A Research On Asset Securitization Mode And Tax Planning Of Long Rented Apartments

The rapid growth of the real estate market in the past twenty years has made our country gradually enter the era of real estate stock.According to the "Lianjia research institute" statistics,the market value of the national stock real estate in 2016 is about 245 trillion yuan,of which the housing stock is about 180 trillion yuan;the market value of the housing stock has exceeded 200 trillion yuan at present,combined with the rising price of house prices and the new real estate sales since 2017.According to the top design of"house is for living not for hyping",China will focus on establishing and perfecting the long-term mechanism of multi-channel guarantee,multi-agent supply and "equal rights of renting and purchasing" for all people to live in.Under this background,the long-rent apartment has become the current wind-mouth industry,but because of its high initial investment and long return period,it is difficult to make rapid development by the traditional financing model.With the opening and innovation of the financial market,the securitization of the future cash flow can become an important option for the long rented apartment enterprises to obtain lower cost financing and to realize the withdrawal of investment.How can the long rented apartment operators choose the appropriate asset securitization based on their own management characteristics,and how to reduce the tax burden and reduce the financing cost through the transaction structure design under each mode?This paper,starting with the research on the asset securitization model of the long rented apartment and the tax planning,combined with the theoretical research and the typical case analysis,tries to sum up the experience reference that can be replicated and popularized.This article is divided into five chapters,in accordance with the introduction-the concept of asset securitization and the research literature-the model of the asset securitization of the long rented apartment and the tax consideration-the case analysis of the asset securitization of the long rented apartment-the structure of the research conclusion and the revelation.The core chapter,taking the first example of the "similar REITs" product of the long rented apartment,the special plan of the equity backed asset support of the new apartment,analyzes the underlying asset conditions,the transaction structure design and the operation management model of the long rented apartment asset securitization,and mainly revolves around the underlying asset standard,the increasing credit mechanism,and the income score.The analysis of allocation,governance structure and exit mode prompts consideration of tax planning in all aspects of product structure design.Through the summary of the mode selection and tax planning of the asset securitization of the long rented apartments,on the one hand,the author tries to practice the "unity of knowledge and practice" from the financial and tax work of the author,and on the other hand,hopes to contribute to the healthy development of the long rented apartment asset securitization market.Finally,the shortcomings of this study are analyzed.