Research On Securitization Of Housing Lease Assets

The 19 th National Congress of the Communist Party of China proposed to insist that the house is used for housing,not for the positioning of speculation,and to speed up the establishment of a multi-subject supply,multi-channel security,and rent-and-purchase housing system.The government has introduced a series of policies aimed at promoting the development of the housing leasing market.Long-term rental apartments can better meet the needs of the current housing rental market with the advantages of brand operation,refined management and standardized after-sales service,and have great development potential.However,its development faces two major problems: First,it is subject to the light asset operation mode,the main body credit is insufficient,and the traditional method is difficult to finance;the second is the rental income as the main credit support of long-term rental apartments,which is difficult to be specific and the characteristics of unstable cash flow.And the legal nature of the rental income right is ambiguous,which leads to the limitation of issuing securitization products directly as a basic asset in the securitization process.Therefore,in view of the above problems,how to choose the best financing method and design financial products with application value becomes the key to the development of long-term rental apartments.This paper selects the domestic first-class apartment industry ABS product-Mofang Apartment ABS as the research object,combines the development of longterm apartment development,explores the long-rent apartment financial support program,and studies the light asset type long-term apartment financing solution provided by Mofang Apartment ABS.Application and promotion value,and provide relevant enlightenment and suggestions for the development of the long-term rental apartment industry.This article consists of six chapters,focusing on proposing and analyzing problems-solving problems-to develop the logical ideas of revelation.The first chapter is an introduction,which mainly explains the research background,research content,and innovation points and shortcomings.The second chapter introduces and analyzes the development of long-term rental apartments.Firstly,it introduces and analyzes the concept and main mode of long-rent apartments.Secondly,it focuses on the development of problems,and initially draws solutions to lead the solution represented by Mofang apartment ABS..The third chapter introduces the ABS overview of Mofang Cube apartment to lay the foundation for case analysis.The fourth chapter analyzes the choice of financing methods,mainly adopts the method of comparative analysis.According to the current situation and characteristics of the four main financing methods of long-term rental apartments,this paper analyzes the traditional financing methods based on subject credit and securitization based on asset credit.The applicability of the financing method to the Mofang Cube apartment.The fifth chapter is product design analysis,which mainly studies the four aspects of transaction structure setting,credit enhancement means,cash flow forecasting,risk and preventive measures,and explores the application and promotion value of Mofang apartment ABS product design.The sixth chapter summarizes and enlightens the case,sums up the useful experience of the Mofang Apartment ABS and the areas that need to be perfected,and draws suggestions for the development and financing of the long-term apartment industry.Through the analysis of the full text,this paper draws the following enlightenment:First,the long-rental apartment industry chooses asset securitization financing,which helps to break through the limitations of the subject credit and broaden the financing channels for long-term rental apartment enterprises.It is the optimal financing option for the long-rent apartment industry to solve the financing dilemma and achieve scale development;Second,innovative securitization product design,using dual SPV transaction structure and corresponding credit enhancement means,based on rental income,to build a basic asset in line with asset securitization requirements,is an effective means for long-rental apartment companies to choose securitization financing.Mofang Apartment ABS product design has application and promotion value.