Case Analysis Of Citic Securities· ZR Rent And Staging Trust Benefit Right Asset Securitization

With the rapid development of China's urbanization process,the housing rental market has gradually developed,and the state has also given strong support in relevant policies.As we all know,there are many problems in the housing rental industry,such as large investment in the early stage,difficult to make profits and slow turnover of funds.However,ordinary financing methods can not meet the financing needs of the housing rental industry.ZR Asset Management Corporation financing by means of asset securitization not only solves the problem of financing difficulties,but also has a milestone significance for the whole housing rental industry.In this paper,case analysis,comparative analysis and model analysis are used to analyze the entry criteria of special projects,the risk of underlying assets and the cost of issuance.Suggestions are put forward to solve the existing problems.This paper mainly analyses "CITIC Securities ZR Asset Support Special Plan for Rent Installation Trust Beneficiary Rights".The full text consists of four parts.The first part briefly expounds the research background,purpose and significance,and focuses on the typical and representative cases.It mainly includes the following aspects: first,the first consumption stage housing leased asset securitization products in China;second,the establishment of revolving loan structure;third,the effective solution of asset rights with the help of double SPV model.The problems of advantages and defects make the basic assets meet the requirements of bankruptcy isolation and real sale.The second part introduces in detail the "CITIC Securities ZR Housing Rent Stage Trust Beneficiary Rights Asset Support Special Plan" from four aspects: the background of the case,the basic situation of asset-backed securities,the transaction structure and process,and the way of credit enhancement.The third part of the case study,through analysis,found that there are three problems in the special plan.First,the pool entry criteria are too simple.When using the AHP credit scoring system,it is found that the rent installment loans that do not meet the criteria can also enter the asset pool.The Markowitz mean variance model is used to simulate and calculate the weights of the underlying assets when the risk is minimized;second,the underlying capital of the special plan.There are risks in production,which mainly come from the concentration of underlying assets distribution and hidden operational risks of asset service institutions.Thirdly,the highcost of issuing special plans is mainly due to the complex transaction structure,slightly higher returns of investors,more ways of upgrading,and the lack of shelf-type issuance.The fourth part summarizes the "CITIC Securities ZR Treasury Beneficiary Asset Support Special Plan" and puts forward some suggestions,such as quantifying the asset pool,reducing the risk of underlying assets,reducing the issuance cost,and strengthening supervision.