房地产信托案例

房地产信托案例 借道信托这一“金融百货公司”，房地产开发商正绕开资本金监管限制，继续“空手套白狼”项目运作。 今年，银监会发布两道令牌，《固定资产贷款管理办法》和《项目融资业务指引》，敦促信贷资金流入实体经济，夯实项目资本金。 这令去年流行的“股权+回购”的模式遭受摒弃。但借助于信托受益权的分层设计，使得信托发行成为可能:开发商将存量资产注入信托计划，享有劣后受益权，普通投资者则以现金认购信托计划(享有优先受益权)，在没有回购承诺的情况下，开发商存量资产的“质押”，一定程度上缓解了投资者对风险的忧惧。而信托资金以股权方式进入项目公司，使其符合35%的最低项目资本金要求，进而谋求银行开发贷资金的进入，可以将资金运用杠杆率发挥到极致。 中信信托正在发售的“聚信汇金地产基金?号集合信托计划”堪称典型，开发商在先期投入仅1亿元的情况下，有望启动一个总投资43亿元，预期净利润49亿元的项目。 据普益财富统计，最近一周，信托公司总共发行14款信托理财产品，其中10款运用于房地产领域。据用益信托统计，2009年11月发行的房地产信托产品达18个，融资规would have to add inorganic phosphorus sources (mainly calcium hydrogen phosphate, bone meal, fishmeal, meat and bone meal also fall into this category), and total phosphorus in the diet increased. Today's lack of inorganic phosphorus sources throughout the world, has become the third more expensive feed ingredients in feed costs, 1 gram of inorganic phosphorus prices far beyond the price of 1 g of high quality protein. Increased feed costs on the one hand, and discharge large amounts of phosphorus from the waste, causing serious environmental pollution. When used in poultry feeding when high level of Cu and Zn, significantly increasing the fecal excretion of copper and zinc. Regardless of breeding size, or free-range, chicken in the selection or arrangement of the place, there must be awareness of environmental protection and people-oriented concept. At the time of planning, to chicken production and people's living environment, environment and farm waste disposal aspects coordinated and organized on an equal status, it should be run through the design, construction and production of three aspects of the entire process. 2. land and China has a vast territory, but its arable land is limited. According to statistics, only 106.67 million hectares of cultivated land could be used (1.6 billion acres), only 867 square metres of cultivated land per capita (1.3 acres). With the growing population, modern economic development, as well as the gradual transition of urbanization in rural areas, farmland will be reduced. Development of 模高达87.37亿元，创历史新高。但是房地产信托过于火爆的情形，已经引起监管部门的强烈关注，上海银监局于上月中旬向辖内的信托公司下发了风险警示函。 “股权+回购”模式退烧 信托资金进入房地产开发，不外乎债权和股权两种形式。但是，信托贷款由于利率较高(投资者要求的回报较高)，规模有限(信托公司募集资金的能力不强)，一般只能满足中小开发商应急需要。 而如果采用股权方式进入，没有其他风险规避设计，信托计划则难以发售。于是，去年以来，“股权+回购”模式兴起，即信托资金购买项目公司的存量股权或对其增资扩股，股权由第三方(多为运作此项目的开发商)到期后溢价回购，并用其他资产对回购承诺提供担保。 这一模式的好处在于:在项目资本金不足的情况下，信托资金以股权方式注入项目公司，使其满足项目资本金不低于35%的要求，为银行开发贷资金的进入扫清障碍。 这种模式，名为股权投资，实质是变相的贷款，而且为“无本取贷”提供了门路。监管层很快意识到了风险，银监会2009年9月3日印发的《关于信托公司开展项目融资业务涉及项目资本金有关问题的通知》再次重申:信托公司不得将would have to add inorganic phosphorus sources (mainly calcium hydrogen phosphate, bone meal, fishmeal, meat and bone meal also fall into this category), and total phosphorus in the diet increased. Today's lack of inorganic phosphorus sources throughout the world, has become the third more expensive feed ingredients in feed costs, 1 gram of inorganic phosphorus prices far beyond the price of 1 g of high quality protein. Increased feed costs on the one hand, and discharge large amounts of phosphorus from the waste, causing serious environmental pollution. When used in poultry feeding when high level of Cu and Zn, significantly increasing the fecal excretion of copper and zinc. Regardless of breeding size, or free-range, chicken in the selection or arrangement of the place, there must be awareness of environmental protection and people-oriented concept. At the time of planning, to chicken production and people's living environment, environment and farm waste disposal aspects coordinated and organized on an equal status, it should be run through the design, construction and production of three aspects of the entire process. 2. land and China has a vast territory, but its arable land is limited. According to statistics, only 106.67 million hectares of cultivated land could be used (1.6 billion acres), only 867 square metres of cultivated land per capita (1.3 acres). With the growing population, modern economic development, as well as the gradual transition of urbanization in rural areas, farmland will be reduced. Development of 债务性集合信托计划资金用于补充项目资本金，以达到国家规定的最低项目资本金要求。 同时，明确指出“债务性集合信托计划资金包括以股权投资附加回购承诺(含投资附加关联方受让或投资附加第三方受让情形)等方式运用的信托资金。”这一规定将“股权+回购”模式的投资视同信托贷款。 至此，“股权+回购”模式虽然没有被叫停，但是其吸引力已经大打折扣。按照银监会的规定“申请贷款的房地产开发项目资本金比例应不低于35%(经济适用房除外)”，且必须“四证”(国有土地使用证、建设用地许可证、建设工程规划许可证、建筑工程施工许可证)齐全。 对于开发商而言，如果项目资本金比例已经达标，且“四证”齐全，从银行获得开发贷已经不难，没必要要信托“昂贵”的资金。西南财经大学信托与理财研究所研究员赵杨说，在“股权+回购”模式对于开发商提高资金运用杠杆的作用消失后，也渐渐为开发商所摒弃。 “无本取贷”新模式 但是，信托公司很快为开发商们设计出了新的“无本取贷”模式。 would have to add inorganic phosphorus sources (mainly calcium hydrogen phosphate, bone meal, fishmeal, meat and bone meal also fall into this category), and total phosphorus in the diet increased. Today's lack of inorganic phosphorus sources throughout the world, has become the third more expensive feed ingredients in feed costs, 1 gram of inorganic phosphorus prices far beyond the price of 1 g of high quality protein. Increased feed costs on the one hand, and discharge large amounts of phosphorus from the waste, causing serious environmental pollution. When used in poultry feeding when high level of Cu and Zn, significantly increasing the fecal excretion of copper and zinc. Regardless of breeding size, or free-range, chicken in the selection or arrangement of the place, there must be awareness of environmental protection and people-oriented concept. At the time of planning, to chicken production and people's living environment, environment and farm waste disposal aspects coordinated and organized on an equal status, it should be run through the design, construction and production of three aspects of the entire process. 2. land and China has a vast territory, but its arable land is limited. According to statistics, only 106.67 million hectares of cultivated land could be used (1.6 billion acres), only 867 square metres of cultivated land per capita (1.3 acres). With the growing population, modern economic development, as well as the gradual transition of urbanization in rural areas, farmland will be reduced. Development of 其采用的受益权分层模式并不新鲜，以往在证券投资类信托产品(即阳光私募)中广泛采用。往往是投资顾问公司出资认购一部分信托计划，但是享有劣后受益权。 但是，对应在房地产开发领域，要让本来就缺乏现金的开发商拿出现金，显然不太可能。因此，新的模式就是开发商用自己的存量资产(如已开发尚未销售的楼盘)，认购信托计划，享有劣后受益权。这样，开发商的存量资产变相充当了“质押”的作用，普通投资者掏真金白银参与。 中信信托正在发售的“聚信汇金地产基金?号集合信托计划”堪称这一模式的典型。 地产开发商昆明星耀控股以其持有的昆明星耀体育城公司100%股权(评估价值约为48亿)认购信托计划，成为一般受益权人。普通投资者则以现金认购不超过20.4亿元，成为优先级受益权人(优先受益权内部再分为3级)。 之后，运用信托资金0.3亿元向昆明星耀体育城收购其持有的昆明星耀房地产开发有限公司(简称“星耀房产”)100%的股权，6亿元用于向星耀房产增资。 星耀房产获得增资后将用其中的1亿元向星耀体育城购买嵩明项目公司全部股权，并继续向嵩明项目公司增资5亿元，星耀房产的钱基本花完，成为“壳”公司。 would have to add inorganic phosphorus sources (mainly calcium hydrogen phosphate, bone meal, fishmeal, meat and bone meal also fall into this category), and total phosphorus in the diet increased. Today's lack of inorganic phosphorus sources throughout the world, has become the third more expensive feed ingredients in feed costs, 1 gram of inorganic phosphorus prices far beyond the price of 1 g of high quality protein. Increased feed costs on the one hand, and discharge large amounts of phosphorus from the waste, causing serious environmental pollution. When used in poultry feeding when high level of Cu and Zn, significantly increasing the fecal excretion of copper and zinc. Regardless of breeding size, or free-range, chicken in the selection or arrangement of the place, there must be awareness of environmental protection and people-oriented concept. At the time of planning, to chicken production and people's living environment, environment and farm waste disposal aspects coordinated and organized on an equal status, it should be run through the design, construction and production of three aspects of the entire process. 2. land and China has a vast territory, but its arable land is limited. According to statistics, only 106.67 million hectares of cultivated land could be used (1.6 billion acres), only 867 square metres of cultivated land per capita (1.3 acres). With the growing population, modern economic development, as well as the gradual transition of urbanization in rural areas, farmland will be reduced. Development of 这样，嵩明项目公司的注册资本达到6亿元，达到商业银行开发贷对资本金以及开发资质的要求。据中信信托提供的产品推介资料显示，工商银行将向该项目提供10亿元的开发贷。而嵩明项目公司总的投资额为43亿元，不足部分，信托资金可以再对项目提供信托贷款(信托贷款初定为2.7亿元，嵩明项目剩余资金缺口24.3亿元，信托计划未披露如何取得)。 纵观整个产品设计，昆明星耀控股投入嵩明项目公司的资金仅仅为前期的1亿元，此后，股权安排中还被安排套现。而嵩明项目开发所需的现金全部来源于普通投资者提供的信托资金和银行贷款。地产商的资金运用杠杆率高达43倍～近似于“无本取贷”。 而在收益的分配上，尽管普通投资者享有优先受益权，但是收益相对固定而有限。优先?级年化收益率为6.5,，优先?级年化收益率为8.0,，只有在嵩明项目公司开发的楼盘达到1万元/平米以上时，优先受益权人才能增加“(实际售价-1万元/平米)/1万元/平米×10,”的浮动收益率。 如果嵩明项目成功，楼盘价格如预期的超过1万元/平米，获益最大还是开发商昆明星耀控股。在整个信托计划中，优先级受益权+中间级受益权与一般级受益权比例为 3:7。 would have to add inorganic phosphorus sources (mainly calcium hydrogen phosphate, bone meal, fishmeal, meat and bone meal also fall into this category), and total phosphorus in the diet increased. Today's lack of inorganic phosphorus sources throughout the world, has become the third more expensive feed ingredients in feed costs, 1 gram of inorganic phosphorus prices far beyond the price of 1 g of high quality protein. Increased feed costs on the one hand, and discharge large amounts of phosphorus from the waste, causing serious environmental pollution. When used in poultry feeding when high level of Cu and Zn, significantly increasing the fecal excretion of copper and zinc. Regardless of breeding size, or free-range, chicken in the selection or arrangement of the place, there must be awareness of environmental protection and people-oriented concept. At the time of planning, to chicken production and people's living environment, environment and farm waste disposal aspects coordinated and organized on an equal status, it should be run through the design, construction and production of three aspects of the entire process. 2. land and China has a vast territory, but its arable land is limited. According to statistics, only 106.67 million hectares of cultivated land could be used (1.6 billion acres), only 867 square metres of cultivated land per capita (1.3 acres). With the growing population, modern economic development, as well as the gradual transition of urbanization in rural areas, farmland will be reduced. Development of 一位信托公司研究部人士评论说，这个比例关乎到最后收益的分配，所以昆明星耀控股愿意将评估价值高达48亿元的昆明星耀体育城公司全部注入信托计划，这样一方面可以让投资者觉得更安全，另一方面在整个信托计划中占有更多的份额，可以获得更多的收益。 高杠杆率融资隐患 前述信托公司研究部人士续称，昆明星耀控股之所以愿意将自己的大部分身家——昆明星耀体育城公司“质押”到信托计划里，而不是质押给银行贷款的原因在于，如果是从银行贷款，资金不能够作为新的项目的资本金。 而“质押”到信托计划里，却可以运用信托资金开发新的项目，相当于将存量资产——昆明星耀体育城公司盘活。不仅如此，按照信托计划，20.4亿元的信托资金，只花费了9亿元，剩下的11.4亿元，还可以贷款给星耀体育城运作的其他项目。 尽管如此，昆明星耀控股实际上还是承担了比较大的风险，因为按照信托受益权的分层设计，如果嵩明项目亏损，中信信托有权处置昆明星耀体育城的资产，兑现优先受益权人的本金和固定收益部分。 但是，昆明星耀控股仍然愿意如此豪赌，原因在于对明年楼市及嵩明项目的看好。中信信托提供的产品推介资料显would have to add inorganic phosphorus sources (mainly calcium hydrogen phosphate, bone meal, fishmeal, meat and bone meal also fall into this category), and total phosphorus in the diet increased. Today's lack of inorganic phosphorus sources throughout the world, has become the third more expensive feed ingredients in feed costs, 1 gram of inorganic phosphorus prices far beyond the price of 1 g of high quality protein. Increased feed costs on the one hand, and discharge large amounts of phosphorus from the waste, causing serious environmental pollution. When used in poultry feeding when high level of Cu and Zn, significantly increasing the fecal excretion of copper and zinc. Regardless of breeding size, or free-range, chicken in the selection or arrangement of the place, there must be awareness of environmental protection and people-oriented concept. At the time of planning, to chicken production and people's living environment, environment and farm waste disposal aspects coordinated and organized on an equal status, it should be run through the design, construction and production of three aspects of the entire process. 2. land and China has a vast territory, but its arable land is limited. According to statistics, only 106.67 million hectares of cultivated land could be used (1.6 billion acres), only 867 square metres of cultivated land per capita (1.3 acres). With the growing population, modern economic development, as well as the gradual transition of urbanization in rural areas, farmland will be reduced. Development of 示，星耀控股预期嵩明项目的楼盘价格能达到1.8万元/平米以上，这样，总投资43亿元的嵩明项目，能够产生49亿元的净利润，资产收益率114%，净资产收益率(嵩明项目公司的净资产为6亿元)达817%，考虑到星耀控股投入嵩明项目的资金仅仅是前期的1亿元(且已经套现)，其暴利预期令人目瞪口呆～ “这反映了开发商对明年房地产行情的极端乐观预期，这样运用信托的组合融资手段将资金运用杠杆率发挥到极致，在大势好的时候，可以大赚一笔，但是如果大势不好，开发商资金链很有断裂的可能。”一家大型信托公司房地产金融事业部负责人告诉记者。 但是，信托公司之所以愿意冒信誉风险去运作这样的项目，一方面是因为和房地产商一样对明年的房地产市场拥有极乐观的预期，另一方面也是暴利的诱惑。 仍以“聚信汇金地产基金?号集合信托计划”为例，对一般受益权投资者收取的认购费为2%，20.4亿元的额度如果能够全部发售，中信信托将进账4080万。此外，中信信托还可收取投资者年化收益率超过10%的20%作为信托管理费。 would have to add inorganic phosphorus sources (mainly calcium hydrogen phosphate, bone meal, fishmeal, meat and bone meal also fall into this category), and total phosphorus in the diet increased. Today's lack of inorganic phosphorus sources throughout the world, has become the third more expensive feed ingredients in feed costs, 1 gram of inorganic phosphorus prices far beyond the price of 1 g of high quality protein. Increased feed costs on the one hand, and discharge large amounts of phosphorus from the waste, causing serious environmental pollution. When used in poultry feeding when high level of Cu and Zn, significantly increasing the fecal excretion of copper and zinc. Regardless of breeding size, or free-range, chicken in the selection or arrangement of the place, there must be awareness of environmental protection and people-oriented concept. At the time of planning, to chicken production and people's living environment, environment and farm waste disposal aspects coordinated and organized on an equal status, it should be run through the design, construction and production of three aspects of the entire process. 2. land and China has a vast territory, but its arable land is limited. According to statistics, only 106.67 million hectares of cultivated land could be used (1.6 billion acres), only 867 square metres of cultivated land per capita (1.3 acres). With the growing population, modern economic development, as well as the gradual transition of urbanization in rural areas, farmland will be reduced. Development of 除了暴利的诱惑，西部某信托公司投行部负责人认为，争抢房地产信托的市场，也实在是无奈的选择，“我知道风险大，但是除此之外也实在找不到更好的业务。” 他说，证券投资类信托原本在今年上半年比较火爆，但中登公司7月27日正式对信托公司以信托到交易所开户的方式颁布禁令，使得这一业务举步维艰。而信托资金如果想进入实体经济，也由于资金价格较高，且能够募集的资金量难以满足优质大项目的需求而困难重重。 但是，房地产信托过于火爆的行情，以及开发商将资金运用杠杆率发挥到极限的行为，已经引起监管层的注意。11月中旬，上海银监局对辖内的信托公司下发了《关于信托公司房地产信托业务风险提示的通知》，要求信托公司防范房地产风险。 would have to add inorganic phosphorus sources (mainly calcium hydrogen phosphate, bone meal, fishmeal, meat and bone meal also fall into this category), and total phosphorus in the diet increased. Today's lack of inorganic phosphorus sources throughout the world, has become the third more expensive feed ingredients in feed costs, 1 gram of inorganic phosphorus prices far beyond the price of 1 g of high quality protein. Increased feed costs on the one hand, and discharge large amounts of phosphorus from the waste, causing serious environmental pollution. When used in poultry feeding when high level of Cu and Zn, significantly increasing the fecal excretion of copper and zinc. Regardless of breeding size, or free-range, chicken in the selection or arrangement of the place, there must be awareness of environmental protection and people-oriented concept. At the time of planning, to chicken production and people's living environment, environment and farm waste disposal aspects coordinated and organized on an equal status, it should be run through the design, construction and production of three aspects of the entire process. 2. land and China has a vast territory, but its arable land is limited. According to statistics, only 106.67 million hectares of cultivated land could be used (1.6 billion acres), only 867 square metres of cultivated land per capita (1.3 acres). With the growing population, modern economic development, as well as the gradual transition of urbanization in rural areas, farmland will be reduced. Development of would have to add inorganic phosphorus sources (mainly calcium hydrogen phosphate, bone meal, fishmeal, meat and bone meal also fall into this category), and total phosphorus in the diet increased. Today's lack of inorganic phosphorus sources throughout the world, has become the third more expensive feed ingredients in feed costs, 1 gram of inorganic phosphorus prices far beyond the price of 1 g of high quality protein. Increased feed costs on the one hand, and discharge large amounts of phosphorus from the waste, causing serious environmental pollution. When used in poultry feeding when high level of Cu and Zn, significantly increasing the fecal excretion of copper and zinc. Regardless of breeding size, or free-range, chicken in the selection or arrangement of the place, there must be awareness of environmental protection and people-oriented concept. At the time of planning, to chicken production and people's living environment, environment and farm waste disposal aspects coordinated and organized on an equal status, it should be run through the design, construction and production of three aspects of the entire process. 2. land and China has a vast territory, but its arable land is limited. According to statistics, only 106.67 million hectares of cultivated land could be used (1.6 billion acres), only 867 square metres of cultivated land per capita (1.3 acres). With the growing population, modern economic development, as well as the gradual transition of urbanization in rural areas, farmland will be reduced. Development of