4hw.org: China's first tier cities have been dominated by Beijing, Shanghai, Guangzhou and Shenzhen for a long time. This situation may change in just a few years. Recently, it has been said that compared with developed countries, the number of first tier cities in China needs to be increased. Is that true? Which cities in China will become the first tier cities?
Recently, Guan Qingyou said in a forum that China needs at least eight first tier cities. He believes that compared with developed economies, China's first tier cities account for a low proportion of the population, and there is an inherent need to increase the number and scale of the first tier cities. As soon as this theory is put forward, it has caused great controversy in academic circles. The focus of the controversy is: does China really need so many first tier cities?
According to the data, there are eight National Central Cities: Beijing, Tianjin, Shanghai, Guangzhou, Chongqing, Chengdu, Wuhan and Zhengzhou, mainly in the East.
The main channels for real estate enterprises to borrow money are as follows: 1. Equity financing: 1. IPO. Second, the enterprises that have been listed will do directional additional issuance. 2. Overseas financing. 3. Direct issuance of bonds. 4. Bank loans. 5. Non standard financing: it mainly means that trust, fund subsidiaries and other 'equity' real estate enterprises or lend money to real estate enterprises, so that real estate enterprises can get money. After 2010, non-standard financing once became the main way for real estate enterprises to borrow money. Let's look at the latest data.
By the end of the second quarter of 2017, the entrusted assets of 68 trust companies in China had reached 23.14 trillion yuan. In terms of quarter on quarter growth, in the fourth quarter of 2016, the growth rate was 11.29%, in the first quarter of 2017, the growth rate was 8.65%, and in the second quarter, the growth rate was 5.33%, which was more stable than the last two quarters.
At the end of the second quarter of 2017, the scale of trust assets reached 23.14 trillion yuan, with a non-performing rate of 0.60%. By the end of the second quarter of 2017, the flow of trust funds to industrial and commercial enterprises was 5.15 trillion yuan, while that to real estate industry was 1.77 trillion yuan. The share of the real estate industry rose mildly to 9.02% from 8.43% in the first quarter of 2017.
Real estate collective trust products are still "king of income". Its yield is higher than that of industrial and commercial enterprises and basic industries. Statistics show that the term of real estate trust products is generally about 2 years. The products of industrial and commercial enterprises are relatively short-lived, and the average yield of trust products of industrial and commercial enterprises is over 7%.
Industry analysts have pointed out that trust, as the direction with the most comprehensive supervision and the lowest leverage ratio, actually undertakes the mission of stabilizing economic cycle fluctuations, and its value will be more prominent in the economic transition period. In a word, the high absolute income level, low income volatility and multi-level risk mitigation measures make the fixed income trust products have excellent allocation cost performance.
When investing in real estate trust, as an investor, we should pay attention to the following points besides the counterparties and issuing institutions: first, we should pay attention to the real estate project itself, such as whether it is a high-quality property (office building, commercial property, hotel and serviced apartment) in the core location of the first tier and strong second tier cities.
Second, focus on the use of funds. In the early stage of land acquisition, developers' financing is to acquire land, which is generally realized through equity investment trust. Such projects have relatively high returns and high risks. In the construction stage, the financing method is flexible, and the pre-sale situation, fund gap and market positioning of the project need to be focused during investment, which will affect the source of repayment. If the funds are used for decoration In the operation stage, it is common in commercial real estate projects. Most of the repayment sources are rents of commercial properties. It is necessary to pay attention to the operation of the project itself, such as occupancy rate, rental rate, lease contract term, etc.
Third, in case of M & A and restructuring projects, it is necessary to pay attention to the M & a platform cooperating with brand developers, the realization of mortgaged / pledged goods, and whether it involves repeated mortgage.
For the real estate industry is an important support of the national economy, healthy and reasonable real estate business is conducive to the sustainable and healthy development of the national economy. Real estate trust has always been the main business of trust companies and the main source of trust business income. The real estate industry still has structural opportunities.