China's Real Estate Securitization Model To Explore

The present of our country is facing the structure adjustment, and it will demand huge fund to start the real estate market and expand domestic demand. But the financial system of real estate is rigid and single ,which taking bank as main financing channel our country has formed for many years .This has not only made the existing financial system accumulate a large number of financial risks, but also limited the development of the real estate objectively. How to utilize securitization of the real estate to solve these long-term problems, is an important subject which concerns the healthy grow up of real estate, and even the steady development of whole national economy.This paper gives the conditions to develop securitization of real estate, and points out after analyzing: the huge quantity of urgent real estate financial risk which has been waiting to release for a long time, the financing channel of real estate that is to be widen urgently, the developing capital market of real estate, a huge investment demand in the securities except for stocks ,are all calling the securitization of the real estate. So the real estate securitization of our country is imperative.Through analyzing the advanced experience in securitization of foreign real estate and making investigations on the current situation of securitization of real estate in our country, this paper points out the problems existing in Real Estate Investment Trusts, in real estate corporate bonds, and in land and property right securitization, then proposes the improvement suggestion of the policy.This paper, to the most important and central question in the financial market of real estate of our country ~ Mortgage Backed Securitization, proposes the conceive and suggestions. Mortgage Backed Securitization of our country can draw lessons from the "exchanging and holding" mode of Hong Kong. Namely the commercial banks strip their personal housing loans, and then buy back some of these bonds and hold from such organizations which issues the mortgage bonds as the securities broker company of mortgage etc.. This text hopes to offer some beneficial exploration andtry for smooth development of the securitization of real estate of our country, in the hope of promoting the coordinated development of economic society to realize the well-off society smoothly.