The reporter learned that similar sensitive topics often become the industry? Under the table? The hot spot of talking about capital, gray capital? Player? Have many operating methods. A senior executive of a financing company in Shenzhen, who asked not to be named, said: Although the property market is gradually picking up, the financing space for developers is still limited, and the driving force for gray capital to benefit from it will be stronger. ?
The ubiquitous grey capital
In view of the flow path of gray capital in the real estate industry, Yang Chao wrote that some developers will sneak private capital into the property market by way of high interest rate, and in addition, some people will have improper origin? Gray funds? Used to buy a house and buy a house, changing the monetary form into a physical form. In her view, private capital has long lacked stable investment channels and standardized financing entrusted wealth management, and real estate can meet the needs of profitable investment of these funds, while there are still a lot of money laundering behaviors in the real estate market.
Li Qun, a person from a guarantee company in Shenzhen, told reporters that this kind of gray capital introduced in real estate development is usually called? Can't ask the source and can't ask the funds? . He admits that he has been exposed to similar funds almost every month since he started his business, and these are introduced to each other by friends? Bamboo dish business? That is, a business that does not pay.
For example, Li Qun said that many guarantee and pawn shops have deep political and business backgrounds, and some officials of government agencies can come up with funds or objects whose value exceeds their actual salary level. Through the pawnshop, they can realize the real thing, or get the industry's? Credit? That is, the amount of investment. ? We intermediaries are willing to do such business, mainly because these officials will not keep the price down too low. Because they don't understand the actual market, and this fund may have some gray background, they are generally reluctant to pursue the mortgage price more, but hope to generate investment returns as soon as possible. ? Li Qun said.
With such a demand, when projects that need financing are eager to find you, business will naturally be logical. In Li Qun's view, the interest rate of project financing will not be lower than that of banks, and sometimes it will even be two or three times that of bank loans, so both intermediaries and investors will be attracted by the high return on investment. Mortgage a suite and double the return? The industry rumors can indeed be realized.
And this kind of channel generally operates in the circle, and its confidentiality is very strong. ? Everyone is tacitly aware. ? Li Qun said frankly that because real estate needs a lot of money and the return on investment is quick, projects in this industry are often subject to intermediaries and investment needs? Special guests? Favor.
In addition, gray capital is also undercurrent in the ecological chain of private fund-raising and lending. The reporter once obtained the details of an economic dispute case related to such funds from a law firm in Foshan. It is understood that a commercial real estate project is in urgent need of a large amount of capital turnover, and it has been repeatedly rejected in other formal financing such as banks. The developer of this project has been exposed to the financing support proposed by a government official, and the other party has proposed it. There is no limit to financing, and the interest rate is higher than that of banks and lower than that of other professional financing institutions? Preferential conditions, but only if their relatives are involved.
The developer later revealed to the lawyer that these funds not only have normal income, but also have a large number of real objects and funds with official background. Misappropriation of public funds? The color. For fear of risks, the above-mentioned developers rejected each other. He learned from the industry that some surrounding projects have more or less solved their urgent needs through such channels, while some developers with tight cash flow have paid principal and interest by giving property rights to new houses.
? Fish in troubled waters?
? Over the years, the property market regulation policies have not standardized the source of real estate development funds, which provides a great breeding space for the opacity of real estate funds. ? The person in charge of a medium-sized housing enterprise in Zhuhai believes that it is precisely because of this soil that a large amount of gray funds can be found in various mysterious channels? Fish in troubled waters? .
The manifestations of such mysterious channels are often seen in major newspapers. From private lending, usury, to all kinds of real estate financing products, real estate trust products, real estate private equity funds, etc., these gray funds are gradually covered with various legal? Bright coat? .
Mr. Lei, the financial planner of China Bank, pointed out to this newspaper that due to the large value-added space of the real estate industry and the lack of strict supervision by the regulatory authorities on the sources of real estate funds, real estate has become the first choice for many gray funds or illegal funds.
He said that by investing in real estate companies or participating in shares, the illegal income will be confused in the form of operating income, and after paying taxes, the criminal income will be legalized, so as to achieve? Wash white? The purpose of; Or turn gray into legal income by means of home purchase, real estate speculation and resale.
Mr. Shi, manager of Hua 'ao International Trust, said that at present, more and more huge personal funds have participated in the field of real estate investment through trust or private placement. This can play a reasonable role in tax avoidance, and secondly, the review of the source of funds by trusts and private placements is also relatively loose.
He took the trust as an example. Although the trust will also require an explanation of the source of funds, it is only a formality. ? Several people in the private equity circle agree with Mr. Shi that in reality, careful investigation of the source of funds will increase the inconvenience of business, and it is not the focus of business indicators assessment, so? As long as the form is passable? .
A person from a business department in southern fund pointed out to reporters that for trust companies, real estate-related products are still profitable projects. In order to avoid too much disclosure of information, some wealth management products will hide factors related to real estate projects and even issue them under other names.
Because of the large demand for funds, the raising time of such products is short, and the feasibility of verifying the source of funds is also very low. ? Even if they have gray capital, they have various ways to cover it, and they can buy a large amount in a short time and generally will not be rejected. ? The above person added.
Industry insiders predict that the issuance scale of real estate trusts may be reduced in the future, and it will become more and more difficult for housing enterprises to obtain funds under the regulatory environment such as restricting loans. In fact, the limited financing channels of housing enterprises have always been the heart disease of housing enterprises.
? We should clear the channels. If housing enterprises want to survive, capital is the life-saving straw, and financing channels are limited. If only these gray funds can be found, housing enterprises have no choice but to accept them. ? The person in charge of the financing department of a listed real estate enterprise in South China had a similar experience. Generally, the company only obtained funds from legal channels, but last year, the financing was very limited, so it had to be found? Access? Solve the problem.