Case Analysis Of Asset Securitization In Long-term Rental Apartment Market

With the continuous improvement of urbanization rate in China,the urban housing system has been partially imbalanced in supply and demand.The housing leasing industry has emerged and developed rapidly.The development of the long-rental apartment industry is the most eye-catching.However,the long-term rental apartment industry generally has problems such as large initial cost investment,limited profit margin,and slow capital turnover.The traditional bank mortgage financing channels have many restrictions on the industry.How to solve the financing problem has become a difficult problem for the development of the industry.Since 2015,the state has given strong support to the long-rental apartment industry leasing policy and financing policy.The attempt to carry out asset securitization in the apartment has eased the financing difficulties of enterprises and provided a new direction for the financing of the long-term rental apartment industry.This paper aims to study the free assets of the No.1 asset-backed securities,to find out its innovations and deficiencies,and to provide theoretical support for the follow-up financing of long-term rental enterprises and the development of the industry.This paper adopts literature review method,comparative analysis method and sensitive analysis method.Taking the No.1 asset-backed securities as the research object,it introduces the issue background,transaction structure and product structure of the securities,and describes the status of the underlying asset pool and the underlying assets.The status quo after the issuance of the securities,combined with the theory of asset securitization and the actual situation of the securities,analyzes from multiple angles: analyzes the motives of asset securitization from the aspects of policy support and free capital demand;Analysis of the characteristic transaction structure such as the intervention of consumer finance;at the same time,with the industry's issued Rubik's Apartment Trust beneficiary rights asset support special plan,the new apartment apartment equity housing asset support special plan and the Zhonglian Qianhai open source-Poly real estate rental housing one The comparative analysis of the asset support special plan pointed out the characteristic design of the free securing products of the 1st and other long-term apartment assets;finally,the cash flow forecasting analysis of the free securities No.1 under different profit rate requirements.Based on the above analysis,this paper proposes long-rental apartment companies tocarry out asset securitization through different paths under the self-sustaining,sub-leasing,custody and other operating modes: under the self-sustaining operating conditions,long-term apartment companies can choose REITs or CMBS.To create a complete business chain;under the sub-leasing operating model,long-term rental apartment companies can use the trust beneficiary rights to carry out asset securitization;under the managed operation mode,long-term rental apartment enterprises can be financed through accounts receivable bond ABS.Finally,this paper makes relevant policy recommendations for asset securitization of long-term rental apartments and forecasts the development and future of long-term rental apartments.