Research objective 研究目标
随着中国政府收紧贷款政策，房地产开发商和其他企业正转向私人和非正规金融。
2011年9月，浙江中心集团有限公司董事长，中国最大的眼镜制造商，总部设在浙江省温州，当时他逃往美国，因为他无法偿还公司的高息贷款。那个秋天，在这个城市的100多名经理中，面临类似的还款和信贷危机，消失，自杀或宣布破产。许多人还积累了河南和江苏省的企业家。
对于这些事件，一个企业深陷流动性问题的过程，特别是房地产开发商，中央政府的政策旨在收紧货币政策，并限制银行贷款。与此同时，它也避免了房地产泡沫的触发。从2007年到2010年，房价上涨了50％。由于投机，估计有10至6500万套空置房屋之间的数字。另外，以银行为代表的数字2011年12月中国农业，一线城市房价出现下降10％至25％第二城市和房价发布报告，需要减少5％至15％才能实现可持续的水平。考虑到这些高价格因素，采取了措施。从2011年夏天到2012年夏天，中国央行正在收紧贷款。
With the Chinese government tightening the lending policies, real estate developers and other enterprises are turning to private and informal finance.
In September 2011, the chairman of Zhejiang Center Group Co., the largest eyewear manufacturer in China, headquartered in Wenzhou, Zhejiang Province, when he fled to the United States, because he could not pay his company's high-interest loans. That fall, in the city's more than 100 managers, faced with a similar repayment and the credit crisis, disappear, Dutch act, or declared bankrupt. Many also accrued in Henan and Jiangsu province entrepreneurs following.
For these events, a process of deep liquidity problems in the enterprise, particularly in the real estate developers, the central government's policy aims to tighten monetary policy and restricted to the bank loans. At the same time, it also avoided the real estate bubble triggered. From 2007 to 2010, house prices rose fifty percent. There are estimated figures between the 10 to 65000000 sets of vacant housing because of speculation. In addition, the figure represented by the bank in December 2011 Chinese agriculture, first-tier cities house prices are emerged to fall ten to twenty-five percent second city and housing prices published a report, the need to reduce five to fifteen percent to achieve a sustainable level. Considering these factors of high prices, measures are adopted. From summer of 2011 to summer of 2012, China’s central bank was tightening loans.
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DORS OPEN FOR DEVELOPERS
And the government to implement austerity measures, much in the way of credit (formal and informal) open or extension developers.
Private lending is seemed as an important player, as early as 2008, including direct loans between individuals and companies, private equity funds, and underground banks, according to the people's Bank of Chinese report. Bank loans, according to CITIC Securities pointed out, accounting for 2008 of the small business funding needs only thirteen percent (the latest data). More than three zero six of the loans from informal loans, years.
Shadow banks, or underground banks, is an informal, the practice of folk loan. Although by private citizens do not enjoy the loan often use shadow banks also, in some cases, developers use. It is difficult to know the size of the industry. Estimated ranges are started from 2000000000000 ($314000000000), according to the state information center, 17700000000000 ($2800000000000), according to the China unionpay. Underground banks often charge high loan interest rates of about 14 to seventy percent.
Private funds have also become an important source of funds. Private equity funds may become the core source of future real estate enterprise funds. When the developers rush to jump into the real estate industry, especially commercial real estate, it requires tremendous funds to project maintenance, and operation, which could probably occupy big amount of cash flow. The occupation of cash flow becomes one of the biggest concerns of these commercial estate developers and makes commercial real estate much more difficult than residential estate. When developers finance money, the first party comes to their mind has to be bank. However, due to hash control policies by China’s centralgovernment, banks are tightening their loans, which makes the possibilities of loaning money from bank becomes very low. Meanwhile, the requirement of financing from trust funds very difficult, and they are expecting high rate of return of investment. It makes cost of fina
