Case Analysis On The Securitization Of Trust Beneficiary Right Of Mofang Apartment

With the rapid development of China's urbanization process,the long-term rental apartment market is gradually moving toward the front,and the country has given strong support in related policies.As we all know,the long-term rental industry generally has the problems of large investment in the early stage,difficulty in making profits,and slow turnover of funds,and ordinary financing methods have higher credit requirements for the long-term rental apartment industry.Therefore,how to effectively obtain low-cost financing becomes a huge problem.MoFang apartment has successfully extricated itself from the financing difficulties by carrying out the asset-backed securitization(hereinafter referred to as "ABS")financing innovation,which is a milestone for the whole long rent apartment industry.Therefore,this paper aims to deeply study this case to seek its successful experience and deficiency,and provide strong theoretical support for the subsequent ABS financing of MoFang apartment and long rent apartment industry.MoFang Apartment is China's first chain of concentrated long-term apartment operators.This paper adopts the case study method,combines the theory of ABS and its actual situation,analyzes the special project of the MoFang Apartments trust benefit asset support from multiple perspectives: Analyzed the motivation of the project from the aspects such as the just-in-time demand of the market,favorable policies and the needs of MoFang Apartment;Analyze the effect of the core links such as the structure of the pooled assets,the capital management,the leveling arrangements,and the bankruptcy isolation mechanism;Forecast cash flow of the project through cash flow coverage multiples;Analyze the project-related risks and prevention from various perspectives including participants,basic assets,cash flow forecast,rating,and market;Analyze the advantages and disadvantages of this project from product characteristics,structural design,and credit enhancements.Based on the above analysis,this article proposes suggestions for the development of ABS in the MoFang Apartment and long-term apartment industry respectively.For MoFang Apartment,this article this paper mainly suggests that it should optimize from the perspectives of rational arrangement of credit enhancement,training of high quality basic assets,public offerings,expansion of financing entities,drawing on the issue of issuance of shelf-style issuance and reduction of issuing costs.For the long-term rental apartment industry,mainly from the improvement of the relevant legal system,leniency flexible regulation,improving the credit rating system,training quality based on assets,products,design,stage basic asset classes suitable for ABS and ABS financing practice block chain technology puts forward suggestions.The innovation point of this paper is to select the first ABS case of the long rented apartment industry as the research object.This case has not attracted widespread attention in the domestic academic community and only a few relevant theoretical studies,therefore,this paper provides a new idea for the study of long-term apartment ABS.The inadequacy of this article is that this project is issued by private placement,and the relevant information is difficult to obtain,which affects the comprehensiveness of the research.In addition,the results of this study have not been tested.The rationality of the research is still to be verified.At the same time,the limitation factors such as time and research level also make the content of the score analysis undetailed.It also made the content of the analysis not exhaustive,such as the pricing mechanism,the applicable tax system,and so on.