A Case Study on Back-door Listing of Real-estate Branch of a Corporation

【摘要 (中文/英文)】 近年来一系列地产宏观调控政策出台,如紧缩银根、不断加息等,而作为资金密集型的房地产企业的开发资金来源渠道并不多,银行贷款、预售款、自有资金是三大主要来源。最近几年,银行系统高度重视可能出现的房地产信贷风险,楼盘预售准许门槛越来越高,“借壳上市”并实现再融资便成为地产公司寻求发展的理想渠道。研究非上市公司如何通过一条捷径上市,从而运用证券市场的功能提高企业运营绩效,具有重要的现实意义。 山东省商业集团总公司以现代零售业为主业,以生化制药和房地产为重点行业,产业布局涉及教育、酒店、传媒、啤酒制造等领域的多元化企业集团,房地产业是集团近几年大力发展的重点产业,集团在分析了传统的融资渠道已经阻碍了房地产业资金需求的基础上,提出必须走房地产上市的思路,以解决发展所需的资金,规避风险。 本文运用借壳理论,介绍了商业集团的历史与发展,通过对借壳上市的原因、操作过程等研究,试图总结出对国内房地产企业借壳上市具有参考价值的地方,也希望对众多的非上市公司管理者具有参考意义。

 In recent years, a series of landed estate macro-control policies has come into practice, such as tightening the money supply and increasing the interest rate. But the financing source of the capital dense real-estate enterprise is quite limited. Borrowing from the bank, money from presale and own fund are three main sources. Recently, the bank system values the real estate loan risk of possible emergence highly; the real estate program prepares to sell to allow of threshold more and higher. Back-door listing becomes the ideal way that the real estate company looks for a development. So the research about how to obtain rapid and efficient way to make its shares exchanged in the stock market is very important. Lushang Group takes modern retail trade as a main industry, taking the bio-chemical system medicine and real estate as point profession, the industry layout involves diversified business enterprise group of realms, such as education, hotel, media and beer manufacturing, etc. The real estate industry is the main industry that the group developed strongly in the last few years. Analysis the traditional margin outlet has already obstructed the funds demanding of the real estate industry. So Lushang Group should become a listed company to solve the funds demand and the risk. This article uses the back-door listing theory, introduces history and development about Lushang Group, and hopes to find out valuable experiences about back-door listing of Chinese real-estate enterprises by the research of back-door listing's reason, operating process etc .It is hopeful that this research is also helpful to those unlisted companies.

【关键词 (中文/英文)】 鲁商; 房地产; 借壳上市

Lushang; real estate; back-door listing