7月26日上午，省社会科学院、省工商业联合会房地产商会、西部信托有限公司、西安曲江协和投资有限公司、西安协和置业股份有限公司“房地产投资基金战略合作协议集中签约仪式”暨新闻发布会在西安曲江威斯汀博物馆酒店隆重举行，这是我省乃至全国金融创新的又一大喜讯。

The morning on July 26,，Provincial academy of social sciences、Provincial federation of industry and commerce real estate chamber of commerce、Western trust Co., LTD、Xian qujiang union investment limited company、Xian union real estate Co., LTD“Real estate investment fund strategic cooperation agreement on signing ceremony”And press conference in xian QuJiangWei statins, was held at the museum，This is our province and even the whole country and a big financial innovation of good news。

　　另有消息称，西部首家从事房地产信托投资基金(REITs)管理及私募股权投资基金管理的专业资产管理公司，将于8月上旬在西安成立。业内人士指出，这一系列金融创新“大动作”将推进陕西乃至全国城市化进程、促使我省房地产业的发展将进入一个新的时代，促进房地产行业的转型升级、搭建社会资本源头性分享房地产开发红利的投资平台、稳定房地产行业的健康发展，实现房地产企业的金融创新。

Another source says，The western first engaged in the real estate investment trust funds(REITs)Management and private equity funds management professional asset management company，In early August was established in xian。Industry insiders point，This series of financial innovation“Big action”Shaanxi province and even the whole country will boost urbanization process、In our province to the development of real estate will enter a new era，Promote the transformation and upgrading of real estate industry、Build social capital source sex share dividend investment real estate development platform、Stable the healthy development of the real estate industry，Realize the real estate enterprise financial innovation。

　　房地产投资基金在陕“落地”

Real estate investment funds in shaanxi“landing”

　　伴随着银行信贷的逐渐紧缩，房企的融资渠道急剧变窄，房地产开发企业融资缺口的扩大，各种条件的产生都为多元化拓展房地产融资渠道带来新的发展空间，多样化的融资手段已经成为房企在2012年乃至以后最迫切的需求。在这样的市场环境下，“房地产投资基金战略合作协议集中签约仪式”在西安如期举行。签约当日，会场内座无虚席，在地产、金融等行业专业人士的见证下，房地产投资基金在陕西“落地”。

Along with the bank credit tightening gradually，Room of enterprises financing channel narrow sharply，Real estate development enterprise financing gap enlargement，All kinds of conditions for diversified development produced real estate financing channels to bring new development space，Diversified financing method has become the enterprises room in 2012 or later the most pressing needs。In such a market environment，“Real estate investment fund strategic cooperation agreement on signing ceremony”In xian held as scheduled。Signing on that day，The meeting was inside，In the real estate、Finance industry professionals and witnessed，Real estate investment funds in shaanxi“landing”。

　　据西安曲江协和投资有限公司总经理杜宏介绍，目前基金架构设计已经完成，首支基金即将完成工商登记手续，预计在今年8月上旬，陕西省工商联合会房地产商会、西部信托有限公司、西安曲江协和投资有限公司、西安协和置业股份有限公司还将共同发起成立从事房地产信托投资基金(REITs)管理及私募股权投资基金管理的专业资产管理公司。陕西省社会科学院作为战略合作伙伴将为资产管理公司的发展提供强大的智力支持。

According to xi 'an union investment limited company general manager in qujiang DuHong introduced，Current fund architecture design has been completed，The first fund will complete industry and commerce registration procedures，This year is expected in early August，Shaanxi industry and commerce federation real estate chamber of commerce、Western trust Co., LTD、Xian qujiang union investment limited company、Xian union real estate Co., LTD will also sponsored by common engaged in the real estate investment trust funds(REITs)Management and private equity funds management professional asset management company。Shaanxi academy of social sciences as strategic partner for the development of asset management companies provide a powerful mental support。

　　杜总透露，首期基金将不对外募集，初步商定由发起人出资设立一支约5亿元人民币规模的母基金，后根据业务的投向需要由母基金按照大约1∶3的比例，采取信托加私募的方式，在短期内使基金规模达到20亿元，同时，已经启动了REITS产品的海外上市工作（包括美国、香港、新加坡等）。

Du total revealed，The fund will not foreign collect，Preliminary agreed by the sponsors invest to set up a about 500 million yuan RMB scale the mother of the fund，According to the business needs to after the mother about 1:3 according to fund the proportion，Take the trust and private way，In the short term the fund size to 2 billion yuan，At the same time，REITS have started the products overseas listing（Including the United States、Hong Kong、Singapore）。

　　破解房地产融资难题

Cracked real estate financing problems

　　“放眼国际市场，美国、加拿大、日本等发达资本主义国家，其房地产行业发展的最终模式就是"地产"加"金融"的完美组合。”西部信托有限公司副总经理王珂在会上表示，房地产企业转型升级势在必行，顺势而行是最好的选择。

“Scan widely international market，The United States、Canada、Japan and other developed capitalist countries，The real estate industry development is the ultimate mode"Real estate"add"financial"Perfect combination of。”Western trust Co., LTD WangKe deputy general manager in the meeting said，Real estate enterprise transformation and upgrade is imperative，Surf line is the best choice。

　　他说，REITS强调地产行业和金融行业的优势互补，房地产行业依托金融行业借力打力，实现资本、人力、经营、管理等方面资源的有效整合，并最终为房地产企业的转型升级、持续经营打下基础。

He said，REITS emphasis on real estate industry and financial industry advantages，The real estate industry rely on financial industry borrows a force，Realizing capital、human、business、Management of the effective integration of the resources，And finally for real estate enterprise of the transformation and upgrade、Sustainable business to lay the foundation。

　　“曾经从买地、建造到销售、管理全部由一家开发商独立完成的香港模式在促进我国房地产市场的繁荣、快速拉动区域经济增长等方面起到了不可磨灭的作用。但是，随着国内房地产市场的飞速发展，这种香港模式在企业的规模发展方面也逐渐暴露出一些问题和矛盾。”王珂称，美国模式从购买土地到开发、规划、设计、建设以及销售，各个环节均由高度专业化的公司分别完成，企业只是依托资本优势对各个环节进行组合，通过控股和参股、REITS上市等模式实现地产开发的资产化。由实业经营跨越到资产管理，由实业投资跨越到准金融投资，由下游产业跨越到上游的资本运作。因此，他认为房地产行业由目前的香港模式向美国模式转变已逐渐形成趋势。

“Once from buy to、Build to sales、Management by a developers all completed independently model in Hong Kong to promote the prosperity of the real estate market in China、Quickly pull the regional economic growth has indelible role。but，With the rapid development of domestic real estate market，The Hong Kong mode in the size of the enterprise development also gradually exposed some problems and contradictions。”WangKe says，The American model from the purchase of land to development、planning、design、Construction and sales，Each link all by highly specialized company were completed，Enterprise just rely on capital advantage to each tache combination，Through the holding and shares、REITS on model to achieve real estate development of resources。The industrial business across into the asset management，The industrial investment across into the financial investment must，The downstream industry across into the upstream capital operation。so，He thinks that the real estate industry of Hong Kong from the current mode to the American model transformation has gradually formed the trend。

　　为房企融资定制“小棉袄”

For the enterprise financing customization“Small quilted jacket”

　　“我国的房地产投资基金正处于孕育和突破阶段”，西安协和置业股份有限公司总经理冉战利在会上表示,冷静而客观地分析和判断房地产投资基金创新对调整区域内房地产金融结构具有潜在影响。省社科院刘卫民也在会上透露，根据《21世纪经济报道》显示，美国摩根士丹利投资银行、澳大利麦格理银行、新家坡GIC、麦利联行早在2004年就开始在上海、北京等地涉及房地产开发经营业务，由此可见，在我国房地产市场中，房地产投资基金为合格投资者提供了分享地产发展红利的机会。

“China's real estate investment fund is in gestation and break through the stage”，Xian union real estate Co., LTD Ran ZhanLi general manager at the meeting said,Cool and an objective analysis and judgment real estate investment fund to adjust the regional innovation in real estate finance structure has the potential influence。Also at the meeting LiuWeiMin province academy said，According to《21 century economic report》shows，The United States investment bank Morgan Stanley、The Australian Macquarie bank、Singapore GIC、MaiLi allied bank as early as 2004 began in Shanghai、Beijing covers real estate development business，This shows，China's real estate market，Real estate investment fund for qualified investors with real estate development the opportunity to share dividend。

　　“目前房地产调控持续深入，各开发商从银行获取的信贷资源环比下降，自有资金占比逐步提高，而苦于销售市场成交量持续低迷，库存加大，资金回笼大不如以往，开发商面临众多考验的情况下，房地产投资基金应运而生。”省工商业联合会副主席李建军在讲到房地产投资基金的优势和积极作用时表示，目前，复地、龙湖、华润置地、金地等均已试水房地产投资基金，且已表现出较高的回报和绩效。

“Real estate for further regulation，The developers get credit resources from the bank projects drop，Account for their own funds than gradually improve，And suffer from sales market remain low volume，Inventory increase，The money collecting than ever before，Developers face many of the test，Real estate investment fund arises at the historic moment。”Provincial federation of industry and commerce, vice chairman of the real estate investment fund said soloing over the advantage and the positive role said，At present，Complex to、longhu、China resources land holdings、Gold has tried all the real estate investment fund water，And has shown higher returns and performance。

　　他说，房地产投资基金的成立，对陕西房地产行业的健康发展起到积极作用。李建军认为，房地产基金将会充分发挥创新融资功能，降低金融风险，疏导民间资本合理流动，帮助房地产企业在宏观调控的艰难大背景下顺利渡过难关，成为房地产企业抵御各种金融风险的贴身“小棉袄”。

He said，Real estate investment fund was established，For the healthy development of the real estate industry in shaanxi province have a positive role。Soloing think，Real estate fund will give full play to the innovative financing function，To reduce financial risk，Dredge the rational flow of private capital，Help real estate enterprise in macroeconomic regulation under the background of the tough smooth over the difficulties，Real estate enterprise against all kinds of financial risk of personal“Small quilted jacket”。

　　记者 蔺荣梅

Reporter LinRongMei