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Infrastructure and real estate are the two most critical sectors in any developing economy.

A well-developed infrastructural set-up propels the overall development of a country. It also facilitates a steady inflow of private and foreign investments, and thereby augments the capital base available for the growth of key sectors in an economy, as well as its own growth, in a sustained manner. A robust real estate sector, comprising sub-segments such as housing, retail, hospitality and commercial projects, is fundamental to the growth of an economy and helps several sectors develop significantly through the multiplier effect.

However, both these sectors need a substantial amount of continuous capital for their development.

Currently,

中国房地产金融已站在发展的交叉路口。经过数十年不断扩张的中国开发商，在资产负债表日渐杠杆化的同 时，也面临各大银行日趋保守的信贷政策。今后，这些开发商除了采用传统的融资手段，还需要着眼于一些 新兴的结构性融资工具。 本报告简要阐述了中国房地产金融的发展现状，并着重探讨了房地产证券化及房地产投资信托基金 （REITs）的未来发展前景。尽管房地产证券化和REITs尚处于起步阶段，但是对于中国房地产投资者和开发 商来说，它们有着巨大的发展潜力。

This Report contains a full year’s data from 1 January to 31 December 2016 and focuses primarily on operations owned and managed by CDL’s Singapore headquarters, excluding that of our subsidiaries. The scope covers...