Study On Asset Securitization Financing Of Public Rent Housing In Chongqing

Under our country’s original housing security system,there are a group of people who do not meet the security standards,mainly including newly graduated college students,migrant workers and low-income people in the urban household registration.They are called "sandwich layer" group.The purpose of national construction and public rental housing is to solve the housing problems of this group.With the boom of the real estate market in our country,facing the high housing price,more and more "sandwich layer" groups emerge,and the task of building public rental housing in our country is aggravated.However,at present,the funds for building public rental housing mainly depend on government investment and bank loans,and the financing channels are narrow,which is not conducive to the sustainable construction of public rental housing.Therefore,it is urgent to explore new sources of funds for public rental housing.The construction provides support.Asset securitization financing can optimize the financing structure,broaden the sources of funds,collect idle funds from investors as pre-construction funds of public rental housing.It can reduce the pressure of government public expenditure and ensure the adequate supply of public rental housing.Firstly,the paper combs the development history of public rental housing and the construction situation of each province,clarifies some policy points and specific implementation of public rental housing management,and introduces relevant theories,covering the specific meaning of REITs,mode classification,ABS operation process and related subjects.Secondly,it is feasible and necessary to carry out asset securitization of public rental housing in Chongqing from two aspects of internal and external conditions.The amount of public rental housing construction in Chongqing ranks first in the country,but the source of construction funds is not optimistic,so it is imperative to introduce asset securitization financing of public rental housing;and it is necessary to carry out asset certification of public rental housing in Chongqing from three aspects of national policy,financial market and investors.The feasibility of securitization is analyzed.Secondly,it designs the REITs and ABS schemes for the public rental housing project of "Jiangnan Waterfront",builds the framework and explains the principle of issuing REITs based on public rental housing and makes specific calculation,calculates the internal rate of return of public rental housing project of "Jiangnan Waterfront" under different issuance years,and details how to carry out ABS securitization financing with the support of future rental income of public rental housing.Detailed description,calculated the interest rate of "Jiangnan Waterfront" project under different issuance years,and compared REITs and ABS schemes from three aspects of feasibility,risk and income.Finally,the paper puts forward some suggestions on the development of public rental housing asset securitization financing in Chongqing.Facing the current financing problems of public rental housing construction,it is feasible to use securitization financing methods REITs and ABS to finance,but there are also some obstacles.To overcome these obstacles,the government should improve relevant laws and regulations,standardize the operation process of public rental housing asset securitization,improve the management of public rental housing asset pool,strengthen the construction of securitization organization and personnel training.