我国商业地产发展售后返租模式可行路径研究_new_new资料.docxVIP

房地产开发与经营 研究生课程考核试卷 科目： 房地产开发与经营 教师： 马智利 姓名： 龙成平 学号： 20130302074 上课时间：20 12年9月至2012年12月 考生成绩： 阅卷评语: 阅卷教师（签名）： PAGE \* MERGEFORMAT9 我国商业地产发展售后返租模式可行路径研究 龙成平 (重庆大学 建设管理与房地产学院，重庆400045 ) 摘要：近年来，由于国家宏观调控的政策频频颁布，使得商业地产的竞争加大，许多开发商纷纷采用售后返租模式进行销售。然而在售后返租的发展过程中，由于系统不完善以及部分开发商信用较低，造成了许多投资者血本无归，给社会造成了极大的不利影响。本文通过对传统售后返租模式进行改善，提出了“信托+售后返租+保理”的融资模式，创造性???把房地产企业、信托公司和商业银行三者有机结合，从而充分发挥各自的优势，达到各自利益最大化，并且有效的规避了传统的售后返租存在的问题。重点分析了这种模式的运作程序和它所带来的效应。 关键词： 售后返租；信托；保理；可行路径 Feasible Path for Sale and Leaseback in Chinese Commercial Real Estate Market LONG Cheng-ping (School of Construction Management and Real Estate, Chongqing University, Chongqing 400045) Abstract: In recent years, as the national macro-control policies issued frequently, thus made the commercial real estate increased competition, many developers have adopted the sale leaseback model sales. However, in the process of sale and leaseback of development, because of the imperfect system and the lower part of the developers credit, many investors lose everything. That caused great adversely influence to society. Based on the traditional sale and leaseback model improvements, proposed a sale leaseback + Trust + factoring financing model. This creative way combine the real estate companies, trust companies and commercial banks together, giving full play to their strengths, and maximize their own interests. This mode has circumvent the problem of traditional sale leaseback and effectively. This paper has analysis operational procedures of this model and the effects it brings. Keywords: sale-leaseback; trust; factoring; feasible path 引言 房地产的售后返租（又称售后包租、售后回租、售后承租）是房地产业的融资模式，是指出售人在销售商业地产的同时与购买人达成在未来一定期限内承租或代为出租购买人所购房地产的租赁协议的交易行为或方式。也成为其根本性的特征是开发商拆零物业产权，通过较长时间的固化收益返还，将经营权从投资者手中取回，并委托专业的经营商或大商家统一经营和管理，以获取租金并回报投资者。由于其独有稳定收益和高回报的特点，获得了许多投资者的青睐。房地产售后回租的运用，对于开发商而言，有效的解决了融资困难的问题，并且实现了商业地产统一经