| Preparation phase | Construction phase | Marketing phase |
Works | Land requisition Preliminary development | Construction and installation | Advance selling Project complement |
Capital demand | Land cost Initial development cost | Cost and expenses in construction and installation | Relevant financial charges Selling expenses Taxes |
Characteristics of financing demand | Long-term equity financing | Short-term debt financing | Short-term equity financing |
Corresponding financing channels | Equity funds REITS | Bank loans Issuing short-term bonds | Sales income (supported by housing mortgage loans) |