Real Estate Securitization And Its Mode To Explore

Securitization about real estate will be the general trend of resolving the problem of real estate financing in our country in future . It is a important main topic in real estate finance which we should benefit by foreign expriment and research into the model of seluritization about real estate of China. This thesis will try to research into the feasibility and the model of securitization about real estate of China.This thesis contains six sections.The first section elaborates the function of securitization about real estate . Securitization about real estate can change existing asset into floating asset.make investment risk decentralization,and realize the role of financing lever through absorbing mass capital.The second section analyses the revenue and risk on securitization about real estate.lssuer can realize low cost finance and get serving revenue. but,he faces capital risk,revenue risk,market risk and so on . Investor will gain the investment revenue that is higher than long bank savings interest rate. but,he faces more risks,such as advance payment risk . fraudlent risk,law risk,credit risk irresistible risk and so on.The third section analyses the condition of securitization about real estate. From the course of securitization about real estate in America - Japan and Canada,England,the sesuritization about real estate must possess many certain subjective and objective terms,such as economic system. Technology organization and so on.The fourth section analyses the feasibility of securitization about real estate of China. The favourable terms are the success experiment in foreign country . the domestic huge real estate market and the developing trend,the rapid developing of real estate finance market,gradual mature and international standard security market . gradual excellent domestic finance organization system . the technological support of high science and technology industrial. more and more sound and strong of law condition and huge real estate security demand mass and soon . The factors restainning the securitization about real estate of China are :pluralistic owership system,no law about real estate securitization,excessive harmoniouss of real estate market,small capacity of stock market and lacking organization investor,too small scale of the first market of real estate finance,standstill of loan money because of bank cherish sale and delay of real estate loan historically,no sound of trust system:no mature technology of real estate securitization.The fifth section talks about the model and experience of real estate securitization in developed country. From the experience of America,Canada,England,French,we can gain enlightenment as below :After primary market of real estate finance has developed up to a certain extent,the secondary market must be developed. The government play a main part in the development of house finance market . Every country pays great attention to the role both government and commercial finance organization.The sixth section is researching into the model of securitization about real estate of China . We may adopt four models as below.l.Real estate investment fund. It is the better model in our country . Its model structure is as below:2.To develop rapidly the real estate stock is still one of the best models of real estate securitization.3. Joint real estate decentralized management trust . Which is one model that adpotes our commercial real estate securitization. Its model structure is as below:Issue certificate of beneficial interest and pay out revenue4. Securitization about real estate mortgage loan. Which is to sell the real estate contract transacted in the market. Its main model is:...