The Study of Chinese Real Estate Enterprises Issuing Perpetual Bonds Financing: Advantage and Risk
نویسنده
چکیده
In recent years, with the regulation of national policy, Chinese real estate market has been rapidly cooling, and real estate enterprises also have difficulties in financing. Perpetual bonds as a historic mezzanine financial instrument abroad was formally introduced into China in 2013 and its own characteristics can satisfy the current needs of the real estate enterprises. This paper analyzes the plight of the real estate market and real estate financing under the current environment, discusses the issue of perpetual debt financing, and analyzes the advantages and risks of issuing perpetual bonds in multiple aspects.
منابع مشابه
Evaluate the relationship between the structure of the economy and capital market financing
The importance of developing the financial sector, followed by the development of its financing comes from the Efficient financial sector, a key role in mobilizing resources for investment, encouraging foreign capital to enter and equipment and optimize resource allocation mechanism plays And a developed financial system in a country, with financing for the real sector of the economy, creates o...
متن کاملThe Great Wall of Debt: Corruption, Real Estate, and Chinese Local Government Credit Spreads∗
Issued by local government financing vehicles and backed mostly by land sales, Chengtou bonds are an important source of financing for Chinese local governments. We identify large heterogeneity in Chengtou bond yields, which is not supposed to exist since they are implicitly guaranteed by the central government. We find that corruption in China has a significant effect on local government credi...
متن کاملThe Relationship Between Debt Financing and Market Value of Company: Empirical Study of Listed Real Estate Company of China
This paper explains the relationship between the debt financing and market value from about 272 Chinese real estate companies, which are all from Shanghai Stock Exchange and Shenzhen Stock Exchange between 2002 and 2007.We conduct an empirical study, the empirical results show that our country’s real estate listing of corporate debt financing relatively large proportion of total assets, average...
متن کاملAnalysis the Effects of Tax in the Real Estate and Housing Sector and Estimating its Potential Capacity in Iran with Emphasizing on Strategies and Challenges
In designing the tax system in the housing and real estate sector, increasing the efficiency and optimal allocation of resources in the urban area, redistribution of income and wealth, reducing the incentive for speculation and increasing tax revenues of national and local governments should be considered. Accordingly, with the expansion of tax bases and reduction of exemptions, it is possible ...
متن کاملPresenting a Hierarchical Model of Factors Affecting the Issuance of Sukuk without Maturity with a Focus on Shari'ah and Operational Principles
Structural diversity in Islamic financial instruments is growing rapidly. One of the newest Islamic financial instruments is the issuance of Perpetual Sukuk. These bonds structure are similar to debt and equity forms and have regular returns with no maturity date. These bonds are issued by Islamic banks, the government and the private sector in the form of Al-Musharaka, Mudaraba and Wakalat con...
متن کامل