A Research On Financing Mode Of Commercial Mortgage-Backed Securities In X Real Estate Enterprise

As the pillar industry of the national economy,China's real estate industry has achieved rapid development in the past 20 years.Until the central governmentdeclared that "the house is used for living,not for speculation" in 2016,major regulatory authorities have introduced relevant policies,such as 930,which have strongly limited the financing channels of the real estate industry,yet led to the industry winter.Under these circumstances,real estate companies must go beyond traditional financing ideas such as bank credit,bonds,and stocks to seek more innovative and diversified financing channels.Under this opportunity,the Asset-backed securitization(ABS),which has been piloted for many years and on the right track,has won the favor of real estate companies as a standardized financial instrument.According to the market participants and distribution scale,the real estate ABS market has gained a huge growthsince 2015.With the vigorous development of real estateABS,more and more researchers are focusingon this field,but most of them focus on the top ten real estate enterprises such as Evergrande and Country Garden,and the products are often securitization of supply chain financial assets-backed securitizationorhouse purchase assets-backed securitization,both requires high credit ratings.Therefore,this essay will focus on a private medium-sized real estate company ranked 50-100,based on the commercial mortgage backed securities(CMBS);An analysisof the similarities and differences between the case of "high-quality property,low-rated subject" and "immature property,high-rated subject",to explore the current domestic market's commitment to high credit and how to optimize product factors.Clarify thethree key points for medium-sized real estate companies to successfully obtain financing through CMBS,enhance the qualification of the issuer,select high-quality properties and determine the reasonable issuance scale.Globally,mature markets such as the USA have been developing securitization of commercial properties for nearly 50 years,CMBS has became one of the major products in its ABS market.Therefore,China's future CMBS market will have a huge development,but also facing many challenges.Through the case analysis,the essay has extended the thinkings on China's current CMBS market and proposed countermeasures to promote a healthy and stable development,focusing more onproperty quality,rather thanhigh credit ranking,breaking the dramatic phenomenon of bankruptcy while holding good assets.