Asset Securitization In China's Real Estate Financing Businesses In The Research And Application

Real estate has become a pillar industry of China's national economy, the national economy's "barometer." The degree to the healthy development of the real estate industry will be directly affected the country's financial system security and social stability, the question of national concerns the livelihood of the core issues.At this stage, China's real estate industry is the biggest problem facing - excessive reliance on bank credit caused by internal capital structure is irrational. This will hinder China's sustainable and healthy development of the real estate market. At the micro-level, the structure of funds within a single enterprise, the ability to resist risks worse, The market circulation of capital system is not perfect, social idle funds have not been fully utilized. From a macro level, is the risk of bank real estate loans continued to increase, the state's financial security by the potential threat.Thus, from 2003 began countries issued a series of tightening credit to the real estate as the core macro-control policy, and has recently become more frequent and severe trends. In June 2003, "121 of the document" stipulates: real estate enterprises own funds rate loans not less than 30 percent and "four cards" complete. In May 2006, "State 15" real estate enterprises will loan funds owned rate from 30% to 35%, and further enhance its own financial strength requirements. In September 2007, the People's Bank and the China Banking Regulatory Commission jointly issued a document to stress again that all commercial banks must be implemented "only to have cap mortgage loans to individuals for projects" policy, which means that mortgage loans to real estate enterprises of the time will be seriously lagging, the project late development of cash flow was significantly affected. Etc.As well as we know, funds are the lifeline of enterprises'survival and development. But frequent and tightening macro policy to rely on bank credit of real estate enterprises are all facing financial pressure to survive——not at this stage of bank credit not only to meet their demand for capital in, or even back to the future business enterprises had extremely major funding uncertainties. Therefore, change in China's real estate single financing channel for enterprises, the establishment of a wide range of direct financing channels imminent.Based on the background of the development of China's real estate industry, real estate enterprises finance needs and foreign real estate corporate finance experience, will be made use of asset securitization to finance China's real estate enterprises in the concept. Except chapter I introduction, In order to better carry out the theory of this concept demonstration exploration and practice, the paper from six chapters in detail on the specific contents are as follows:Chapter II, firstly China's real estate enterprises of the drawbacks of traditional financing methods for analysis and thinking of the next chapter asset securitization industry for the introduction of background basis. The main contents of the chapter, including the policy level and the enterprise level two aspects. The policy level, reviewed the different historical stages of development of China's real estate market changes in credit policy. Enterprise level, clarifying the real estate enterprises rely on banks over a single mode of financing the disadvantages of non-asset securitization and other means of financing advantages, disadvantages and scope of a comparative analysis, but they are not found with extensive promotion conditions. Based on the above two levels of analysis, we concluded: It is necessary to completely change the whole enterprise at this stage of a single real estate financing structure, must be an effective addition to the search for innovative financing methods. Chapter III follow of Chapter ideas, the introduction of an asset securitization basic theory. In this chapter, firstly introduce the asset securitization's meaning, characteristics, participants, operational processes and the importance principles. Secondly, then easily confused with the enterprises securitization and MBS were compared separately concept analysis, in order to more clearly define asset securitization research field.Chapter IV is devoted to the main asset securitization financing experience of the developed countries. In this chapter 1-3 quarter to the United States, Britain, Japan as an example, from the development of asset securitization, the main financing model, and the associated core experience of the reality of our country come to experience many aspects, on the above three countries asset securitization experience. In this chapter the fourth quarter, will be the experience of the first three quarters enlightenment integration, first of all, and summed up the United States and Britain and Japan Asset Securitization the six common characteristics, it is seen from the securitization of real estate assets bring innovative reform, it prompted the their breakthrough in the real estate enterprises in the capital after the bottleneck to the development and strengthening of constant; Secondly, combined with China's financial system are not sound enough, and real estate enterprises financing channels for a single, national conditions, such as the rapid development of the securities market in the United States,Britain and Japan, on the basis of common experience refined from the on China's real estate asset securitization development of the reference seven important inspiration.Chapter V is the full text of important analytical chapters focus on China's real estate asset securitization financing decision-making analysis. Beginning, on China's real estate asset securitization financing for the development of a brief scan, obtain China's real estate trust financing slow development, and real estate investment fund has not yet formally established conclusions. The remaining contents of this chapter is divided into macro level and micro level two parts: First, China's real estate asset securitization financing macro SWOT analysis, and the other is China's real estate asset securitization financing their internal decision-making analysis.Chapter VI is the full text of sublimation, made suitable for China's real estate asset securitization financing, "one-main and two-secondary" model. The point made in this chapter is built on the previous four chapters based on the content and conclusions of, and worked hard to make and justifiably. The "core model" - REITS, the " two-secondary model" - the sale of land use rights in the analysis of the Trust and RELP, the paper respectively from conception based on the specific model, and application of the four development proposals demonstrated the feasibility mode.Chapter VII is Chapter VI "one-main and two-secondary" model of the application of the case. In order to solve cases in the real estate encountered in the process of developing a capital bottleneck problem, we the item to its own characteristics and "one-main and two-secondary" securitization of real estate assets of the respective financing model applicable conditions were compared to select RELP mode. Finally, the program assumptions, the process set up operations in the contents of two parts, bold simulation in the case of RELP mode of financing process.