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近年来,房地产市场价格的直线上涨使得国家及政府出台了诸多的调控措施以限制房地产市场过温过快发展。伴随着这些限制政策,房地产企业的融资成本和渠道被进一步抬高和限制,比如新的楼市调控政策已收紧房企债市融资进行拿地开发等用途,因此房地产市场参与者们迫切需要新的融资渠道和途径。这样的背景给民间资本参与房地产金融提供了投资机会和发展空间,房地产私募股权投资基金将得到进一步地快速发展。目前我国地产私募基金仍处于发展初期,较少面临退出问题,在此问题上也没有形成成熟的思考方式和运行逻辑。本文从博弈论的视角来对我国房地产私募股权投资基金退出方式选择进行研究,为此行业的健康蓬勃发展提供理论依据。
In recent years, the real estate market, a straight line in prices so that the state and the government introduced a number of regulatory measures to limit the real estate market overheating rapid development. With these restrictions, real estate financing costs and channels have been further raised and restricted, such as the new property market regulation and control policies have been tightened housing and bond financing for development and other purposes, so the real estate market participants urgently need new Financing channels and ways. Such a background to private capital to participate in real estate finance provides investment opportunities and room for development, real estate private equity funds will be further rapid development. At present, China’s real estate private equity funds are still in the early stages of development, and are facing fewer exit issues. There is no mature way of thinking and operational logic on this issue. This article from the perspective of game theory to China’s real estate private equity investment fund exit options to study for this industry to provide a theoretical basis for the healthy development.