Law From The Perspective Of Real Estate Securitization

Set up in the German civil code at the beginning,the system of thereal estate securitization began to boom fleetly in 70s in the twentiethcentury, coming to be an important instrument of financing. The practiceof real estate securitization has obtained a great development in China,which made it more necessary for jurists to strengthen the research on it.From the standpoint of law, this thesis tries to give a profounddissertation of real estate securitization system.The thesis consists of three parts besides the introduction, countingup to thirty thousand words.Introduction chiefly analyses the background and significance ofthis thesis. Real estate securitization is an important form of assetsecuritization owing to the essentiality and particularity of realestate.This part also introduces the general situation of domesticc andexternal real estate securitization in practice and law, and concludes thatthe juristic research on real estate securitization in china has droppedbehind,which indicates the neccessity and urgency of the topic in thisthesis.PartⅠdiscusses the value of real estate securitization.The researchon law should be started with axiology that a law system without valueis unworthy of any attention.Thinking that real estate securitizationhighly reflects the freedom and efficiency value of civil law, the authorfirstly analyses the legal value in this part,and thinks.Secondly, theauthor discusses the practice value of real estate securitization real andexpatiates its importance to satisfy the demand of financing andencouraging investment.PartⅡis the formation of the basic theory.In this part,the authortries to illustrate the definition of real estate securization from thestandpoint of law, which needs probing into the object ofsecuritization.By analysing the rights about real estate and the essenceof real estate securitization,the author advances the view that only hypothec can be the object of real estate securization. The essence ofreal estate securitization is securitizing the value of real estate,and onlyhypothec is the civil right to control the value.Therefore,the authordefines 'real estate securization' as following:it is a system which turnsthe hypothec representing value of real estate into securities in order toobtain money.This part discusses the relation between real estatesecuritization and independence of hypothec.The author concludes byanalysis: securitization is necessarily the form of independenthypothec,and independent hypothec is the requirement of real estatesecuritization.Consequently, the author suggests the independenthypothec should be introduced into our law system. And then, theauthor describes the types of real estate securization in the world,especially in the country, which sets up basis for following research.PartⅢdiscusses how to introduce real estate securitization into ourcountry's law system.The author analyses the legal system environmentin our country at the beginning of this part,thus drawes the conclusions:the legal system environment in our country is fit to introduce real estatesecuritization.In succession,the author discusses what pattern of realestate securitization system we should choose.The different styles of realestate securitization have their own values in different countries.Therefore,the author suggests: on the condition of using hypothecincluding dependent and independent hypothec as basis of the systemand adopting trust theory as risk insulation mechanism, we shouldintroduce and regulate all of effective styles of real estate securitization.At last, the author gives a research on several concrete mechanism ofreal estate securitization, and puts forward some suggestions aboutthem.