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Exclusive inventory to the stock under the trend of Jiuding billion original real estate exchange dr 衡水学院驾校

Exclusive to explain inventory trend: the original "real estate Jiuding billion convertible dream introduction according to the original plan arrangement, in real estate projects in exchange for the original shareholders to sell shares of listed companies, if the amount exceeds the original valuation, it will be charged by the ladder Jiuding excess proceeds, which doubled within part of the charge 10%, 2 times more than part of the charge 20%, 3 times more than part of the charge of 30%. The reporter Livy Beijing reported Jiuding group billion real estate "capital financing" operation intention, is now gradually clear. At the end of last year, Jiuding group (430719.OC) under the new board nine letter assets (831400.OC) throws a size of up to 30 billion of the stock issuance program, part of the amount for the purchase of the real estate industry related claims, a time to let the market open. According to the twenty-first Century economic report reporter reported previously exclusive, this scheme is the predecessor of department Jiuding group (hereinafter referred to as Jiuding Department) in 2014 had been plotting "real estate projects and listed company stock swap". (see the newspaper reported on December 30, 2015 "Jiuding Department claims from the bottom: billion real estate financing convertible prototype plan" dormant) according to the reporter learned that the latest, at the beginning of the program, had to be loaded into the Jiuding real estate project selection set the corresponding condition, and the load mode, valuation method, revenue sharing and price of gambling design the agreement; on the other hand, the scheme also depends on the completion or through capital operation easy to attract investment, and lead to price rising market inertia. The other side is two or three, the four line of the city (hereinafter collectively referred to as the "second line city" real estate ") strong financing needs to stock policy background, and the other side is the stock market" speculation story "and" speculation operation "under the logic of premium phenomenon, the move to integrated system whether the market will be Jiuding and recognized by regulators, still hidden uncertainty. The exchange plan comes from the 30 billion yuan fixed assets of nine letter assets + asset purchase operation is still ongoing. 1 27 April 9, credit asset announcement prior to the issuance of stock items has been changed to a major reorganization of assets; close to Jiuding department and 9 letter assets said, the project is still in the normal. "Disclosure of stock issuance plan", the increase of 560 million shares, raising the total amount reached 30 billion yuan, of which, in addition to 10 billion 990 million yuan by nine letter assets non-public offering, the remaining 19 billion yuan by 52 and housing prices boss 1 industrial companies to shareholders and related parties to participate, equal contribution "claims convertible". Twenty-first Century economic report reporter learned, the predecessor of the Department of operation, Jiuding Department early in 2014 has been carried out a target size of up to hundreds of billions of "real estate projects and listed company stock swap". In the original scheme the reporter learned, originally planned to a department of Jiuding listed A shares as the operation platform, and into the asset is not debt, but the real estate project, its ultimate aim is to "liquidity, value-added and quickly realized the problem solving of real estate projects". Later, the original plan was applied to listed companies

独家详解去库存大势下:九鼎千亿原版“地产换股梦”   导读   根据原方案安排,被装入的地产项目原股东卖出换得上市公司股票时,若金额超过了原估值时,则九鼎方面将按阶梯方式收取超额收益分成,即收取增长一倍以内部分的10%,2倍以上部分的收取20%,3倍以上部分的收取30%。   本报记者 李维 北京报道   九鼎集团的千亿地产“资本式融资”运作意图,如今正在渐渐清晰。   去年底,九鼎集团(430719.OC)旗下的新三板公司九信资产(831400.OC)抛出一项规模达300亿的股票发行方案,其部分额度用于购买地产行业的相关债权,一时间让市场瞠目。   据21世纪经济报道记者此前独家报道,这一方案的“前身”系九鼎集团(下称九鼎系)2014年就已筹谋“房地产类项目与上市公司的换股计划”。(详见本报2015年12月30日报道《九鼎系债权换股原型起底:千亿地产融资计划蛰伏》)   据记者最新获悉,在该计划的初期,九鼎系曾对拟装入的房地产项目筛选设定了相应条件,并就装入方式、估值方法、收益分成和房价对赌设计进行约定;而另一方面,该方案的完成或亦有赖于“通过资本运作易吸引投资”,并引发股价上扬的市场惯性。   一边是二、三、四线城市(下文统称“次线城市”)地产“去库存”政策背景下的较为强烈的融资需求,而另一边则是股票市场“炒故事”、“炒运作”逻辑下的溢价现象,九鼎系的这一整合之举是否会被市场和监管层认可,仍然埋藏着不确定性。   换股计划由来   九信资产的300亿元定增+资产购买运作仍在进行。1月27日,九信资产公告称此前的发行股票事项已变更为重大资产重组;接近九鼎系和九信资产人士表示,该项目仍在正常进行。   《股票发行方案》披露,此次定增5.6亿股,募资总额达300亿元,其中,除109.90亿元由九信资产非公开募集外,其余190亿元由52名房企老板和1家实业公司以“股东”的身份参与,并以等额的关联方债权进行出资“换股”。   21世纪经济报道记者多方了解到,该运作的前身,系九鼎系早在2014年就已开展的目标规模高达千亿的“房地产类项目与上市公司的换股计划”。   在记者获悉的原版方案中,九鼎系原本计划以一家A股上市公司作为运作平台,而装入的资产也并非债权,而是房地产项目,其最终目的是“解决房地产类项目的流动性、增值性及快速变现问题”。   后来,原本计划应用于上市公司的这一方案,最终移向新三板操作。“这个项目最开始计划是在A股做,中间也考虑过H股,后来新三板也逐渐成熟了,而且监管方面更宽松、更市场化,所以选了这里。”一位接近九鼎的房企人士透露,   同时,最终方案在细节上已较原型有所调整,例如注入资产不再是房地产项目,而是能够对房地产项目构成实际控制的债权资产。   “在结构上,相当于用债权在控制股权,规避了直接把地产项目注入的操作。”华泰证券一位投行人士称, “如果注入房地产项目,那么这么大的资产体量就会让九信直接变成一家房地产公司,而后来变更为债权的意义在于,能够保证九信不良资产处置为主营业务不变。”   装入模式变形记   事实上,九鼎系针对所装入的次线地产项目,曾设定了相应的筛选标准。   21世纪经济报道记者获悉,拟装入的项目需要具备四项条件,一是住宅类或以住宅为主的地产项目+已建成且负债率较低的商业地产项目;二是项目单个股东装入资产不得低于3亿元,不得多于100亿元;三是项目后续实际需补资金可控,原则上不得超过项目净值的30%;四是项目须在省会城市、地级市城市以及人口较多且经济较为发达的县级市。   而在装入方式上,九鼎的计划是将房企项目所在企业或项目公司的股权三分之二以上的股权装入由九鼎控制或存在合作关系的上市公司。   不过,地产项目的运营管理仍由原股东负责,九鼎则通过所换股票的质押等方式实现对项目的把控,同时原股东还需对房企项目的回款做出相应保证。   值得注意的是,若以上市公司发行股份购买方式进行注入,则房企原股东要面临所获股票的锁定期问题,进而无法获得资金缓解。   而九鼎的方案对此提出的解决思路是,房企原股东可用换取股票的为质押部分进行质押融资,获取流动资金;上市公司在必要时也可为项目提供流动性支持。   此外,九鼎系曾还在方案中计划以“大股东赠与”的形式进行地产项目注入,该模式优势在于并不涉及增发新股,可绕开监管层相应的审核程序。而换股环节则由上市公司大股东以所持存量股票,通过场外形式与房企项目股东进行交换,即“先场外换股,再场内赠送”。   “当时九鼎想过用股东赠与绕过审核,这个问题是要注入的地产项目规模并不小,这样运作太过张扬了。”一位接近九鼎系人士表示,“但如果是定增,问题仍然来自一年的锁定期,虽然有流动性支持设计,但在一定程度上无法同时满足项目所需的流动性和风控要求。”   峰回路转的是,九鼎系在新三板展开LP份额注入等一系列较为成功的资本运作后,该市场的运作价值得以体现,而由于该市场具有“定增无锁定期”等特点,这或亦成为这一换股计划转向新三板的原因。   “新三板的弱点是流动性太差,但九鼎之前已经在上面开展过一些比较成功的资本运作了,比如注入LP份额,这些思路可能可以和换股方案相结合。”前述接近九鼎系人士表示,“相对灵活、宽松的监管思路,可能也是最后选择新三板作为运作平台的原因。”   “高股价预期”下的分配法   无论怎样将地产项目装入挂牌公司,九鼎这一运作顺利的保障,或许不可缺少公司股价因装入事件所产生的质变。   “一般资金都会追逐这些有运作、有故事的公司,而通过不动产证券化让股价上涨,也是方案的一部分。”前述接近九鼎的地产公司人士表示,“而只有股价上涨后,股票质押或者变现卖出时的流动性才能有所保证,而九鼎也正是通过这种方法来参与分成的。”   根据原方案安排,被装入的地产项目原股东卖出换得上市公司股票时,若金额超过了原估值时,则九鼎方面将按阶梯方式收取超额收益分成,即收取增长一倍以内部分的10%,2倍以上部分的收取20%,3倍以上部分的收取30%。   此外,九鼎还曾计划通过“变更”被装入公司的主营业务来获得更高的估值预期,来保证该计划的收益性。   “(项目)变现后的资金将委托给本公司做高收益投资。”九鼎系曾就该方案向被装入的房企如此说明,“该上市公司不再是房地产公司,而是一家专业股权及创投公司,因此上市公司的股价会较高,预计股价会超过2 倍P B,即比装入的估值至少翻一倍。”   而通过股价预期高估的“安排”,也让目标收益对冲了次线地产价格下跌可能给开发商带来的利润下滑。   在一份方案配套的模型测算中,九鼎曾分别假设房价持平、上涨10%、下跌10%来对开发商 “选择换股”还是 “选择持有”进行测算,显示在三种假设下,“选择换股”的收益超过“选择持有”1倍以上。   至此,该方案的内在逻辑也不言而喻——即满足监管要求的前提下,通过交易结构的安排,实现此线房地产项目的“另类证券化”,从而利用资本市场高估值下的目标收益和高流动性下的融资功能,来弥补次线城市开发商的融资需求及利润风险。   事实上,九鼎系开展此类运作的原因,恰与近年来次线城市地产项目的融资、变现一直较为困难有关,其中既有银行信贷方面的从紧,亦有房企IPO、再融资所遭遇的限制。   在前述房企人士看来,在次线地产“去库存”政策的大背景下,九鼎利用金融创新和资本运作来提高次线地产项目的流动性,具有盘活存量、利用资本市场搞活实体经济等积极意义。   “一边是资本市场资金过剩,炒新股、炒概念、炒题材层出不穷;另一边则是房地产资金趋紧,实体经济下滑风险抬升。”前述接近九鼎系的房企人士称,“这个运作实际上是在把资本市场的水向实体经济来引流。”   但也有业内人士认为,九鼎在方案中预期被装入公司出现高估值等假设,或存在通过资本运作、拉抬股价进而达到特定目的的市场操纵嫌疑。   “股价高企通常是资本运作的结果,但在这种方案中,高股价似乎成了缓解二三线房企流动性的一种默认的途径,这里面是否有市场操纵的嫌疑,可能存在争议。”前述投行人士指出。(记者微信:lw8346860)(编辑:简俊东,邮箱:jianjd@@21jingji) 进入【新浪财经股吧】讨论相关的主题文章:

In 2015 ten or more bad bank account overall decline in net profit 华东交通大学日新网

2015 10 bank books: the overall decline in net profit or adverse to Shanghai reported trainee reporter Xie Shuiwang "steady growth in the size of banking assets and liabilities. The overall quality of credit assets is controllable. Profit growth has slowed down in the banking sector." On the evening of February 15th, China Banking Regulatory Commission issued the fourth quarter of 2015 main regulatory index data. At the end of the fourth quarter of 2015, the national banking financial institutions outside the territory of the foreign currency assets amounted to 199 trillion and 300 billion yuan, an increase of 15.7%; Commercial Bank (legal caliber, the same below) the balance of non-performing loans 12744 yuan, compared with the previous quarter increase of 88 billion 100 million yuan; commercial banks non-performing loan ratio of 1.67%, up 0.08 percentage points from the previous quarter business; the bank when the cumulative net profit of 15926 yuan, an increase of 2.43%. China Banking Regulatory Commission announced the overall situation of the country, then what is the situation in each region? At present, some local banking regulatory bureaus have published data on the main monitoring indicators of the banking sector in 2015. Twenty-first Century Economic Herald reporter finishing the total assets, ten banking institutions in the balance of non-performing loans, non-performing loan ratio, net profit and other data, compared with 2014 data, found that the overall bad double up, many net profit fell. Steady growth in the size of the overall poor in 2015 in Jiangsu, Jilin, or Shanghai, Zhejiang, Guizhou and other places of banking assets, an increase of over 10% compared to. The scale of assets in the eastern coastal areas is far beyond the central and western regions, of which the total assets of Jiangsu, Shanghai, Zhejiang and other places are more than 10 trillion yuan, while the central and western regions are mostly less than 5 trillion yuan. But in poor areas, many non-performing loans, non-performing loans overall rate double up, regional differences are larger. Among them, Zhejiang, Jiangsu and other places non-performing loan balance of more than 100 billion yuan, Zhejiang close to 200 billion yuan, Jilin, Shanghai and other places in about 50 billion yuan, other areas less than 50 billion yuan. In addition, Jilin, Henan and other places banking bad rate of more than 3%, Shandong (small and medium-sized legal person banking financial institutions), Zhejiang and other places more than 2%, other areas are below 2%, Shanghai is 0.91%. Much of the banking sector non-performing double up overall and the real economy are not unrelated. Taking Xinjiang as an example, as of 12 at the end of 2015, the balance of non-performing loans in Xinjiang Xianei banking industry reached 18 billion 421 million yuan, 2 billion 307 million yuan over the beginning of new; non-performing loan rate of 1.32%, up 0.03 percentage points over the beginning. Xinjiang banking regulatory bureau said that in 2015, the face of the new normal economic slowdown, insufficient domestic demand, the adjustment of industrial structure, Xinjiang’s banking financial institutions affected by the complex situation of macro economy and the external environment, the bank credit risk exposure accelerated, but the rate of bad loans to maintain a relatively low level. However, the banking sector has declined in some areas. Compared with 2014, the NPL ratio of Jilin, Shandong (small and medium-sized corporate banking institutions) decreased from 3.97% and 2.88% to 3.68% and 2.62%, respectively. Not only that, but also on Theory 2015年十地银行账本:不良总体双升 多地净利下降   见习记者 谢水旺 上海报道   “银行业资产和负债规模稳步增长。信贷资产质量总体可控。银行业利润增长有所趋缓。”2月15日晚间,银监会发布2015年第四季度主要监管指标数据称。   2015年四季度末,全国银行业金融机构境内外本外币资产总额为199.3万亿元,同比增长15.7%;商业银行(法人口径,下同)不良贷款余额12744亿元,较上季末增加881亿元;商业银行不良贷款率1.67%,较上季末上升0.08个百分点;商业银行当年累计实现净利润15926亿元,同比增长2.43%。   银监会公布了全国的总体情况,那么各地区的情况如何呢?目前,已有部分地方银监局公布了2015年银行业主要监管指标数据。21世纪经济报道记者整理了十个地区银行业金融机构资产总额、不良贷款余额、不良贷款率、净利润等数据,对比2014年相关数据,发现不良总体双升,多地净利润下降。   不良总体双升   2015年江苏、吉林、上海、浙江、贵州等地银行业资产规模稳步增长,比年初增长超过10%。东部沿海地区的资产规模远超中西部地区,其中,江苏、上海、浙江等地的资产总额超过10万亿元,而中西部地区大多不超过5万亿元。   而在不良方面,多地银行业不良贷款余额、不良贷款率总体双升,地区差异也较大。   其中,浙江、江苏等地银行业不良贷款余额超过1000亿元,浙江接近2000亿元,吉林、上海等地则在500亿元左右,其他地区不足500亿元。   此外,吉林、河南等地银行业不良率超过3%,山东(辖区中小法人银行业金融机构)、浙江等地超过2%,其他地区均在2%以下,上海为0.91%。   多地银行业不良总体双升与实体经济不无关系。以新疆为例,截至2015年12月末,新疆辖内银行业不良贷款余额达到184.21亿元,比年初新增23.07亿元;不良贷款率1.32%,较年初上升0.03个百分点。   新疆银监局表示,2015年,面对经济增速放缓、国内需求不足、产业结构调整的新常态,新疆辖内银行业金融机构受宏观经济运行及内外部环境的复杂形势影响,银行信用风险暴露加速,但不良贷款率维持较低水平。   不过,个别地区银行业不良率有所下降。相比2014年,吉林、山东(辖区中小法人银行业金融机构)不良率分别从3.97%、2.88%降至3.68%、2.62%。   不仅如此,一些不良双升地区的状况也有所改善。   比如,上海银监局称,关注类贷款实现双降,不良贷款增长趋势整体趋缓。浙江银监局称,全年4个季度不良贷款增加额分别为167亿元、113亿元、101亿元和30亿元,增量逐季缩小。河南银监局称,2015年末,商业银行不良率1.49%,低于全国平均水平;资产质量大幅改善,全省银行业不良率由2010年末的5.64%,降至3.01%。   多地净利润下降   目前仅有五个地方银监局公开了2015年银行业净利润情况。21世纪经济报道记者梳理发现,对比2014年,多地银行业净利润下降,下降幅度在5%左右。   江苏省银行业金融机构税后净利润累计1450.82亿元,比上年同期下降4.51%;吉林省银行业金融机构净利润累计276亿元,比上年同期下降3.74%;2015年四季度末,山东(辖区中小法人银行业金融机构)实现利润232.2亿元,同比少盈4.4亿元;新疆全年全金融机构累计实现净利润295亿元,同比下降5.2%。   河南银监局表示,截至2015年末,累计实现利润是“十一五”时期的2.28倍。云南银监局则称,2015年上半年,云南银行业盈利增速放缓,1-6月,全省银行业金融机构实现利润179.88亿元,同比少盈利136.02亿元,同比下降34.26%。   而从江苏、吉林等地数据来看,不同类型银行的净利润存在较大差距。   江苏政策性银行、大型银行、股份制商业银行、城市商业银行、农村中小金融机构、邮储银行税后净利润分别为91.87亿元、642.48亿元、258.10亿元、206.40亿元、171.23亿元、26.05亿元;城市商业银行和邮储银行税后净利润比上年同期增长15%左右,其他类型银行均有所下降。   吉林大型商业银行、股份制商业银行、城市商业银行、农村中小金融机构、其他类金融机构累计净利润分别为83亿元、37亿元、29亿元、63亿元、64亿元;其中,大型商业银行、其他类金融机构累计净利润分别比上年同期下降25.09%、19.45%,股份制商业银行、城市商业银行、农村中小金融机构则分别增长66.22%、18.17%、27.38%。   进入【新浪财经股吧】讨论相关的主题文章:

Financial leasing for half a year set up more than 1200 enterprises, ABS issue uneven hot and cold 用之不竭的意思

Financial leasing half a year set up more than 1200 enterprises, ABS issue cold and hot uneven Sina fund exposure platform: letter Phi lag false propaganda, performance is lower than the same product for a long time, buy fund by pit how to do? Click on [I want to complain], Sina help you expose them! – reporter Liu Fei reported in Tianjin during the period of economic downturn, companies have Wujin pocketbook to cash, but one industry contrarian continued expansion: 6 at the end of 2016, the country has 5708 leasing companies, only the first half, an increase of more than 1200. "But the entire industry’s asset growth is about 100 billion to 200 billion, in other words, each of the new assets is less than 200 million." The general manager of Guangzhou Yuexiu Leasing Co. Ltd. Gao Yuhui recently held in Tianjin, the third session of the global Leasing Industry Competitiveness Forum said that this stage, the industry growth rate, increase the number of enterprises and the whole new assets is not matched, the whole industry has shown Rainbow Night scene. There are big differences between Chinese enterprises and private enterprises, and two big banks have adopted strict access restrictions to private companies earlier this year. But due to the rapid expansion of the market and excessive competition, has formed the Red Sea competition situation, the bad money drives out good money phenomenon: many leasing companies on the same project audit standards, put in the standard difference is very large, some rental companies in order to get the business to reduce access conditions and delivery standards, reduce market profitability, a virtuous cycle is broken." Gao Yuhui believes that the whole industry has not developed to a healthy and orderly development stage. Good companies are accelerating, and most companies are now facing the impact of industry reshuffle. Tianjin speed "even so, now there are new entrants in this industry." Gao Yuhui in Tianjin, for example, called the Bank of Tianjin, Hebei bank have declared financial leasing company. However, he believes that the operation of financial leasing is better than the other two types of domestic pilot and foreign leasing. In fact, financial leasing has become a landmark business card of Tianjin’s characteristic financial industry. At the end of June this year, Tianjin City headquarters corporate leasing companies reached 983, year-on-year growth of 599. Including 8 financial leasing companies supervised by the CBRC, 18 domestic funded financial leasing enterprises supervised by the Ministry of Commerce, and 957 foreign funded financial leasing companies, with a registered capital of 383 billion 300 million yuan. In addition, Special Purpose Company, 600 single ship companies have also been added. The total assets of the headquarter type company exceeded 820 billion, which increased by 150 billion over the same period last year, accounting for more than 110 of the total amount of the country. Total registration reached 405 billion 100 million, an increase of 254 billion over last year." Yan Qingmin, vice mayor of Tianjin, says that the number of companies, corporate assets, and registered capital is basically an increase in 40%-50%. The free trade zone has become a bridgehead to promote the development of leasing industry, including Tianjin airport economic zone is the most important component. Tianjin Airport Economic Zone Director Yang Bing introduced, as of August this year, the district has registered more than 260 kinds of rental enterprises, the size of financial leasing assets

融资租赁半年新设1200多家 企业ABS发行冷热不均 新浪基金曝光台:信披滞后虚假宣传,业绩长期低于同类产品,买基金被坑怎么办?点击【我要投诉】,新浪帮你曝光他们!   ■本报记者 刘飞 天津报道   在经济下行周期下,企业纷纷捂紧钱袋子选择持币观望,但有一个行业却逆势持续扩容:2016年6月末,全国已经有5708家租赁公司,仅上半年就增加了1200多家。   “但整个行业资产额增长大概在1000亿至2000亿,换句话说平均每家新增资产不到2亿。”广州越秀租赁有限公司总经理高宇辉近日在天津举办的第三届全球租赁业竞争力论坛上演讲称,这说明行业发展速度,新增的企业数量与整个资产的增加是不匹配的,整个行业呈现出冰火两重天的景象。   “其中国企、民企差异比较大,今年年初有两家大的银行对民营公司采取了严厉的准入限制。而由于市场快速扩张和过度竞争,已形成了红海竞争状况,出现了劣币驱逐良币的现象:很多租赁公司对同一项目审核标准、投放标准差异非常大,有的租赁公司为了拿业务不断降低准入条件和投放标准,使市场盈利能力降低,良性循环被打破。”高宇辉认为,整个行业远没有发展到健康、有序的发展阶段。好的公司加速发展,而大多数公司现在面临着行业洗牌的冲击。   天津速度   “即便如此,现在这个行业当中还有新进者加入。”高宇辉以天津为例,称天津银行、河北银行这些都已经申报金融租赁公司的设立。不过,他认为,金融租赁的经营状况要好过其他另外两类内资试点和外商租赁。   事实上,融资租赁已成为天津市特色金融产业的标志性名片。截至今年6月底,天津市总部型法人租赁公司达到983家,比去年同期增长599家。其中包括银监会监管的金融租赁公司8家,商务部监管的内资融资租赁试点企业18家,外资融资租赁公司957家,注册资本达到3833亿元。此外,还增加了特殊目的公司,600家单机单船公司。   “总部型公司总资产超过8200亿,比去年同期增加了1500亿,大约占全国总量1 10多。注册总量达到4051亿,比去年增加了2540亿。”天津市副市长阎庆民称,无论是公司的数量、公司资产还是注册资本,这个数据基本都是40%-50%的增加。   而自贸区成为促进租赁业发展的桥头堡,其中天津空港经济区是最重要的组成部分。天津空港经济区管委会主任杨兵介绍,截至今年8月,该区累计注册各类租赁企业260余家,融资租赁资产规模达到2000亿元人民币以上。   “天津在全国率先探索出了报税租赁,融资租赁出口退税,离岸租赁,售后回租,联合租赁,委托租赁等多种业务模式,飞机、船舶、海洋工程钻井平台等租赁业务分别占到全国的90%、80%和100%。”   “天津还制订了融资租赁发展的‘十三五’规划和3年行动方案。”天津市商务委员会主任张爱国称,力争在2019年底使融资租赁业在天津的聚集效应不断增强,规模实力显著提升,把天津发展成为全国融资租赁创新运营中心。   “目前融资租赁行业二级市场正在搭建中,租赁资产流转交易难困局或将迎来突破。”据阎庆民透露,金融租赁登记托管流转交易平台将于年底建成,融资租赁登记托管流转交易平台将于明年建成,两个平台均将落户天津自贸区。   这相当于为融资租赁行业搭建了二级市场,通过两个平台的托管、登记、流转功能,将为融资租赁行业创造一个好的价格发现场所。   据悉,两个平台将对全国范围内金融租赁、融资租赁公司开放,全国约4万亿元租赁资产将可以在两个平台上进行登记、托管、流转。两个平台的搭建,也将增强天津在融资租赁业方面的集聚效应。   融资瓶颈   中国外商投资企业协会租赁业委员会会长杨钢认为,融资是造成融资租赁行业冰火两重天的关键。   在融资租赁市场,一直盛行着“血统论”:一是金融租赁企业的融资成本较低,对于金融租赁企业而言,其发起方与股东一般具有银行背景,具有信息优势,二是部分金融租赁企业还可以进入银行间拆借市场,融资成本较低,与此同时,这些金融租赁企业在ABS发行时,其在路演与主承销商选择等方面具有其他融资企业不可比拟的优势。   高宇辉也坦承,“对于没有母公司或股东单位能够提供征信措施的租赁公司,它的融资成本很难降下来”,因其高度依赖于银行体系供给的资金。在越秀租赁前期发展过程中,越秀集团、越秀金控给予了诸多信用支持。   民生金融租赁总裁万晓芳也表示,“民生银行是在上海和香港两地上市的公司,基于强大的股东背景,我们获得的银行授信非常庞大,我们公司拥有3500亿以上的银行授信,但民生金融租赁提款不到1000亿。其目的是为了保证融资渠道更多元、融资成本更低、融资负债结构和资产结构更匹配。”   对于基数庞大的此类租赁公司所面临的资金供给问题,高宇辉强调,“ABS是解决大量租赁公司依附银行资金供给的根本出路。”   数据显示,2016年前8个月融资租赁ABS发行总额为6255240万,其中远东国际租赁2016年6月在中国银行间市场交易商协会注册信托型资产支持票据(ABN)发行总额20.68亿,另外银监会主管的ABS发行总额为92.66亿元,证监会主管的ABS发行总额为512.18亿元。   从金额上看,远东租赁过去近8个月内,直接融资规模在百亿元,而发行金额最小的仅有1.1亿元,另外总发行金额为500多亿元,但前14家发行金额在10亿元以上的企业,其发行总额便有400多亿元。   这充分反映了融资租赁企业ABS发行冷热不均的情形,也从侧面反映了融资租赁企业其融资能力存在较大的差异。 进入【新浪财经股吧】讨论相关的主题文章:

you share in total income growth faster&quot 鹿柴的意思

A map to see the United States for thirty-five years the income inequality in the evolution history of U.S. stock market center: exclusive national industry summit, G20 shares plate premarket after hours, ETF, real-time quotes Sina warrants stocks Beijing time 7 days in Chinese hosted on income inequality is one of the hot topic of discussion, in the face of the world the rise of populism the trend of I, global leaders unified position to promote inclusive economic growth. "We must do more efforts in economic reform, let wages rise faster, faster to make the gap narrowed, so that everyone has opportunity and security." President Obama said at a news conference, "this should be the G20 way forward — to ensure more workers and families are able to enjoy extensive globalization and scientific and technological progress and trend of the well-being." So, what is the situation in the United States now? HowMuch images for image interpretation of public revenue since 1980 decline: in the picture, six people on different levels of income in Pyramid to mark the six colors, each share of the population income varies with time. It is worth noting that, in thirty-five years, the bottom 90% population in the total income share dropped from 68% to 53%. At the same time, the richest 1% accounted for almost doubled, and the richest 0.1% share jumped from 0.6% to 3.2%. As HowMuch’s Amoros (Raul Amoros) pointed out, "you are in Pyramid on the high level of wealth, you share in total income growth faster". (Zi Jin) editor in chief: Feng Dewei

一图看清美国三十五年收入不均演变史 美股行情中心:独家提供全美股行业板块、盘前盘后、ETF、权证实时行情   新浪美股北京时间7日讯 在中国主办的G20峰会上,收入不均是讨论的热门话题之一,面对当前世界民粹主义抬头的趋势,I全球领导人们统一了立场,要推动包容性经济增长。   “我们必须做更多的努力,在变革的经济当中,让工资更快增长,让差距更快缩小,让每个人都得到机会和保障。”奥巴马总统在新闻发布会上表示,“这才应该是G20的前进之路――确保更多劳动者和家庭都能够广泛享受到全球化和科技进步等趋势带来的福祉。”   那么,美国的局面现在已经发展到了怎样的地步呢?   HowMuch用图片形象地诠释了大众收入1980年以来的下滑:   图片中,六个收入金字塔上不同层级的人群以六种颜色标出,每一人群分得的收入都伴随时间变化而变化。   值得指出的是,三十五年当中,底层90%人口在总收入中的份额从68%降低到了53%。与此同时,最富的1%所占的份额几乎翻了一番,而最富的0.1%所占份额更是从0.6%猛增到3.2%。   正如HowMuch的阿莫罗斯(Raul Amoros)指出的,“你在财富金字塔上的层级越高,你在总收入中所占份额的增长速度就越快”。(子衿) 责任编辑:冯德炜相关的主题文章:

而Christopher Kane还在新一季的大衣单品中增加了皮草拼接、流苏等时尚元素 榆林学院就业信息网

You don’t want to learn to see what to buy the royal coat over Kate brand introduction: have gone into the spring rhythm in the seasons, the most fitting single product than the coat. Kate is the goddess of countless netizens in the hearts of the goddess, so want to wear the elegant and beautiful dress, learning from her absolutely not wrong. But if you want to learn the royal family, you can’t buy it. First look at what coats Kate has turned over! (Editor: Gon Freecss @ off Kate recently picked meat) Max Mara coat recently, and a state visit Kate, once again turned Max Mara overcoat. The tailor’s cut, the umbrella hem and the popular color of army green make Kate’s coat become a piece of explosive money again. Not only wearing Max Mara custom coat, Kate is a black turtleneck collocation, fashionable instant upgrade. Kate Middleton wears a Max Mara coat, and Kate Middleton has a special liking for Max Mara’s coat. From short to middle length and then to long, she almost wears all styles of Max Mara. No wonder many foreign media say Kate has become a source of inspiration for the Max Mara coat. With oversize style coat broke into the national vision of Max Mara, also very good at self-cultivation style design. Max Mara 2016 series of autumn and winter season of Max Mara is a variety of long version of the coat, relative to the long version of the coat, cut long version of the more prominent female lines. If you chop a hand like a long overcoat, maybe you can grab another one in front of Kate Middleton in the process of catching up with the tide. But be sure to bear in mind that the Royal model of Kate Middleton is the first choice for the royal family, and that self-cultivation and elegance are always the primary choice. Princess Kate was wearing Christopher Kane blue coat Kate in the first visit to Scotland in Dundee City, selected from Scotland designer Christopher Kane blue coat. The tailor’s cut, the extra belt, and the royal blue color are destined to be the dish of Kate middleton. Kate, wearing a slim coat, is much more elegant and stylish, and the gloves from Cornelia James are also the favorite items of the British Royal family. Christopher Kane Max Mara 2016 series of autumn and winter has just seen the new coat, see Christopher Kane 2016 winter series, two big show in tell us a truth, that is 2016 coat single product, long version of the coat is definitely the protagonist. And Christopher Kane is also in the new season’s coat single product added fur splicing, Tassels and other fashion elements, let the long version of the coat has no stereotyped feeling. Kate Middleton wears the Seraphine Maternity tweed coat, although she looks at the variety of her famous overcoats, but don’t forget the british.

想学王室就别乱买 看看哪些大衣被凯特王妃翻过牌   导语:转眼已经进入了春天的节奏,在换季的时候,最试穿的单品莫过于大衣。凯特王妃是无数网友心中的大衣女神,所以想要把大衣穿的优雅又美腻,跟她学绝对不会错。但是想学王室范儿,你可不能乱买,先来看看凯特王妃都翻过哪些大衣的牌吧!(编辑:@小杰掉肉肉) 凯特王妃近日又钦点了Max Mara的大衣   近日,又有国事出访的凯特王妃,又一次翻了Max Mara大衣的牌子。修身的剪裁、伞状的下摆再加上军绿的流行色,让凯特王妃的这件大衣又成为一件爆款单品。不仅穿着Max Mara的定制大衣,凯特王妃还搭配了黑色高领衫,时髦度瞬间升级。 凯特王妃穿Max Mara大衣   讲真,凯特王妃对Max Mara的大衣是情有独钟。从短款到中长款再到长款,她几乎把Max Mara的各种款式都穿了个遍。怪不多许多外媒都说凯特王妃已经成了Max Mara大衣的灵感来源。凭借oversize款式的大衣闯入国民视野的Max Mara,同样也十分擅长修身款式的设计。 Max Mara 2016秋冬系列   新一季的Max Mara首推了多款长版大衣,相对于中长版的大衣,长版的剪裁更加突出女性的线条。如果你剁手这样一件长版大衣,说不定在追赶潮流的过程中还能抢在凯特王妃前面一次呢。但是,一定要切记凯特王妃示范的王室穿搭方法,修身、优雅永远都是首要的选择。 凯特王妃穿Christopher Kane宝蓝色大衣   凯特王妃在首次出访苏格兰邓迪市时,选择了来自苏格兰设计师Christopher Kane的宝蓝色大衣。修身的剪裁,特意增加的腰带和皇室蓝的配色,都注定这款大衣就是凯特王妃的菜。瘦了很多的凯特穿起修身大衣更加优雅时髦,来自Cornelia James的手套,同样也是英国王室青睐的单品。 Christopher Kane 2016秋冬系列   刚刚看过Max Mara的大衣新品,再看到Christopher Kane的2016秋冬系列,两场大秀就在告诉我们一个真谛,那就是2016年的大衣单品中,长版大衣绝对是主角。而Christopher Kane还在新一季的大衣单品中增加了皮草拼接、流苏等时尚元素,让长版大衣丝毫没有刻板之感。 凯特王妃穿Seraphine Maternity花呢大衣   虽然看了凯特王妃那么多款的大牌定制大衣,但是你也不要忘记英国王室可是“勤俭持家”的典范。凯特王妃就曾穿着来自Seraphine Maternity的花呢大衣亮相纽约,Seraphine Maternity是来自英国的妈妈装品牌,价钱也十分亲民。凯特王妃穿出过不少平价单品,这件花呢大衣也是经典示范之一。 Chanel的花呢大衣   其实大衣单品中,花呢大衣是比较难穿的一类。不管是设计还是色彩,只要有一方面不够理想,这件花呢大衣就很可能成为品牌的败笔。而时尚圈中,最偏爱花呢大衣设计当属奢侈品的领军品牌Chanel,Chanel的花呢大衣都突出对廓形的要求,让小香风也可以很特别。   几乎一年四季,你都可以看到凯特王妃穿着大衣出现的造型。既然王妃都已经倾情示范N款大衣,这个春季再穿不对是不是有点说不过去呢?! 凯特王妃穿伞状大衣 凯特王妃大衣示范 凯特王妃穿格纹大衣 凯特王妃示范大衣 版权声明:原创稿件,如需转载,请严格注明出处新浪时尚。相关的主题文章: