Asset Securitization And Its Application In The Field Of Real Estate Research

Since the housing system in china has been reformed,the real estate industry in our countryhas been developping quickly. It seems to be obvious that the industry will be develop in the nextseveral years from several researches. As a fund-sensitive industry, the development of the realestate industry depends on the insistment of the financial innovation. Therefore, with the goodtendency of the development of the real estate industry, there are many researchers to research"REITs"(Real Estate Investment Trusts) and "MBS"( Mortgage Backed Securitizitions)。Becauseboth "REITs" and "MBS" are belong to the field of the asset securitizitions , the researcher of thearticle will resarch what the keys of the "REITs" and "MBS" are and how "REITs" and "MBS"should be applied in china from the point of the assets securitizitions.The assets securitizitions is the process and technology in which the assets are represented asa kind of the security. The Real Estate Investment Trusts is a kind of arrangement by which thefunds of all kinds of the investors is collected to invest and manage in the real estate assets,and thereturn from the assets is shared by all investors. The Mortgage Backed Securitizitions is thefinancial process by which the venture of the mortgage collected mortgage as a mortgage pool,then sell to the special venture, the special venture followingly sell the securities which is issuedby the mortgage pool to the investors. The Real Estate Investment Trusts and the MortgageBacked Securitizitions are two kinds of forms of the assets securitizitions.In the articles, the author resarch what the keys of the "REITs" and "MBS" are and how"REITs" and "MBS" should be applied in china from the point of the assets securitizitions in fourparts. Such as:the assets securitizitions theory(chapter 1);the theory base of the assetssecuritizitions in the economics and fianancial behavior(chapter 2);the several critics of the assetssecuritizitions(chapter 3);and the applications of the assets securitizitions in the chinese real estateindustry(chapter 4-5).In the first part, on the basis of the analyse with the difinition and principal of the assetssecuritizitions, the author illustrated the several application forms of the assets securitizitions inthe real estate industry, and the important meanings of applying securitizitions in chinese realestate industry. In the second part, the author illstrated such more theories in the economics andfinancials on which the assets securitizitions theory depends,as the fiancial function theory,thefinancial development and innovation theory,etc. In the third part, the author illustrated the severalcritics of the assets securitizitions, such as the push and regulate of the government,law, the offsetof the SPV, etc. In the forth part, on the basis of the the analyse with the difinition,the feature,therun procedure , the category and the function of the "REITs" and "MBS", the author analysize thedevelopment experience of those abroad, and internal beneficial factors and obstacles,illstratedhow "REITs" and "MBS" should be applied in china from the point of the assets securitizitions.