Property market regulation Severe billions of trust funds blood transfusion real estate

Chu Tian Jin News in the bank credit crunch situation, real estate enterprises have turned, through trust, private lending and other means of financing "self-help."　　Data show that the first 9 months of this year, the National Real estate enterprises through the trust of a total of hundreds of billions of dollars of financing. -Our correspondent Zhang Niuxiong this year, in order to curb the excessive rise in housing prices in some cities, the country implemented a more stringent real estate control measures-the regulatory authorities from land reserve loans, real estate development loans and home loans three aspects of the real estate industry to regulate credit.　　Influenced by its influence, the real estate industry, which has always been known for its capital-intensive, faces huge financial pressure. Trust funds into the housing enterprises for the capital chain nervous housing, trust financing is undoubtedly its "thirst" one way.　　Trust financing is "entrusted by the people, valet financing", it is a form of indirect financing, through the media of financial institutions, trust companies to the financing activities of investors. Last month, our province a listed housing enterprises to invite Bohai International Trust Co., Ltd. "bypass", financing 800 million yuan for the renovation project of a city in Hankou. According to the agreement, the Bohai Trust will use the trust funds collected by the company to increase the capital of a wholly-owned subsidiary of the listed housing enterprises, thus obtaining 50% equity of the subsidiary.　　The listed housing enterprises at the end of the 18-month trust period, to the Bohai Trust for the relevant rights and interests. July, is also the listed housing enterprises, with the Jilin Province Trust Co., Ltd., through the issue of real estate trust products to raise at least 700 million yuan of funds.　　Raise funds will be used for the listed housing enterprises in Hanyang, a real estate project.　　Or the listed housing enterprises, this year through another trust company "bypass", financing 1 billion yuan for the development of a project Wuchang. In less than half a year, the listed housing companies through the Trust Company "bypass", at least received 2.5 billion yuan of financing. Hankou a bank company business department Head said, "in the country to increase the real estate control dynamics background, the real estate enterprise General capital chain tension." More than 2 billion yuan of trust financing, any real estate enterprises have to quench their thirst. "These companies are often financed through trusts, just a microcosm of the boom in real estate trusts this year."　　A well-known domestic research institutions to provide monitoring data to this newspaper, the last three months the National Housing Enterprises Trust financing more than last year: the 2009 year of Real Estate trust products issued only 31.272 billion yuan, and this August-October cumulative distribution of up to 34.954 billion yuan. The "heat" of real estate trusts may be beyond the imagination of many people.　　Figures released by the China Trust Association show that in the first three quarters of this year, the total number of real estate trusts has increased by hundreds of billions (104.455 billion yuan), 3.34 times times the year.　　Real Estate Trust is favored real estate trust, that is, trust companies to play a professional financial advantage, through the implementation of trust program to raise funds for real estate development projects, to obtain a certain income for the client. On the one hand, real estate trusts can provide reliable financing channels for real estate clients. On the other hand, real estate trusts can provide investors with aA stable and profitable investment channel.　　At present, under the background of low interest rate of bank deposit and limited investment channel, a lot of funds should find a stable investment profit channel, and real Estate Trust is "born every time". Under the state's strict controls on the development of loans, real estate enterprises have turned, through trust, private lending and other means of financing.　　In terms of trusts, the huge demand for financing has pushed up the price of real estate trusts to some extent-the yields on real estate trusts are rising. One example is evidence. In July this year, the trust products tailored for a Wuhan room were sold in the Han Dynasty, with an expected annual yield of 7.2%.　　Two months later, the annual yield on the trust product, which was also built for another project, climbed nearly one-fifth per cent: the first-year yield was 8.5%, and a year later 9%. In the third week of last month (10.11-10.17), for example, a total of 15 trust companies issued 18 collection of funds trust products, of which 10 investment in the real estate sector.　　Real estate trusts not only account for as much as 56%, but also expect yield levels to remain high: the highest annual yield of 11%, the lowest 7.1%, generally around 10%. The monitoring data provided by a research institute to this newspaper show that the scale of real estate trust products has exceeded last year's level in the past three months, the average yield has risen from 9.57% last year to 10.12%, and the expected yield of single product is up to 13.50%--high yield, which means the high cost of financing for real estate enterprises In addition to the reasons of credit regulation, the scale and yield of real estate trust products are increasing, which is related to the active adjustment of trust business structure by trust companies themselves. "Expert analysis of Puyi Wealth Research Institute, after the enactment of the net Capital Management method of the Trust company in August this year, the trust business of the Trust Company is strictly limited by the net capital, and in the short term, it is one of the main problems for the trust company to obtain large profit in the limited space.　　Therefore, the Trust Company will invest more in the high income real estate industry, and through the active management, obtain the higher income. Trust financing heat or cooling this year, the country, despite the implementation of tougher real estate regulation, tightening the real estate development loans, but all the signs that bank loans are still the main source of financing for real estate developers.　　The data show that last year's real estate development loan added 576.4 billion yuan, accounting for 6.01% of new loans in the year; in the first three quarters of this year, new loans for real estate development of 559.2 billion yuan, accounted for the rise, to 8.88%. Most of the domestic real estate development enterprises own funds not more than 20%, the development of funds presented bank loans, self-financing and other sources of funds (such as trust, listing, bonds, etc.) tripod situation. "After the bank tightened credit, the real estate Trust has sprung up and supported the development and investment operations of real estate developers." However, for real estate enterprises, the high cost of financing is undoubtedly like quench thirst. "Hubei Banking Regulatory Bureau concerned people in a recentThe General Assembly reminded of the risk of real estate loans.　　It is reported that, including the Sino-Financial Trust, peace Trust, including a number of trust companies have suspended the real estate trust business, real Estate Trust financing on the "red light." In the last three months, the average annual yield of real estate trust products exceeds 10%, plus the reasonable profit margin of the trust companies, some real estate companies pay more than 15% of the cost through trust financing. "The current real estate Trust is hot, is the developer in the monetary tightening, light volume, sales back to the lack of funds caused by the tight capital chain, the inevitable result of finding financing channels, with contingency." With the macroeconomic return to normal, the real estate market gradually become rational, profiteering era will be gone, developers are not able to bear such a high financing costs, trust financing needs will be greatly reduced, real estate trusts will cool down. "Sinan Trust and Financial Management Institute experts said that real estate developers comply with the National macro-control policy, through price reduction sales, accelerate the recovery of funds, may be a better solution to the financial difficulties of the choice."