我国房地产发展售后回租模式的可行路径研究

我国房地产融资渠道狭窄，使得房地产企业发展遇到瓶颈。售后回租以其融资成本低，最大化变现资产的优势成为一种新的融资方式。房地产“售后回租＋保理”融资模式将房地产企业、金融租赁公司和商业银行三者有机结合，从而使各方充分发挥各自的优势，达到利益最大化。再结合资产证券化，不仅最大限度的盘活资产，而且促进新的金融工具的产生，推动我国金融市场转型。提出了售后回租在我国发展的可行模式，重点分析了这种模式发展的运作程序和它所带来的效应。

Feasible Path for Sale-leaseback in Chinese Real Estate Market

Financing channels for real estate industry in China is too narrow to impede the development of real estate enterprises. Since its financing cost is low and it can maximize the realizable assets, sale-leaseback mode becomes a new kind of financing way. The mode of leaseback plus factoring pulls the real estate enterprises，financial leasing companies and commercial banks together so that the parties give full play to their strengths and to achieve maximum profit. Combined with asset securitization，the mode can revitalize the assets and promote new financial tools and transformation of financial market. A viable mode of sale-leaseback development in China is presented; its operational procedure and effects are analyzed.