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)