Research On The Operation Mode Of Assets Securitization Of Long-term Rental Apartments

Since 2016,with the adjustment of China's urban housing policy and the implementation of the “rental and sales” policy,social capital has begun to be transferred to the city's long-term rental apartment sector.Long-term rental apartments have gradually become a hot topic in first-tier cities and some popular cities.Long-term rental apartments are a new thing in the urban housing sector.The current development is still in a blind period.In addition,the supervision has not yet been fully in place.Enterprises entering the industry generally have difficulties in financing,high investment,and low credit.How to solve this problem? A problem is a topic of general concern in the industry.Rubik's Apartment Trust Revenue Asset Securitization(hereinafter referred to as “ABS”),as the industry's first single asset securitization financing business,is a bold innovation in the financing model of long-term rental apartments,and has great.The reference significance has enabled long-term rental apartments to expand into new financing channels.This paper selects Rubik's Apartment Trust's income right asset support special plan as a case,and uses case study method and literature research method to analyze its project motivation,project feasibility,project cash flow,project advantage and project rating.According to the dual environment of market and policy and the characteristics of Rubik's apartment,analyze the motivation of the project;analyze the feasibility of the project based on the choice of basic assets and credit enhancement;analyze the stability of cash flow by using two simulated environments: normal and stress;And product characteristics to see the advantages of the project;based on the participant's credit rating and credit enhancement measures for project rating analysis,and forecast and judge the future development prospects of long-term apartment asset securitization.Rubik's Apartment Trust's income rights asset support special plan,whether it is its innovative dual SPV transaction structure or multiple credit enhancement measures,has great significance for future long-term rental apartments.The dual SPV transaction structure not only transforms the unstable cash flow of long-term rental apartments into stable claims,but also achieves risk isolation.The multiple credit enhancement measures not only ensure the stability of cash flow,but also construct a core risk prevention mechanism based on the difference payer,guarantor and custodian,and raise the project to AAA.These innovations have great promotion value for the future securitization of long-term rental apartments.