土地银行

Of China's land acquisition and real estate development financed from bank credit.

％的中国的土地购置和房地产开发资金来自银行信贷。

In some cities, the rate of loan capital was more than 80%, which brought large to risk to bank, and also caused high cost to urban land reserve organ.

高比例的贷款不但给银行带来巨大的风险，还限制了土地储备制度的发展，使融资成本居高不下，因此对于新融资模式的研究具有重要的现实意义。

Survey shows that the real estate industry is a major means of tax evasion: individual real estate enterprises to take advantage of off-the-books, accounting, false invoices for the apparent increase of tax evasion; part of the real estate business to avoid tax regulation, does not accurately pre - pay corporate income taxes; own Jian'an inflated costs, the cost ratio does not follow the principle of carry-over, corporate profits as the year in advance the size of carry-over costs, man-made regulation of profits, corporate income tax evasion; together to build the party issuing false invoices, the expansion of another party development costs, the transfer of profits, corporate income tax evasion; advance purchase transactions shall be pegged not to declare their taxable accounts, low-priced sale of product development, drilling policies do not take advantage of value-added tax timely clearing of land; sales garage, storage room through the non-Non-invoiced transfer income, tax evasion related taxes; way to reduce the recording of non-existent staff made售房sales royalty income, personal income tax evasion; with branches or associated enterprises business is not a normal transaction between independent enterprises, and through cross-cutting shared billing or concealed operating items, operating income to conceal tax evasion; bank into the personal housing mortgage loans credited to the "short-term borrowing" subjects, the transfer of income, tax evasion business tax, land value-added tax and enterprise income tax; will develop products for their own use, foreign donations, to cover the debt in exchange for non-monetary assets are not regarded as sales in accordance with the regulations and carry-over income, tax evasion related taxes.

调查显示，房地产业是一个重要的手段逃税：个别房地产企业利用账外账，会计，假发票的情况明显增加逃税；部分房地产业务，以避免税收调节，并没有准确地预先-支付公司所得税；夸大自己的建安成本，费用率并不遵循结转，企业利润为提前一年规模结转成本，人为调节利润，逃避企业所得税；共同建设党的虚开发票，扩大另一方开发成本，转移利润，逃避企业所得税；预购交易应盯住不申报应纳税帐户，低价销售的产品开发，钻政策不利用增值税及时交换土地；销售车库，储藏室通过非非发票转让收入，偷税漏税有关的税收；方式，以减少该记录不存在的工作人员取得售房销售版税收入，逃避个人所得税；与分支机构或关联企业的业务不是一个正常的独立企业之间的交易，并通过交叉共享帐单或隐瞒经营项目，隐瞒经营收入逃税；银行的个人住房按揭贷款记入"短期借款"科目，转移收入，偷税漏税营业税，土地增值税和企业所得税；将开发的产品供自己使用，外国捐款，用于支付债务，以换取非货币性资产不视为销售依照条例和结转收入，偷税漏税有关的税收。房价上涨后，股市下跌

According to China several times the past 15 years formed the climax of "real estate fever" of observation, the real estate fortune of the process are as follows: to develop plans → enclosure suborn government land leased departments →→ minimum down payment of funds obtain bank loans to obtain the land use of the construction unit procedures →→ capital development bank in charge of bribery to obtain mortgage loan proceeds → basically completed cycle.

据中国多次在过去15年形成了高潮，"房地产热"的观察，房地产财富的过程如下：制定计划→文贿买政府租出土地部门→→最低下跌支付的资金获得银行贷款，以获取土地利用的建设单位程序→→资本开发银行在收取贿赂以获得抵押贷款→基本完成收益周期。

In such case, bank should also take the construction company's credibility into consideration, evaluate the feasibility of the construction plan submitted by the construction company and have the construction company as a jointly warrantor of the loan to lower down the risk of the land financing loan.

三、以地主个人名义向银行申贷土地融资之合建案，银行在办理授信评估时，应并同建商之资力信用与兴建计划作综合评估，并徵提建商为连带保证人，才能有效降低合建案之授信风险。

These "problem properties" from the causes can be divided into seven categories: The first is caused by disordered development; second is not strictly project approval, business-to-project development funds are not implemented; third is absconding money led to real estate developers failed to materialize; four the project to rely on bank loans, the state tightened money supply, no follow-up support for the construction funds for construction; five real estate policy is due to gradually improve over the past administrative allocation of land are required to pay a large number of land transfer and value-added tax to pay the gap too big , developers can not afford to pay; Sixth, the lack of project feasibility study, sales difficult construction projects shall not be able to implement; Seven developers for other economic cases sealed by the court project.

这些&问题性质&的原因可分为七类：第一是所造成的无序发展；二是不严格项目审批，企业对项目的开发资金不落实；三是潜逃钱导致房地产开发商未能实现；四个项目依赖于银行贷款，国家收紧货币供应量，没有后续支持建设建设资金；五年房地产政策是逐步改善，在过去的行政分配土地都必须支付了大量的土地转让和增值税支付的差距太大，开发商无力支付；第六，缺乏项目可行性研究，销售困难的建设项目将无法实施；七开发其他经济案件由法院密封项目。

Chinese government recombines to also support supportive attitude to be being bought, silver-colored inspect will be released on December 9 last year " the commercial bank buys loan risk management is how-to ", industrial and commercial on January 6 this year bank unplugs so that the head prepares, head sheet buys loan flower to fall initiate share; Tax total bureau notifies the Ministry of finance and state, from this year the enterprise since new year's day is made over in equity, amalgamative right of the land that waits for a domain to involve, building is belonged to, want to accord with relevant condition only, avoid the tax that sign a contract, etc.

中国政府对并购重组也持支持态度，银监会去年12月9日发布了《商业银行并购贷款风险管理指引》，今年1月6日工商银行拔得头筹，首单并购贷款花落首创股份；财政部和国税总局通知，从今年元旦起企业在股权转让、合并等领域涉及的土地、房屋权属，只要符合相关条件，免征契税，等等。

Construction Bank of China Assistant Governor Chen Zoff, the Ministry of Construction Housing Industrialization Promotion Center童悦Chung, deputy director of the CBRC, deputy director of the Department policies and regulations Huang visited the venue and said congratulations, Ministry of Land and Resources Land Use Division Hongzhi, deputy director of the cold, the Ministry of Construction Policy Research Center, deputy director Wang Jue Lin, China Association of Mayors Vice President and Secretary General Tao Siliang, China's Real Estate Association, vice president and secretary general顾云昌, Beijing University of Economics and Management, Associate Dean Cao peace, Beijing International Trust and Investment Corporation board chairman and general manager Wang Xiaolong,今典集团chairman张宝全, Yu Fat Dawnrays Beijing real estate company chairman Zhang Jidong, Chongqing International Trust and Investment Corporation, president of Assistant Sun Fei, China Construction Bank real estate financial services such as general manager Liu Tiemin authority has on China's real estate financial innovation, as well as real estate and urban development of the interactive relations between the in-depth discussion of the Chinese real estate finance and urban sustainable development put forward a series of forward-looking perspective.

中国建设银行副行长陈佐夫，建设部住宅产业化促进中心童悦仲副主任银监会副主任，新闻部的政策和法规黄参观了展馆，并表示祝贺，国土资源部土地利用和资源司宏志，副主任冷，建设部政策研究中心副主任王珏林，中国市长协会副会长兼秘书长陶斯亮，中国房地产业协会副会长兼秘书长顾云昌，北京工业大学经济管理学院副院长曹和平，北京国际信托投资公司董事长，总经理王小龙，今典集团董事长张宝全，北京于发东瑞房地产公司董事长章机洞，重庆国际信托投资公司总裁助理孙飞，中国建设银行房地产金融服务，如总经理刘铁民管理局已对中国的房地产金融创新，以及房地产和城市发展的互动关系深入讨论中国房地产金融和城市的可持续发展提出了一系列前瞻性的观点。

Nowadays, real estate companies mainly gain the commercial loans from domestic banks and the returns of the properties sold and presold. The resources of the developing funds from the monetary trust, IPO and private financing are limited and it is only a small proportion of the sources of the developing funds. Every commercial bank all strengthens the attention of the loan risk and is strict with the process of examining and approving loans. At the same time

现在国内房地产开发项目主要依靠商业银行贷款和项目销售回款，资金信托、上市融资和私募融资都占有房地产项目开发融资资金来源的极小比例，在商业银行强化风险意识，各大银行逐步严格对房地产开发项目的建设贷款的审批，同时国家不断的通过土地政策和开发政策，对房地产行业进行宏观调控，在新的形势下的房地产开发企业在大型房地产项目开发的过程中，拥有足够的融资能力和融资渠道，就显得极为重要了。

Since 2003 year, in two major ways, funds and lands have the governments macro-controlled the whole industry in order to keep the estate industries healthy and sustainable growth and evade the risk. Since funds and lands are the understructure upon which the estate companies have developed, the government control concerning them have made the whole industry faced a critical financing hardship. Consequently, many companies which used to extremely depend on bank credits are confronting the financial pressure. Many middle and small enterprises are even facing the problem of maintenance. Accordingly, under the background of the present macro-control, the debates and research over the diversity of estate companies' financing mode are abundant in its realistic meaning.

为了保持房地产行业健康、可持续发展，规避房地产金融风险，我国政府自2003年以来主要从资金和土地两个方面对房地产行业进行了宏观调控，由于资金和土地是房地产开发企业赖以生存的基础，多管齐下的调控措施打破了房地产开发企业原有的开发模式和融资模式，使得房地产开发企业普遍遭遇融资困境，过去以银行贷款为主要融资方式的房地产开发企业普遍面临资金压力，许多中小型房地产开发企业甚至面临生存问题，因此，在当前宏观调控背景下，探讨中小型房地产开发企业融资模式多元化问题具有很强的现实意义。

As she looked at Warrington's manly face, and dark, melancholy eyes, she had settled in her mind that he must have been the victim of an unhappy attachment.

每逢看到沃林顿那刚毅的脸，那乌黑、忧郁的眼睛，她便会相信，他一定作过不幸的爱情的受害者。

Maybe they'll disappear into a pothole.

也许他们将在壶穴里消失