An Empirical Study On The Risk Management Of Chinese Real Estate Securitization

In 2007 the American loan crisis eruption, our country Central Bank and the Bank Supervising and Managing Committee could in September jointly after-crop in the same year "about Enhancement Commercial character Real estate Credit management Notice", enhanced to the second anteroom loan mortgage round number and the interest rate, the suppression real estate investment demand. From now on, our country real estate market entered the murky time, the entire real estate industry also enters the periodic adjustment stage. In order to realize the development which the real estate industry health continues, must consummate our country's real estate finance system. On the international popular real estate investment trust fund and the housing mortgage loan securitization these two kind of real estate finance innovation tool at present also is in the theory exploration and the preliminary attempt stage in our country. Domestic related front both research, but also mostly pauses in the application pattern exploration, rarely has conducts the research from the risk management angle to it the achievement. Therefore, this article proposition for the Chinese real estate securitization risk management research, is for the purpose of discussing our country real estate investment trust fund (REITs) and the housing mortgage loan securitization (MBS) road of development.This article as cuts the entrance take the real estate securitization basic theory - - property securitization theory, introduced the real estate securitization definition and three big basic principles. In this foundation, discussed the real estate securitization two kind of main application forms (real estate investment trust fund and housing mortgage loan securitization), in detail elaborated each kind of risk which both definition, the operation flow and face, including the REITs system risk and the non-system risk, the MBS three big risks (pays risk, interest rate risk, credit risk ahead of time), and proposed how dodges and to flushes these risks the strategy.In view of the real estate investment trust fund risk management, with the aid of the combination investment risk management model, has established the real estate investment trust fund investment management model. In view of the housing mortgage loan securitization risk guard, take the American loan crisis as the model, put forward our country housing mortgage loan securitization policy proposal.