本文结合资产重组理论对房地产不良资产概念进行了阐述, 从四个方面对不良资产形 成的原因进行了分析, 并总结了房地产不良资产目前主要的处置方式. 在此基础上, 提出房 地产“纾困代建”、“类公益债”的定义, 分析了此类型项目的特征以及从多维度对项目投 资标准做了具体说明. 通过有限合伙企业基金方式搭建房地产不良资产纾困代建模式架 构, 纾困代建方的借款以类公益债方式享受优先级债权退出, 其过程通过五大步骤实施. 以 JK公司采用纾困代建模式盘活某住宅不良资产项目的案例进行了分析, 重点对该项目纾 困代建模式的架构设计进行了剖析, 并就项目的风控措施和经验教训进行总结. 结论认为 该模式对销售型住宅烂尾楼的盘活是可行的, 且具有较好的社会、经济效应, 将进一步完 善、丰富房地产轻资产开发运营方面的理论研究和社会实践.
Based on the theory of asset reorganization, this paper expounds the concept of real estate non-performing assets, analyzes the causes of the formation of non-performing assets from four aspects, then summarizes the main disposal methods of real estate non-performing assets at present. On this basis, it puts forward the definition of real estate “relief agent construction” and “public debt”, analyzes the characteristics and makes a specific explanation of project investment standards from multiple dimensions. With the limited partnership fund, the real estate non-performing asset relief agent construction model structure is established, and the loan of the rescue agent enjoys the withdrawal of priority creditor's rights in the form of public welfare debt, whose process is implemented through five steps. It analyzes the case of JK Company by using the rescue agent construction model to revitalize a residential non-performing assets project, then focuses on the structural design of the rescue agent construction model, summarizes the risk control measures and lessons. It believes that this model is feasible for the revitalization of sales type residential buildings, with good social and economic effects, which will further improve and enrich the theoretical research and social practice of real estate asset-light development and operation.