The Case Analysis And Enlightment Of "asset-backed Note Of Chongqing Xiexin Starlight 68 Plaza"

In recent years,the speculative wave in China's real estate market has pushed up the real estate price rapidly.In order to cool down the real estate transactions,the Chinese government and relevant regulatory agencies have introduced a series of strict regulatory measures and restrictive regulations around the real estate industry,driving the market back to rationality.Under such a strong regulatory policy environment,the high-turnover business model of real estate cannot be sustained.The development of commercial real estate and the sustainable business model have become the first choice of real estate enterprises.At the same time,traditional financing channels,such as commercial mortgage loans,are also strictly limited.How to obtain development funds and solve the precipitation of funds in the construction of commercial real estate in the transformation process of real estate enterprises has become the primary problem.With the rapid development of financial innovation in recent years,securitized financing tools that draw on mature foreign experience have been widely used in commercial real estate projects to provide new financing channels for the market.One is debt securitization products,such as CMBS(commercial real estate mortgage backed securities)products;The other category is equity securitized products,such as REITs(real estate trust and investment funds)and REITs.These two kinds of asset securitization have developed rapidly in recent years and gradually formed a certain scale.This paper will conduct a detailed study on commercial mortgage backed notes(CMBN)in the direction of commercial real estate debt securitization financing.In the southwest area the first CMBN "chongqing association letter starlight 68 plaza in 2017 the first phase of the asset-backed paper" as an example,the combination of asset-backed paper(ABN)and theory of commercial real estate financing system,in case the product project general situation of the regional situation,participants,product structure,product release agent and so on many Angle,analysis of case can duplicate the key points,provide reference for subsequent product distribution.This paper will expound the background and significance of the topic,review the research status of CMBS and CMBN products at home and abroad,and put forward research ideas.At the same time,the related concepts of asset-backed notes and asset-backed securities were sorted out,and the similarities and differences between CMBN products and CMBS products were analyzed to provide theoretical support for the full text.In the case overview,it makes a detailed analysis and introduction of the location status,competitiveness status,product originator,issuing ideas and product transaction structure of the underlying assets,extracts the advantages of the dual-spv structure,and conducts stress tests on the repayment multiple of principal and interest in different situations.The case analysis process is mainly divided into three parts: firstly,analyze the factors driving product release from the three perspectives of policy and industry development status,corporate strategy motivation and business motivation of the initiator;Secondly,the advantages and disadvantages of the case are analyzed.Extract and summarize the key points of replicability in the whole product,and provide reference Suggestions for subsequent products.At the end of this paper,the author puts forward the enlightenment and future prospect for CMBN products and securitization market,points out the problems to be solved for CMBN products,and provides Suggestions for the development of CMBN products.Finally,the development of CMBN product is predicted in the future.