南非房地产市场的结构性融资:谁是赢家——借款人还是贷款人?

Kathy Evans
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引用次数: 1

摘要

本文中的结构性融资是指银行为房地产开发或投资融资而开发的结构,它将房地产的债务和股权部分分离开来。债务部分或贷款金额是租赁现金流的现值。权益部分是指租期结束时房地产的价值。这些复杂的结构包含了显著的税收优惠。本文考察了结构融资在南非房地产市场的现状。重点是高端市场的分散地区。这项研究旨在确定结构性融资对放贷者和借款人的好处。这项研究是由一项针对分散式办公室开发的特定融资结构的试点研究发起的(Evans 2000)。这项初步研究提出了“谁是赢家?”在交易中。这项研究是在选定的银行和顾问的参与下进行的,他们是这些结构的贷方和创造者,也有作为房地产投资者或开发商的用户。我们对八家银行、两家结构性融资咨询公司、八家开发商和两家投资者进行了结构化的深度访谈,他们都是结构性融资市场的活跃参与者。由于围绕每笔交易的标准各不相同,因此为每项开发或投资创建了“特定于交易”的财务结构。这导致收集到的信息被定性地描绘出来。然而,由于每种结构的保密性,研究的重点是一般结构而不是特定结构。本文首先考察了结构融资的目标和实现这些目标的方法;其次,银行进入这些结构的标准;第三,结构和税收风险总是被转嫁给借款人。访谈结果显示,银行和借款人受益于这些金融结构的最大贷款金额和固定利率。然而,潜在的纳税义务可能会对借款人产生重大的财务影响。版权所有©2002 Henry Stewart Publications
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Structured finance in the South African real estate market: who are the winners — borrowers or lenders?

Structured finance, in this paper, refers to structures developed by banks, to finance real estate developments or investments, which separate the debt and equity components of real estate. The debt component or loan amount is the present value of the lease cash flow. The equity component is the value of the real estate at the end of the lease period. These complex structures incorporate significant tax benefits.

This paper examines the current position of structured finance in the South African real estate market. The focus is on up-market decentralised areas. The research aims to establish the benefits of structured finance for both lenders and borrowers. The research was initiated by a pilot study of a specific financing structure for a decentralised office development (Evans 2000). This pilot study raised the question of ‘who were the winners?’ in the deal.

The research has been conducted with the participation of selected banks and consultants who are the lenders and creators of the structures, as well as with the users who are the real estate investors or developers. A survey, in the form of structured, in-depth interviews was conducted with eight banks, two structured finance consultancy firms, eight developers and two investors, all of whom are active participants in the structured finance market.

As the criteria surrounding each deal vary, a ‘deal specific’ finance structure is created for each development or investment. This has led to the information collected being portrayed qualitatively. However, because of the confidential nature of each structure, research focuses on general rather than specific structures.

This paper examines first the aims of structured finance and the method of achieving these aims; secondly, the criteria for banks entering into these structures; and thirdly, the structure and tax risks which are invariably passed on to the borrower. Results of interviews reveal that banks and borrowers benefit from these finance structures by maximized loan amounts and fixed interest rates. The potential tax obligations, however, may have a significant financial impact on borrowers. Copyright © 2002 Henry Stewart Publications

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