Abstract: The development of commercial real estate has great practical significance to stimulating consumption, expanding domestic demand, boosting urbanization process, updating existing commercial facilities, promoting the steady development of the real estate industry and even the national economy. On the theoretical basis of the “Five Force Model” value chain, this paper analyzes the present operational situation of the commercial real estate and the financial barriers. From the point of expanding financing channels, it sets forth the mode of total value chain equity investment fund for commercial real estate. It makes an explanation of the practical operation process of integrating the financial resources on the value chain of the government, the general contractor of construction and the potential purchasing customers, excavating their economical value, and making use of the platform of equity fund to realize project financing value maximization of each participant. Finally, it puts forward some suggestions for the improvement of the process.

Key words: total value chain；commercial real estate；equity investment；financial innovation