1. Real estate financial market
The real estate financial market refers to the market where banks or other financial institutions provide financing for housing reproduction. Among them, the residential financial market occupies a very important position in the real estate financial market. According to the different financial system models, the residential financial market can generally be divided into free residential financial market and state-led residential financial market.
(1) Free housing financial market
In western countries, the free residential financial market is a market with private financial institutions as its main business, based on residential mortgage loans, and interwoven by various credit networks, consisting of a primary market and a secondary market. There is a dual relationship between the borrower and the lender of housing mortgage loan, that is, the borrower is both the debtor and the lender; Lenders are both creditors and mortgagees. Lenders and borrowers are based on contracts. In order to increase the liquidity of housing mortgage funds, financial institutions can re-trade housing mortgage bills or issue housing mortgage bonds, which constitutes the business activities of the secondary market. Secondary mortgage institutions use private houses mortgaged by initial residential investors as collateral to issue bonds to the society, thus forming a complete operating mechanism in the residential financial market and ensuring a virtuous cycle and normal turnover of residential funds. In order to maintain the stability of the financial market and promote the development of the housing industry, the government has made appropriate adjustments to the free financial market and passed relevant laws. Set up specialized agencies to participate in market activities, supply or absorb funds in the market, provide residential trust insurance and guarantee and other measures.
(2) State-led residential financial market
Refers to the residential financial market controlled by the central bank, which has stable lending conditions and more generous credit conditions than the free market. Generally speaking, the state-guided market is less affected by market fluctuations, with long loan term and low interest rate. The central bank lends money through housing credit cooperatives, housing enterprises and other intermediaries, and at the same time raises housing investment and credit funds through savings and bond issuance. In the state-led housing financial market, the government's supervision and control has penetrated into all levels and links of the financial market and is highly centralized and unified. We can make full use of credit leverage to adjust the supply and demand of funds in order to obey the overall planning and overall interests of government housing development.
2. Real estate financial market
The real estate financial market refers to the sum of the trading activities of obtaining funds and credit from financial institutions with land as collateral. Real estate finance includes agricultural land finance and urban land finance, and its main business is to raise financing funds with land as collateral to achieve the purpose of land development and utilization. Real estate finance generally conducts business in the form of bonds, which has the characteristics of reliable creditor's rights, low interest rate, long repayment period and safe operation, and is a business that banks are more willing to engage in. Real estate financial market and real estate financial market are not completely separated, they are closely related. They interact to form a complete real estate financial market. (2) According to the different market levels, the real estate financial market can be divided into primary market and secondary market.
1. Primary market
The primary market, also known as the primary market, is the initial trading market of real estate funds and the basic part of the real estate financial market, which mainly includes various credit businesses of financial institutions that demand real estate funds. The issuance and trading of new real estate securities and financial services attached to the above-mentioned credit and securities business, such as the guarantee of real estate credit and securities issuance by government agencies, trust institutions and insurance institutions. Insurance, trust and other trading activities. There are many kinds of real estate credit business, which can be divided into land development loans, construction loans and personal housing loans. Real estate credit targets are very complex, including governments at all levels, real estate enterprises, industrial and commercial enterprises and individuals. The use of real estate credit funds mainly includes various loans, entrusted loans and the purchase of bonds. Deposit reserve. Pay taxes, profits, etc. In order to reduce credit risk, mortgage is usually used as a credit means in the primary market of real estate finance. In addition, the issuance of real estate securities is also a common credit financial tool in the primary market, mainly used by the government. Relevant financial institutions and development enterprises raise funds for real estate construction. Such as housing bonds issued by the central bank with state guarantees and bonds issued by real estate enterprises with real estate as collateral. Mortgage bonds issued by financial institutions mainly include the following types:
(1) Bonds issued with designated real estate as collateral. For example, a bank issues mortgage loans to a house, and then issues bonds with corresponding denominations with the house as collateral. The ownership of the house is kept by a trust institution;
(2) Centralized issuance of bonds with different denominations mortgaged by a large number of mortgaged real estate, which are purchased by investors; (3) Several institutions jointly engage in real estate mortgage and issue bonds together. Real estate bonds are a kind of credit means for issuers to raise funds, and they need to pay investors a certain cost to pay interest income; For investors, it is an investment tool that can bring capital appreciation. In the primary market, insurance institutions and relevant state institutions provide insurance for real estate credit. Guarantee and guarantee, as the guarantor and insurer of loan repayment; The trust institution is responsible for keeping the collateral.
2. Secondary market
The secondary market is the re-trading and re-circulation market of real estate credit and the core part of the real estate financial market. The secondary market is produced to adapt to the liquidity of real estate credit funds and balance the deposit and loan structure of various financial institutions. Usually it is a regional market, and the main trading object is real estate securities trading. In the primary market, financial institutions lend a lot. In order to meet the requirements of new capital demanders, financial institutions often re-trade the original real estate credit, sell the real estate or bonds that were originally used as collateral, obtain funds, and then lend them to the capital demanders. For investors of real estate bonds, the secondary market is the place where they sell real estate bonds, which can meet their demand for liquidity. In the secondary market, most transactions are conducted between banks. (3) According to the market transactions, the real estate financial market can be divided into the agreed credit market and the open market.
1. Agreed credit market
The agreed credit market is directly faced by the supply and demand sides, and transactions are conducted according to the principle of voluntariness and mutual benefit. The transaction price is agreed by both parties in the loan agreement, and the range of trading customers is relatively stable. According to different financial instruments or different trading objects, the agreed credit market can be divided into many types, such as housing special savings deposit market and sporadic currency deposit market. Special housing loan market. Real estate mortgage market, etc.
2. Open market
The open market is based on the repayment period and can be divided into money market and long-term capital market.
(1) money market. Money market is a short-term capital market, which refers to the place where financial instruments with a term of less than one year are traded. Its main functions are: first, it can make up for the shortage of funds of enterprises and the short-term deficit of the government, and it can also invest their short-term surplus quickly; Second, the money market will integrate banks, so that bank deposits can be effectively gathered in the national credit market; Third, it can adjust the temporary and cyclical surpluses and deficits of most enterprises, families and governments.
(2) Capital market. Capital market, also known as long-term capital market, refers to the place where financial instruments are traded for more than one year, including long-term credit market and securities market. In addition, according to the different real estate finance business, the real estate finance market can be divided into: real estate savings market, real estate mortgage loan market and real estate.