A Case Study On Long-term Rental Apartment Asset Backed Securitization

With the central government's position of “the house is used for living,not for speculation”,the top-level design of “rental and purchase” was launched,and the housing rental market represented by long-term rental apartments was cultivated and developed.The housing problem of urban residents and the important measures to achieve "let all people have home." Long-term rental apartments have large investment in the early stage,low profit margin and long return period,and asset securitization can have the characteristics of realizing future cash flow,low financing cost,and not relying on strong subjects.This paper studies the case of Xuhui's asset securitization,aiming to discover the advantages and disadvantages of long-rental apartment asset securitization,and provide a theoretical reference for the long-rental apartment industry to follow the asset securitization financing,and to promote the long-term rental apartment industry.Based on the review of relevant research results at domestic and abroad,this paper uses the theory of asset securitization,adopts the research method combining normative analysis and case analysis,draws on international experience,and combines the actual situation in China to study the asset securitization of long-term apartment.The research content mainly includes the following three parts: The first part is theoretical analysis.That is to say,using the principle of financial accounting,the paper analyzes the basic issues such as the connotation,characteristics,process and improvement methods of long-term apartment asset securitization.The second part is a case study.On the basis of theoretical analysis,this paper systematically studies the case of Xuhui's asset securitization,and systematically analyzes the motivation,process and effect of Xuhui's asset securitization.The third part is the countermeasures.On the basis of theoretical analysis and case analysis,from the introduction of blockchain technology,some solutions and regulatory recommendations specific to the shortcomings of asset securitization are proposed.Through the research,this paper draws the following conclusions: It is necessary to do a good job of risk management and control of long-rent apartment asset securitization;It is necessary to apply modern technology like blockchain to long-rent apartment asset securitization;It is necessary to establish long-rent apartment asset securitization public offering REITs exit channel;It is necessary to improve the laws and regulations on the securitization of long-term apartment assets.