Case Study On Assets Securitization Of Suning’s Commercial Real Estate

Recent changes in the business environment, making the company holds a commercial property needs to be a long-term stable cash flow, the industry is characterized by the development of enterprises rely heavily on short-term bank loans, and investment holding companies is very large, holding too much fixed assets. But the payback period of such projects itself long, resulting in a certain degree of maturity mismatch. Existing financing environment can not meet the financing needs of enterprises, the demand for innovative financing tools is becoming more urgent. After the Chinese and foreign asset securitization control, compared to China, the United States for commercial property financing diversified way more mature, much more the kind of non-rich, including the issuance of shares, bonds, REITs and other financing methods in practice to get a comprehensive application, China has a lot to learn and imitate the place. The current domestic commercial property asset securitization has just begun to test the water, commercial property financing difficulties and problems need long-term commercial properties characteristic of long-term financing. Commercial property asset securitization, real estate investment trust products in the future development of the market is broad.Currently in China, asset securitization is still in the initial stages of development, there are many problems to be solved, the only way to successfully put this new financing to promote the open. In this article special programs Suning Appliance Group, CITIC Securities in partnership with an example, according to the theory of corporate finance and asset securitization, and the study of the special program for obtaining a stable cash flow, increase trust products, the risk of isolation methods case studies, get some important conclusions provide a reference for other commercial properties held by enterprises to carry out innovative financing.This paper is divided into four chapters.The first part is the introduction of this paper introduces the Chinese and foreign on commercial property asset securitization development, summed up the need for the implementation of asset securitization reasons, related articles and viewpoints introduce the concept, and finally pointed out that research ideas, programs and innovative ideas.The second part is a detailed description of the case of this study, from Suning Appliance’s announcement, the Securities Regulatory Commission disclosed, organize official information related to this article on the official website of the Chinese capital, in accordance with the background of each part of the project, consisting of a special program design, special programs into the operating aspects of the current situation in this case organize content.The third part analyzes the characteristics and special programs implementation effect, focusing on refining the right to rental income based cash flow with stable predictable characteristics suitable for high-quality commercial property projects have commercial real estate asset securitization financing companies, trust and funding trading pipe design plan not only to achieve a two-layer structure of secondary market liquidity, but also has the dominant position of trust law, while commercial real estate proposed by the excess coverage, shareholder guarantees and other measures to increase trust, reduce financing costs. In addition, the case has certain limitations to the right to rely on rental income asset securitization does not apply to commercial property projects the lack of mature companies.The fourth part is the recommendation of this paper, the development prospects of China’s current research, commercial property asset securitization can be applied in. Suning Appliance exemplary role of asset securitization, and points out to promote commercial property and other asset securitization industry viable conclusion.