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Assets Development and Accounting Test  

2009-02-22 16:18:34|  分类: 部分翻译作品回顾 |  标签: |举报 |字号 订阅

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1. When banks consider if they carry out financing to a certain real estate project, they need confirm the financing is a project one or enterprise one.

Project financing is a financing secured by the project itself and it is often asked to provide other guarantee. It’s a financing arranged for a special economic entity. When a project lender initially considers arranging loan, he is satisfied to use the cash flow and profits as the resource to repayment and use the assets to secure his loan. With the financing mode, banks could only collect their loan capital and interest relying on project assets and its revenue. Banks should shoulder more risks compared with enterprise financing. If the project loses, the bank may not retake its loan and interest. Thereby, the project structure is often complicated.

Project financing is a corresponding one compared with enterprise financing. Enterprise financing is a financing style secured its capital with enterprise entity. It is not merely a funds-collecting problem for enterprise development. Essentially, it is a resource allocation process displayed by supply and demand situation of funds. In market economy, resource using is payable and other resources could be put into use through the exchange with capital. The main difference between project financing and enterprise financing is that: when an enterprise financing is carried out, and the borrower will repay its interest and loan. The bank pays attention to the credit, operation situation, and capital structure and in liability degree and so on but not his project operation situation, and the borrower has other assets to repay the loan and interest. When a project financing is carried out, the director of the project or the directing unit often establishes a new company for conducting the project and the capital will be directly sent to the project company but not the sponsor of the project. At the situation, the duty of repayment will be shouldered but not the undertaker. The loan and interest will be repaid by the profits from the operation of the completed project. So, the lender will pay more attention to the economical efficiency, possibility and the profits from the project of the project. The enterprise’s success or failure has decisive meaning for the lender to retake his loan.

The information banks pay attention to mainly include two aspects of capital security and repayment ability of the borrowers. Banks may pay more attention to the repayment ability for enterprise financing and the problem of capital security for project financing. The concrete situation is paid close attention for project financing:

From the point of view of assets, such information as the location of the project, usage and market needs for the assets, rent and potential rent-increasing trend, return ratio, cash flow, the rent nature of the assets and its tenant are paid more attention.

From the point of view of borrowers, such information as enterprise’s operation achievements in the past, bonded assets, structure of the profits and rights of the shareholders and their credit are paid more attention.

As for enterprise financing, banks may concern the following four aspects: macro-economy risks, enterprises’ sovereignty, matching between time and usage and current liability. Meanwhile, high-quality assets of the enterprises, feasible development plan, good capital combination and healthy interest structure and so on will be analysed as key points.

 

 

 

3. Explain the critical factors of commercial property marketing strategy and illustrate your answer with examples.

 

1Marketing is an activity of profitability to effectively position, predict and meet customers’ requirements. Sometime, market could be produced by incitement, but there is more market gaps needed to be satisfied.

2) Marketing strategy is mainly divided into the following aspects: marketing of real estate, market analysis, market segmentation and sales promotion.

3) Marketing process could be divided into market analysis, marketing tactics marketing methods, market segmentation and marketing skills etc.

4) Real estate marketing tools mainly include:

4 Ps=   Product

          Price

          Place

          Promotion

Or equally the DRAMA

        Demonstration

        Recommendation (from satisfied tenants)

        Arithmetic (rents)

        Measurement (size information)

      Assurance (give guarantees)

For instance, aiming to Shanghai Gulf Commercial Center, which is being sold, we need make a completed marketing scheme. At present, there exists an oversupply situation in the commercial real estate in Shanghai. Firstly, we need analyze the market and position the houses. Undoubtedly, an innovation for marketing mode is the new driving force to help the industry. We need learn well the development venation of the housing market, its phase of development, and the big environments for the project marketing. The big environments include economic operation information, commercial thriving degree, the current living environments inspection and construction style inspection etc.

Secondly, we should give an in-depth study for the traits of the market requirements and optimize products well. We analyze the traits of the market requirements through professional market analysis and the best scheme is that we find the needed products of the market.

Secondly, local information need to be fully considered when the work is promoted and we should pay extra emphasis on its feasibility.

The completed marketing report to be made should include:

?        Market analysis

?        Market analysis, aiming at a certain period and a certain market, is give an analysis and research for the general amount of demand and supply of the exploitable market under a fixed resource condition.

It includes a variety of aspects like sample survey, spot investigation, data analysis and report submitting etc.

?        Marketing strategy

?        - Objectives

?        - Target

The task of market segment is to divide and position the objective market according to the traits of customers.   It mainly has three standards:  Homogenous preferences

Defused preferences      Cluster preferences

?        - Promotional plan

Sales promotion need analyze and pay attention to customers’ act phases, sense, and understanding, persuaded and buying.

 

?        - Timescale

?        Pricing strategy

?        - Objectives

?        - Rents

?        - Special deals

?        - Competitive positioning

?        Construction costs and time

?        Monitoring mechanism

As for marketing, changeable and new modes are needed and only innovative marketing modes with characters could boast attraction; the advertisements should transfer really -needed project information to consumers and attract them based on good faith. The information of the houses could tell us everything and the advertisements for the houses are only in the second place. Thus, we could establish good credit and fame for the enterprises; Regular customers should be paid attention and the work of the communication with customers and after-sale should be done well.

 

 

4 Assets securitization gives more attraction to the investment for real assets. Please explain its merits and shortcomings.

If we distribute the rights and benefits of a certain real object to many holders, we call it assets equtization. Then, the rights, benefits and debt of a certain real object could be distributed to many holders. We call it assets securitization. In fact, the assets after securitization is more like a company. Assets securitization includes assets equtization. Assets securitization changes non-flowing assets into the shares, which could be merchantable freely in the financial market. The transformation make it has liquidity.

Assets securitization solves the problem of a market lacking enough liquidity indeed and increases market trade efficiency. Its merits mainly include the following aspects:

1)     Increase market liquidity, enlarge market scale and cut down trade time;

2)     Boost a professional management;

3)     Avoid double taxation;

4)     Adjust financial structure more neatly;

5)     It is easy to absorb more investors including institution investors and personal investors and enlarge investment scale. The role of the assets securitization is to help institution investors arrange a dispersing investment combination and avoid big risk like “put all eggs in one basket.” It helps small and middle-sized investors come into big projects.

6)     It can solve the part- treatment problem in a completed project and the problem of compensating the development costs of the developers.

7)     Assets evaluation value could be replaced by market value of securities. With the method, the discrepant in the final result made by various assessments could be solved.

Generally speaking, assets securitization has its merits and its shortcomings are also considered. Its main shortcomings include the two aspects of more borrowers’ default risk and loan risk.

1)      More default risk of borrowers:

In the traditional loan process, banks burden the default risk of the borrowers because loan is the assets of the banks. To avoid loan risk as possible as they can, they examine each loan strictly and prudently. The default risk of borrowers will be transferred to investors. When the mortgaged assets are sold by banks as assets securitization products, the default risks of the borrowers will be transferred to the investors. As a result, the banks may examine their loans with more relaxed thought and thus bring more risks. These added default risk owing to the negligence could make more default risk of the borrowers. It is also a so-called moral crisis problem.

2)      More loan risk of banks

It is in favor of raising funds in capital market when assets are changed into securities. But, there are different kinds of security products in the capital market and there exists fierce competition among those security products. For getting advantage and attracting investors, banks may firstly turn their better claim into security products. As a result, many bad claims are left in the banks’ balance sheet and add their operation risk. And it is also a problem of backwards selection.

 

Since the later half year of 2007 especially the year of 2008, the subprime mortgage crisis of US spread to the entire world and has made a world full of financial turmoil and economic crisis. The current situation is the result of excessively exaggerated its merits and neglected its shortcomings by us in the past.

 

7. The small-sized investors and development companies are very hard to get loan from traditional banks especially in the current situation of financial crisis. Please expound possible solutions combing examples.

Currently, world economy slides backward obviously and the financial crisis had affected every corners of the world. It is very difficult for small-sized developers of lacking good operation achievements and mortgaged capital to get funds in the market especially to get long-term funds. But short-term financing channel is much easier. It is very difficult to be listed in the stock market in the name of the company.

Let’s firstly learn the partition of financial market. One is currency market mainly treating short-term business and debt business. The other one is capital market mainly treats long-term business and interest business. Interest is to get capital from the shareholders and investors and those people who want to burden opposite risk compared with profits. Debt is to get loan from banks or lend money from other enterprises taking their project or other assets as mortgage.

For example, A is a small-sized real estate company and the companies want to get funds to develop a commercial land in the heart of Beijing. If the companies want to get funds, it needs project financing or enterprise financing styles. When the project financing is carried out, other mortgaged assets are often provided apart from the project assets. The financing style is suitable for those non-listed, small-sized enterprises like A.

Enterprise financing secures its capital with enterprise subject. From another angel, project financing and enterprise financing could be divided as direct investment and indirect investment. The features of direct investment have little influence for enterprise’ interest relations with bad liquidity. The indirect investment is antithetic.

Then, how company A operates to carry out its project financing? Traditional project financing includes two operations: long-term financing and short-term operation. If a real estate is aiming at sale, it may adopt short-term financing; if it is aiming at rent, long-term financing should be adopted. Company A is suitable to adopt short-term financing.

The project financing means are divided into two types of debt and interest:

The interest type includes the following four types:

 

-   Equity PartnershipsIt’s not a true cooperation including two types of involvement loan and advanced financing. The involvement loan is borrowers will share the profits but pay the interest rates or the loan. The advanced financing is that borrowers participate in the project development and help the financing of developers. This financing brings three advantages: 1) It is in favour of reinforcing the control of the project for the buyers; 2) lower financing costs; 3) Lower Buyers’ purchasing prices. Virtually, it’s a better way for Company A to get funds as quickly as possible.

-   Forward Sale

-   Sale and Leaseback

-   Finance Lease

 The debt type includes the following three types:

- Bridging Finance:  The cycle financing is generally in three years and the loan and the interest will be repaid once when the project is completed successfully. Generally, the project will be mortgaged and often participate in the last distribution for profits. The cycle of some bridging financing is very short (six months).

-    Mortgage The traits of the mortgage are long period, low interest and large financing amount.

-Project Management Fee

When the financing of mall and middle-sized enterprises need financing, they need according to their business requirements to arrange the debt and interest structure in the enterprise correctly. For company A, it should specially concern macro-economy risk and the sovereignty problem of the enterprise. Of course, they should consider their debt already in existence, too.

 

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