“房地产金融的多元化”不是个新课题了,但是资金对于房地产业的重要性决定了这个话题的持续“高温”。中国人民银行研究局日前完成的一份研究报告认为,我国应当大力发展多元化的房地产金融市场,形成具有多种金融资产和金融工具的房地产二级金融市场,以分散银行信贷风险。目前,我国房地产金融可说是银行信贷“一统天下”,根据经验,这是危险的,也是不正常的。在成熟规范的市场中,房地产开发和经营的融资不仅应有债权融资和股权融资两种基本形式,在一级市场以外,还应存在着发达的证券化二级市场。在这个二级市场上,各种房地产金融工具同时存在,包括投资基金、信托证券、指数化证券等等。本期专题特编发一组相关文章,意在与各位读者共同探讨。 “The diversification of real estate finance” is not a new topic, but the importance of capital to the real estate industry determines the continuous “high temperature” of this topic. A research report recently completed by the Research Bureau of the People’s Bank of China held that China should vigorously develop a diversified real estate financial market and form a real estate secondary financial market with a variety of financial assets and financial instruments to diversify the bank’s credit risk. At present, China’s real estate finance can be said that bank credit “unified world”, according to experience, this is dangerous and not normal. In a mature and standard market, the financing of real estate development and management should not only have two basic forms of debt financing and equity financing. Outside the primary market, there should also be a developed secondary market for securitization. In this secondary market, various real estate financial instruments exist, including investment funds, trust securities, indexed securities and so on. Special issue of this issue a group of related articles, intended to discuss with you readers.