<p class="a" style="MARGIN: 24pt 0cm 12pt 63pt;"><strong><font size="5"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">摘</span><span lang="EN-US"><span style="mso-spacerun: yes;"><font face="Times New Roman">&nbsp; </font></span></span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">要</span></font></strong></p><p class="a0" style="MARGIN: 6pt 0cm 0pt; LINE-HEIGHT: 18pt;"><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';"><font size="3">我国房地产金融市场以一级市场为主，二级市场尚未真正建立起来。一级市场体系中虽已包括商业银行、住房储蓄银行、非银行金融机构、住房公积金中心等机构，但仍以商业银行为主，其它机构发展并不充分或仅处于起步阶段。</font></span></p><p class="a0" style="MARGIN: 6pt 0cm 0pt; LINE-HEIGHT: 18pt;"><font size="3"><span lang="EN-US"><font face="Times New Roman">2006</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">年全国房地产开发投资增速小幅回升。全国累计完成房地产开发投资额</span><span lang="EN-US"><font face="Times New Roman">1.9</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">万亿元，同比增长</span><span lang="EN-US"><font face="Times New Roman">21.8%</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">，比上年同期加快</span><span lang="EN-US"><font face="Times New Roman">2</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">个百分点，低于同期固定资产投资增速。其中，住宅投资增长速度为</span><span lang="EN-US"><font face="Times New Roman">25.3%</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">，高于同期房地产投资增幅</span><span lang="EN-US"><font face="Times New Roman">3.5</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">个百分点；经济适用房投资同比增长</span><span lang="EN-US"><font face="Times New Roman">32.7%</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">，经济适用住房投资下降的趋势得到明显改善。</span><span lang="EN-US"><font face="Times New Roman">
</font></span></font></p><p class="a0" style="MARGIN: 6pt 0cm 0pt; LINE-HEIGHT: 18pt;"><font size="3"><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">在银行房地产贷款方面，</span><span lang="EN-US"><font face="Times New Roman">2006</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">年末，全国商业性房地产贷款余额</span><span lang="EN-US"><font face="Times New Roman">3.68</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">万亿元，比年初增加</span><span lang="EN-US"><font face="Times New Roman">6653</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">亿元，同比增长</span><span lang="EN-US"><font face="Times New Roman">22.1%</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">，增速比上年同期快</span><span lang="EN-US"><font face="Times New Roman">5.9</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">个百分点。其中，房地产开发贷款余额</span><span lang="EN-US"><font face="Times New Roman">1.41</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">万亿元，比年初增加</span><span lang="EN-US"><font face="Times New Roman">2996</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">亿元，同比增长</span><span lang="EN-US"><font face="Times New Roman">27%</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">，增速比上年同期快</span><span lang="EN-US"><font face="Times New Roman">10</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">个百分点；购房贷款余额</span><span lang="EN-US"><font face="Times New Roman">2.27</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">万亿元，比年初增加</span><span lang="EN-US"><font face="Times New Roman">3630</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">亿元，同比增长</span><span lang="EN-US"><font face="Times New Roman">19%</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">，增速比上年同期快</span><span lang="EN-US"><font face="Times New Roman">3.3</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">个百分点。</span></font></p><p class="a0" style="MARGIN: 6pt 0cm 0pt; LINE-HEIGHT: 18pt;"><font size="3"><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-family: 宋体;">在房地产信托方面，受</span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">国家房地产宏观调控影响，</span><span lang="EN-US"><font face="Times New Roman">2006</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">年房地产信托品种及规模等方面都停留在</span><span lang="EN-US"><font face="Times New Roman">2005</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">年的水平之上。全年国内共发行</span><span lang="EN-US"><font face="Times New Roman">90</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">只房地产信托产品，发行规模约</span><span lang="EN-US"><font face="Times New Roman">147</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">亿元。而</span><span lang="EN-US"><font face="Times New Roman">2005</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">年这个数据为</span><span lang="EN-US"><font face="Times New Roman">121</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">只房地产信托产品，发行规模</span><span lang="EN-US"><font face="Times New Roman">157.27</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">亿元。</span></font></p><p class="a0" style="MARGIN: 6pt 0cm 0pt; LINE-HEIGHT: 18pt;"><font size="3"><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman';">在海外资金方面，</span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman'; mso-font-kerning: 0pt;">根据国家外汇管理局《</span><span lang="EN-US" style="mso-font-kerning: 0pt;"><font face="Times New Roman">2006</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman'; mso-font-kerning: 0pt;">年上半年中国国际收支报告》，</span><span lang="EN-US" style="mso-font-kerning: 0pt;"><font face="Times New Roman">2006</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman'; mso-font-kerning: 0pt;">年上半年，新设外资房地产企业</span><span lang="EN-US" style="mso-font-kerning: 0pt;"><font face="Times New Roman">1180</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman'; mso-font-kerning: 0pt;">家，同比增长</span><span lang="EN-US" style="mso-font-kerning: 0pt;"><font face="Times New Roman">25.04%</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman'; mso-font-kerning: 0pt;">；合同外资金额</span><span lang="EN-US" style="mso-font-kerning: 0pt;"><font face="Times New Roman">128.52</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman'; mso-font-kerning: 0pt;">亿美元，同比增长</span><span lang="EN-US" style="mso-font-kerning: 0pt;"><font face="Times New Roman">55.04%</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman'; mso-font-kerning: 0pt;">；实际使用外资金额</span><span lang="EN-US" style="mso-font-kerning: 0pt;"><font face="Times New Roman">32.2</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman'; mso-font-kerning: 0pt;">亿美元，同比增长</span><span lang="EN-US" style="mso-font-kerning: 0pt;"><font face="Times New Roman">27.89%</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman'; mso-font-kerning: 0pt;">。与之相对应的，去年上半年外资房地产行业新增外债</span><span lang="EN-US" style="mso-font-kerning: 0pt;"><font face="Times New Roman">17.35</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman'; mso-font-kerning: 0pt;">亿美元，同比增长</span><span lang="EN-US" style="mso-font-kerning: 0pt;"><font face="Times New Roman">203.32%</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman'; mso-font-kerning: 0pt;">。截至</span><span lang="EN-US" style="mso-font-kerning: 0pt;"><font face="Times New Roman">2006</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman'; mso-font-kerning: 0pt;">年</span><span lang="EN-US" style="mso-font-kerning: 0pt;"><font face="Times New Roman">6</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman'; mso-font-kerning: 0pt;">月末，外资房地产外债占全部房地产外债的</span><span lang="EN-US" style="mso-font-kerning: 0pt;"><font face="Times New Roman">92.13%</font></span><span style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman'; mso-font-kerning: 0pt;">，外资房地产行业外债总量呈现逐年递增趋势。</span></font></p><span style="FONT-SIZE: 12pt; FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">总的来说，我国房地产金融业还处于发展壮大时期，银行房地产贷款在我国房地产金融业中占主导地位，积聚的风险也比较多，主要包括市场风险和信用风险等。房地产信托和海外资金虽然在快速发展，但在我国房地产金融市场的比重还是很有限，并且是在宏观调控的背景下进入房地产金融市场，风险控制较好。证券化等二级市场的发展有助于银行分散其信贷风险，但我国房地产金融的二级市场的发展才刚起步。在银行没有一个很好的风险交易市场的情况下，银行只有通过更审慎和严格的信贷政策来控制风险。信贷资金的收紧，有利于房地产信托和海外资金等进入房地产金融市场，促进房地产金融市场的多元化发展。</span><br/>