题目房产自持下开发商融资管理方式研究——以“万科”为例目录................................................3....................................................3英文摘要及关键词....................................................4............................................................1........................................1..........................................1........................................2...............................................2..................................................2............................................5...............................................5..................................................5........................7.............................................10.............................................12...........................................12..............................................13..........................................................14.....................................................14.....................................................15.................................................15...........................................................17...............................................................18摘要房地产市场经历了极度繁荣的三年，其持续时间远远超过了过去任何一个周期。商品住房销售价格及销量有着明显的周期特征，直观感受即为：增加的时间要长于下降的时间。从2015年5月房地产销售价格及销量开始增加，至2017年10月份已持续增加了29个月。2017年9月30日北京市出台实施《北京市共有产权住房管理暂行办法》，办法规定2017年9月30日前未销售的自住型商品住房，按照共有产权住房进行销售、管理。未来，楼市即将出现三个类型的物业：1、以城乡建设用地进入市场的不限制价格的商品房，由于不限制市场价格，价格即随市场价波动。2、共有产权房，从投资的角度上来看，共有产权已没有了任何价值，但是从制度的设计上，有确实是比较明显的回归居住。购买之后再次离开市场的可能也非常的小。3、限价商品房（限制房价、竞地价及土地面积），此类物业和商品房的产权基本一样，唯一区别即购房后5内年不得进行买卖，价格则明显低于市场价格约20%！在这样的环境下，开发商应如何进行融资管理。关建词：地产自持融资管理AbstractThehousingmarketinthepastthreeyearshasbeena'super-boom-cycle'becauseithaslastedlongerthananypreviouscycle.Commercialhousingsaleshaveobviouscyclicalcharacteristics,givingpeopleanintuitivefeeling:positivegrowthtimeislongerthannegativegrowthtime.SinceMay2015,salesofthepropermarkethasbeennegatived,andithasbeen29monthssinceOctober2017.ImplementedinBeijingonSeptember30,2017,atotalofhousingpropertymanagementinterimmeasuresofBeijing",measuresonSeptember30,2017isnotselflivingofhousingsales,carriedoutwiththecommonpropertyrightshousingsalesandmanagement.Therewillbethreetypesofpropertyinthefuturemarket:1.Theunrestrictedcommercialhousingwiththestocklandenteringthemarket,thepriceofthepartofmarket,whethertheincreaseisduetothefluctuation.2.Commonpropertyownership.Fromtheperspectiveofinvestment,commonpropertyrightshavenovalue.Fromthesystemdesign,itisindeedaveryobviousreturntoresidence.Itisalsoveryunlikelytoleavethemarketafterthepurchase.3,limitcommodityhouse(housepricecompetinglandplotlimited,comparedwiththecommercialhousingpropertyisexactlythesame,thedifferenceisonlyfiveyearsafterthepurchaseisnotsold,andthepriceissignificantlylowerthanthemarketpriceabout20%commonly!Insuchanenvironment,howthedevelopershouldconductfinancingmanagement.Keywords:self-susta...
