Commercial Mortgage Backed Securitization In China

Commercial Mortgage Backed Securitization is a kind of new-type financing way. The new kind of financial innovation tools has superiority in many aspects. It is developed very fast all over the world. At present, the CMBS call is very high. But the research on CMBS is limited in our country. It is extremely urgent that we should pay more attention to the analysis and studies on the theory and practice of commercial mortgage backed securitization.From a perspective of a balance between theory and practice, the author tries to research on the implementation of CMBS in China. Firstly, the thesis introduces the related theory of CMBS, explaining the basic law of asset securitization. Secondly, the thesis focuses on the analysis of the problems and obstacles that the CMBS has faced in theory and practice at length. Then on the basis of close theoretical analysis and data-processing, the author put forwards related measures and advice that we should present a framework model with the design of the transaction entity, the transaction structure, the transaction flow, the asset pool,the credit rating and its enhancement, the pricing of CMBS etc.Lastly, the thesis suggests that we should grow the asset securitization market environment and market corpus such as mansion, bank, insurance company and the rating organization etc. and strongly push the reform of laws, accounting system, revenue etc. and lay solid foundation for the CMBS implement project that suits Chinese state of the nation.