,根据美国、法国等主要国家的监管要求,REITS发行前需要经过监管审批或者报备,一般采用信托制或者公司制实现破产隔离,大部分无最低注册资本要求,75%左右的资金要投资于具有稳定收益的房产,每年需要分配大约近90%的收益,一般仅对投资者所获得的红利征税,从而避免双重征税。(目前在国内已经重启,并且试点


5、基金化房地产信托




基金化房地产信托目前市场上还有采取多种资金运用方式的,即房地产基金信托,从而提升信托资金运用效率。基金化房地产信托主要专注于房地产行业投资,通过运用股权、债权、物业持有、不良房地产项目重组等资金运用形式,同时对多个房地产项目进行组合管理的一种信托运作形式,信托公司可以与专业房地产私募基金机构合作,也可以与大型房地产开发企业合作,从而实现强强联合,发挥各自优势,实现全周期下,房地产项目全方位运作。


信托公司接受的委托资金,采用股权、债权、物业持有等多种运作方,投向多个房地产项目。这种模式采用组合投资的方式,有利于分散风险,挑选最为合适的房地产项目,从而实现受益人利益最大化,也有利于提高信托公司报酬水平。当然,此类运作方式对于信托公司专业性和房地产运作能力要求更高,因而信托公司会与其他专业机构合作。



下面金融狗说一下在项目上应该重点关注哪些东西?


判断房地产信托产品风险的几大关键指标如下:

1.    是否具备足额的抵押物(一般抵押物评估价值为信托融资额度的2倍以上),且抵押物处置时具备较高的流动性(一般刚性需求为主的住宅更加容易处置);


2.项目的区域位置是否拥有较强的市场需求(目前来看,一二线城市的住宅项目需求仍然较为旺盛(深圳新盘秒杀的情景是很难想象到的),三四线城市的项目最好是位于区域核心地段);


3.开发商的实力与背景如何(衡量房地产开发商实力的一个重要指标是销售量排名,去化率,对于其过往业绩也可以进行考察做一个纵向对比);


4.实际控制人的人品如何(投资者可以重点关注实际控制人的发家历程,以及是否有过不良信用记录以及负面新闻报道)。

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发表于 2016-9-30 15:12 | 显示全部楼层
热镀锌钢百叶窗在高层楼房和别墅小区中已经大量使用。热镀锌钢百叶窗的颜色要根据工程施工方提供的色板来做,产品生产完后要做好色板的留存。

热镀锌钢百叶窗的特性  

1、热镀锌钢基材是采用热浸锌钢带制成各种规格的镀锌钢,使用高端的高频焊接技术,焊接平整、坚固。  

2、锌钢镀锌管的管材表面含锌量达到60-80mm/㎡,在常温下可以3-5年不生锈。 3、热镀锌钢产品是把镀锌管再次深加工。经过多道工艺处理后更可达到20年不生锈

4、热镀锌钢产品最大的特点是无焊接,锌钢研发的配件与管材完美结合,达到美观、牢固而适用,符合美国栅栏协会标准。 

5、产品表面采用粉末喷涂(借鉴汽车烤漆工位工艺)。其产品造型美观,颜色可自由搭配,色胜彩虹,无焊接穿插组合,有超强的防护功能,自洁环保,达到国家提倡的真正意义上的低碳环保绿色生活产品。

产品的多种用途:可组装成百叶窗、防盗窗、阳台护栏、栅栏、隔离栏、楼梯扶手、飘窗护栏、公共设施等~


       



        江苏刷新贸易有限公司集生产百叶窗、销售百叶窗、安装百叶窗于一体的公司。

本公司现有一批有丰富安装经验的人员,可以在最短的时间内,高效率的完成百叶窗的安装事项。现对外承接,南通市内工业、工地百叶窗的安装服务。

江苏刷新贸易有限公司为您提供热镀锌钢百叶窗批发、购买,来电可详细咨询产品价格。以下均有产品图片、工厂仓库等产品介绍信息。



我们的工作态度是对每个生产技术细节的重视,我们的员工承担着要生产一流产品的义务,要提供良好售后服务的义务!

咨询电话:4006585122,13073215555!

发表于 2016-10-2 09:03 | 显示全部楼层
不错不错,楼主是个绝对高手











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