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2003年6月央行121文件出台是 房地产业的一个分水岭。因为121文件 要求,开发商的自有启动资金由原来的 20%～30％上升到40％～50％,,企业资 金缺口大增;而且,同年7月开始的土 地招标,使得士地价格大幅度上涨,涨 幅高达30％～50％,并要求企业在6～ 12个月内付清;再加上2004年经济形 势趋热,国家开始严格控制房地产企业 的贷款。几重夹击,房地产企业融资空 前困难,不得不考虑其他融资方式,这 时海外基金对他们来说就是及时雨。海 外基金拥有雄厚的资金实力,也一直在 寻找好的投资机会,此背景促成了内地 房地产商与海外基金之间建立起伙伴关 系。但是,海外基金是不是房地产企业 的救命稻草?能否担起我国房地产融资 创新的重任?
In June 2003, the central bank issued 121 documents as a watershed in the real estate industry. Because 121 documents require developers to start their own funds from the original 20% to 30% to 40% to 50%, a substantial increase in corporate funding gap; and, in July the same year the land bidding, making the land prices The rate of increase, up 30% to 50%, and requires businesses to pay within 6 to 12 months; coupled with the economic downturn in 2004, the state began to strictly control real estate loans. Several attacks, real estate companies unprecedented difficulties in financing, had to consider other financing methods, then overseas funds for them is timely rain. Overseas funds have strong financial strength and they are always looking for good investment opportunities. This background has helped establish a partnership between mainland real estate developers and overseas funds. However, the overseas fund is not the life-saving straw in the real estate business? Whether can take on the responsibility of our country’s real estate financing innovation?