Financing Strategy and Real Estate SMEs Growth from the Perspective of Resource-Based Theory

The paper analyses the real estate SMEs' different financing strategies in different development phases of life cycle in China based on the findings of a survey after the global financial crisis. The paper considers that the real estate SMEs still cannot obtain enough capital from outer financing institutions although the Chinese government announced Rmb 4,000bn in additional stimulus measures in 2008 to help rescue the territory from the steepest economic decline in more than two decades. Lacking of financial resources lends to the poor reputation, physical resources, human resources, technological resources and organizational resources in the real estate SMEs from the perspective of resource-based theory, and then discusses the financing strategical countermeasures of the real estate SMEs.