Research On Legal Issues Of Housing Lease Assets Securitization

In recent years,"housing rental" has gradually become the focus of attention.In 2018,the Securities Regulatory Commission and the Ministry of Housing,Urban and Rural Construction jointly issued the Notice on Promoting the Work of Housing Lease Asset Securitization,pointing out that housing lease asset securitization will be vigorously promoted in China.As one of the most important ways for residents to realize their right of residence,Housing leasing is facing immature development and imperfect laws and regulations in China.The introduction of asset securitization in Housing leasing has higher requirements for the stability of the legal relationship of Housing leasing and the corresponding laws and regulations.Therefore,the combination of Housing leasing in the developing period and asset securitization without special laws will face many obstacles in legal system.For example,the risk of default caused by the unstable housing leasing relationship,or asset securitization which will affect the future rental income of Housing leasing enterprises as the basic assets.Whether creditor's rights are transferable in the future,risk assessment of double SPV transaction structure,high taxation of enterprises,insufficient information disclosure,moral hazard of private fund managers and other issues need to be specifically arranged through legislative acts.Therefore,based on the local practice of housing lease asset securitization in China,this paper points out the legal risks that housing lease may face in the process of introducing asset securitization by studying the development experience of foreign developed countries and the structural innovation measures of housing lease asset securitization products in China's practice circles.Housing leasing is a market field with dual attributes of Commerce and public welfare.Promoting the development of Housing leasing market is a major livelihood project of our government.Asset securitization is a powerful thrust to promote this livelihood project.Therefore,the securitization of housing leased assets cannot be regarded as just another brand-new financial product.The securitization of housing leased assets is the key measure for our government to adjust the interest distribution structure of real estate and carry out the reform of housing system in a large scale.This paper will draw lessons from the experience and advantages of Germany,Japan,the United States,the United Kingdom and Australia in the securitization of rental housing assets.We will actively promote the promulgation of the Regulations on Housing Rental Management and the development of special legislation on asset securitization.It advocates building a new type of legal relationship system of housing lease through legislation,clarifying the rights and obligations of both sides of housing lease,and drawing lessons from the introduction of the third-party deposit trusteeship system in Britain.Determine the transferability of future creditor's rights and tax reduction policies for Housing leasing enterprises,and promote the legal construction of Housing leasing in an all-round way.At the same time,we should actively promote special legislation on asset securitization,implement strict access system for fund managers,and increase information disclosure on the use of the obtained funds,so as to remove the relevant legal obstacles to the development of housing lease asset securitization.Actively realize the implementation of public offering REITs in China,and introduce long-term stable assets such as housing provident fund and pension insurance to participate in the securitization of housing leased assets.The legal system of housing rental credit has been gradually established in China,and the housing rental market has been regulated and supervised.