The Preliminary Probe On China Housing Mortgage Loan Securitization

The emergence of Asset-backed Securitization is the inevitable choice of the development of market economy. Since 1968, the transferable security was firstly issued in USA, so far, there has been a history of over 30 years. It was also developed quickly in Europe. In Asia, Asset-backed Securitization, launched in 1990s, was developed quickly in Japan, Korea and Hong Kong.In the capital market of China, the capital demanding scale is increasingly expanding with the economy development. In the past, the state-owned enterprises settled the capital case by the indirect financing of loaning from the bank. However, the high ratio of indirect financing will increase the bank's risks since the domestic state-owned commercial banks haven't been operated in an enterprise-oriented way, which in turn made the ratio of non-performing assets in commercial bank gradually increased. Consequently, multiple financing tools are urgently needed. For domestic finance market, launching Asset-backed Securitization is a milestone affair. The Asset-backed Securitization can not only help expand domestic finance market, fasten the merger of finance market including bank, security and trust company and strengthen the fluidity of the bank loan assets, but also add the category of finance market and facilitate innovation of domestic finance products.For the domestic finance market and institutions and the most investors, the Asset-backed Securitization is a new product and market. Thus, to launch the domestic market of Asset-backed Securitization, we ought to not only have a thorough understanding on the Asset-backed Securitization, but also importantly, design the Asset-backed Securitization product, market, rules and supervising method that fit for Chinese situation. The domestic Asset-backed Securitization has been brewed 10 years. Through continuous exploration, the Asset-backed Secutization finally broke through various Chinese policy restrictions in the aspects of the laws, regulations, taxation and accounting, and emerged in the market.Furthermore, the A-grade market of housing mortgage loan began to take shape, which in turn provide the necessary conditions for the development of housing mortgage loan secutization.The essay, on the basis of introducing the various elements of Asset-backed Securitization, analyzed product characteristics, operating skills and relevant law regulations of Asset-backed Securitization in the countries of USA, Europe, Australia, Korea and Japan and made analysis and comparison on these countries'Asset-backed Securitization, which derived the development mode of Asset-backed Securitization fit for China. Applying the Returning-model, the essay analyzed the capacity of our country's possessing Asset-backed Securitization in details. Meanwhile, the essay particularly analyzed the 2005 year Jianyuan Case which was taken as the first year of Asset-backed Securitization issued by the Construction Bank of China. In this Case, the essay mainly introduced the trade structure, conditions of assets pool, security character and credit quality of Jianyuan Asset-backed Securitization, meanwhile, pointed out the risks and flaws on this issue.On the basis of summing up the characteristics of Asset-backed Securitization in China and foreign countries, the essays proposed some issues that are worth concerning for our country to further deepen Housing Mortgage Asset-backed Securitization, especially in the aspect of finance and taxation, and proposed constructive proposals.