hello, I hope that the point rent can help you, hope to adopt it, thank you! \xd\1. Land acquisition stage: the inferior investors set up a limited partnership through SPV, and the graded funds subscribe for the limited partnership shares directly or through SPV, and the limited partnership invests capital and holds the project company established by the developer as the target project. Inferior investors here refer to financial institutions that are involved in the whole stage of real estate project operation and aim at obtaining dividend income after the project is developed and sold. \xd\2. From the time of land acquisition (land transfer fee paid) to the time of development loan: the graded funds subscribe for the priority share of the limited partnership through SPV, and the financier-developer subscribes for the inferior share of the limited partnership in the form of not limited to cash and equity, and the limited partnership provides funds to the project company in the form of not limited to entrusted loans and equity investment with repurchase conditions. \xd\3. Development loans: Trust loans and bank loans can be directly used when the underlying projects meet the "four, three and two" standards stipulated by the CBRC, but the capital cost of non-bank financial institutions under the Group is not superior to that of bank loans. Only banks in the Group have the conditions to make development loans. However, if the financiers have a strong need for the efficiency of fund use and fund supervision and can meet these requirements, non-bank financial institutions will still have development loans. \xd\4. Others, not limited to a specific stage: \xd\(1) Factoring accounts payable of the project company; \xd\(2) The developer takes the self-sustaining or defunct property as the basic asset, and raises funds through the trust of property right and asset income right; \xd\(3) Credit enhancement of property insurance policies introduces funds from online platforms, and loans for designated or unspecified purposes are granted to developers through SPV. \xd\ The above is only the basic trading mode. In actual operation, the trading structure will be adjusted accordingly due to the risk control and compliance requirements of the funder or the credit level of the financier.