| Chinese real estate business has been troubled by the single channel of financing for a long time,the extend of the dependence on the bank loans has beyond the global standard,which gives the potential risks about the Chinese financial system.On the other hand,as the real estate market investment threshold is higher than the general investment in securities,small and medium investors cannot enter the real estate market,the high-quality investment of private capital is lacked,resulting in the uneven of demand and supply in the field of capital.In the real estate market,the characteristics about large scale of funds and long payback period of commercial real estate,making commercial real estate more dependent on the effective operation of financial capital.However,sources of commercial real estate funding are highly dependent on short-term bank loans,which cannot meet needs of the long-term and large size of funds from commercial real estate.The commercial real estate financing tools need innovation.Asset securitization came into being under the good policy orientation.Asset securitization can play a certain role in reducing financing cost,enhancing product liquidity,optimizing financial structure.The implementation of Asset securitization is also in line with the guidance of national policy on financing direction.The case chosen in this paper is the first case of the use of asset securitization by commercial real estate enterprises after the commercial property is clearly classified as the basic asset.This paper analyzes the causes,main risks,precautionary measures and effects of Asset securitization,and focuses on the key aspects of Asset securitization which are the basic assets that can generate stable cash flow and the means of credit enhancement and risk isolation measures to analyze the highlights and shortcomings,in order to provide experience for further research.This article is divided into five chapters.The first chapter briefly reviews the current situation of domestic and foreign research and related theories.It points out that research on asset securitization focus on the reason and effect of Asset securitization,guarantee mechanism as well as the selection of financing models.However,these studies cannot guide commercial real estate industry well.The second chapter elaborates the related concepts and theoretical basis of Asset securitization,discusses and summarizes the definition of Asset securitization,participation in the main body and the general process,and puts forward the theoretical basis of asset securitization.The third chapter is the case introduction section,through collecting the data related with Haiyin special plan,this article begins with the brief introduction of Haiyin,shares the parties to the special plan,the transaction structure of the special plan,the basic assets of the future expected cash flow and the operation of the product of the special plan,and sums up four characteristics of Haiyin specific plan,which are the underlying assets with the ability to generate a stable cash flow,uncompleted bankruptcy isolation,using multi-means of credit enhancement as well as good program management team.The fourth chapter is the analysis of the case,which is the emphasis of this article,tells about the Haiyin shares of Asset securitization financing incentives,main risk of this special plan as well as the effectiveness of the special programThe fifth chapter is the case conclusion and enlightenment.The content of this part focuses on the advantages of Haiyin shares in Asset securitization and the shortcomings in case promotion which is that Asset securitization based on rent income right does not apply to other companies widely.However,Other land agents can draw lessons from the case to execute Asset securitization better in the future.In this case,it is not difficult to see that the Haiyin shares completed a successful Asset securitization financing behavior by pledging its commercial property leaseback accounts receivable to the Da ye trust established for the Asset securitization operation,thus succeeding in realizing the expected future rental income of 1.5 billion yuan in advance.However,in the actual operation of the Asset securitization,due to the legal basis of Chinese Asset securitization “Securities Law” is not perfect,Haiyin shares cannot obtain ownership of commercial real estate to implement the real sale,which led to the failure of achieving the true isolation of risk of Asset securitization,increased capital costs by giving interest rate compensation to the risk failed to be isolated.But it must be seen that,the financing cost of Asset securitization is higher than cost of same period of qualified bonds,which is due to the compensation for lower liquidity,therefore,by calculating the actual internal rate of return we can see that the Asset securitization of Haiyin shares is a low-cost financing program actually.In addition,program managers which are professional and experienced brokerage team,made the issuance and underwriting of bonds successfully,guaranteed the securities issuance,circulation and repayment of Asset.However,the pledged 14 commercial property real estate assets are high-quality,which are rare in China.Therefore,in the fifth chapter,the possible shortcomings of this case in case promotion are mentioned,in order to attract the attention of commercial real estate enterprises. |
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