Application Of Asset Securitization In Real Estate Destocking

At this stage,there is a current situation in China where the real estate industry has large inventories,low inventory turnover,and slow capital recovery.At the end of 2017,the inventory of residential houses and commercial supply houses in the entire real estate industry in China has become the highest in history,with a total of 718.53 million square meters,facing the problem of difficult digestion,and the accumulation in the fastest sales year in 2015.The inventory must be digested for at least four years.At the same time,the capital turnover and investment dynamics of real estate enterprises will be affected by the inventory problem.The growth of national GDP is closely related to the investment intensity.The inventory problem will also indirectly affect the GDP growth of the country.Problems,which will lead to a reduction in the size and source of local fiscal revenues,while at the same time increasing financial risks.From another point of view,after the real estate policy restrictions on purchases,tax increases,etc.,real estate companies are faced with the risk of high financing costs and a single financing channel.Coupled with the long life of the project and the large scale of capital demand,it is especially important in the capital demand side,and it is also essential for the normal operation of the company and the expansion of scale to understand.Therefore,the inventory problem of the real estate industry should be taken seriously.In China,a large number of real estate enterprises implement diversified financing structure.In recent years,as the equity financing of enterprises is at an immature stage,trust loans and bank financing are the main financing methods for real estate enterprises,while domestic and foreign bonds are issued.As a secondary financing option for real estate enterprises,bills diversify financing risks and costs through diversified financing institutions.Under this environment,the financing means of asset securitization has become a new financing method for major real estate enterprises.Small and medium-sized enterprises also Asset securitization financing means should be the focus of research.Therefore,the new financing method of asset securitization has become the “capital weapon” for real estate enterprises to destock and change the financing structure at this stage.Utilizing the existing projects of the company to carry out the secondary development of the stock has become the key to real estate enterprises to enhance the liquidity of the enterprise.Under the influence of the policies of the past two years,the channel business is not the main financing means,and the bank's approval is strict and the credit line is reduced.Under the current conditions,asset securitization has been promoted and loosened by the government and regulatory agencies.This paper uses the case of Country Park to use the purchase of the last payment as the underlying asset asset securitization.This financing method is an innovative financing channel.Compared with the traditional financing mode,asset securitization can both reinvigorate cash flow and lower the cost of trust loans.After the enterprise financing,a large amount of funds will be used in the project,and the daily operation of the real estate enterprise needs sufficient funds.The lack of funds,the lack of cash flow and even the bankruptcy of the enterprise will cause the company to continue to raise funds to supplement the funds.The problem of high debt will also affect corporate credit,and banks will also be affected when they approve credit.Under the premise of the government's vigorous promotion of real estate development,the promotion of asset securitization will bring far-reaching significance to the real estate industry.This paper is divided into six chapters,the contents of each chapter are as follows: The first chapter expounds the research background purpose of this paper and the research content and method to be used in this paper,and provides the research summary at home and abroad as the theoretical support;the second chapter is simple The current situation of real estate inventory in China is pointed out,and the problems of real estate inventory are pointed out and the reasons are analyzed.The third chapter introduces the theory of asset securitization,including the main body and process of asset securitization,and the principle Important analysis;Chapter 4 further elaborates on the real estate asset securitization on the basis of the analysis and elaboration in the previous chapter,and briefly describes the history of the development of US asset securitization,which is carried out in China during the development of the United States.The enlightenment of asset securities;the fifth chapter focuses on the securitization of Country Garden's assets based on the purchase of housing,and analyzes the effect of Country Garden Asset Securitization on the destocking of the enterprise.Chapter 6 is in Chapter 345.Based on the elaboration and analysis,further proposed policy recommendations and summarized the asset securitization in the real estate depot Role.In the discussion,this paper pays more attention to the combination of theoretical research and company practice.It has certain theoretical guiding significance and high practical value,and provides a certain reference value for the research of asset securitization and destocking.