Research On Rental Housing Asset Securitization In Poly Real Estate

The year of 2017 was called the first year of the rental market.With the development of society and economy,people's demand for housing has gradually shifted from purchase to lease.With the strong support of our national policies,the leasing market real estate industry in our country has gradually emerged and developed rapidly.After rapid development in recent years,the real estate industry is about to enter a stable development stage and return to rationality.The "stock" market means that the real estate houses in the market are saturated.Compared with the "incremental" market,the second-hand housing transactions and leasing play important roles in "stock" market rather than development and sales of real estate assets.Real estate industry in our country will one day enter the:stock"market.Real estate enterprises should be based on long-term development,and their development of housing leasing business has certain necessity and importance.However,real estate companies will encounter more difficulties in developing leasing business.First,the real estate enterprises realize the recovery and revitalization of the rental assets through the rental income,which will greatly increase the capital recovery period of the rental assets,greatly reducing the efficiency of the use of the lease business.Second,real estate companies have high financial risks.In recent years.it has become more difficult for real estate companies to make debt financing difficulties.How to meet the funding needs of the leasing business and control the financial risks of the company is another problem.The leasing market provides an opportunity for the securitization of rental housing assets.Under the strong support of our national policies,the majority of real estate enterprises actively responded and practiced.So,can this financial product bring profit to the company?Can it solve the problems faced by real estate companies in carrying out leasing business?This paper takes Poly Real Estate as the research object,analyzes and studies the motives,transaction structure,and implementation effects of Poly Real Estate's rental housing asset securitization in terms of project profitability,rental asset capital revitalization and financial risk.The followins conclusions were drawn.First.PolyReal Estate has the incentives to implement securitization of rental housing assets.The development strategy called "One Main and Two Wings" of Poly Real Estate makes it has the motivation of innovation and profitability of financial instruments.In the leasing market,leased assets occupy large funds,which makes Poly Real Estate has the motivation of revitalizing the rental housing assets.Compared to the benchmarking enterprises.Poly Real Estate has high financial leverage and high financial risk.And the development of the leasing business has a large capital demand.So Poly Real Estate has the motivation of alleviating the financial risks of the enterprise while solving the funding needs of the leasing business.Second,Poly Real Estate selected a pool of reasonable assets and a high-quality base asset pool to improve the profitability of the project.Third,in the case of fully considering the cost of credit enhancement,Poly Real Estate has increased the credit rating of the project products through the combination of internal and external credit enhancement,which increased investor trust in the proj ect and has made it possible to revitalize the rental housing assets.Fourth,Poly Real Estate has realized the specialization management of basic property assets and the purpose of double risk isolation through the structure of "Private Fund + Asset Securitization".solved the problem of leasing business funds,and reduced the financial risks of enterprises.Fifth.the structure of the "Shelf' issuance has greatly improved the flexibility and adaptability of asset securitization projects and provided a direction for the expansion of the rental housing asset securitization.