Research On The Housing Balance Payment Asset Securitization

Real estate enterprises rely heavily on funds,and effective financing channels is the key to the normal operation of real estate enterprises.In recent years,real estate companies have difficulty in financing,and traditional financing channels are difficult to meet the capital needs of real estate companies.Therefore,exploring new financing models and breaking through the dilemma of funds is the key to the survival and development of real estate companies.The housing balance payment asset securitization is a new financing model adopted by China's housing enterprises.Many housing companies have begun to use this financing model for financing.However,due to the lack of practical experience,the funds raised by this financing model in practical applications are not large.Based on this,this paper first analyzes the operation process,practical points,financing risks and financing effects of Country Garden's use of this model for financing,and summarizes the practical experience of Country Garden.Secondly,this paper analyzes the impact of the issuance of these securitized products on shareholders' short-term wealth by taking samples of the final asset securitization products issued by Country Garden and several typical housing companies from January 2016 to December 2018.The study found that the issuance of asset-backed assets at the end of the purchase has some impact on the short-term wealth of the shareholders of the housing company.The primary purpose of securitization of the assets at the end of the purchase is financing.This financing model broadens the financing channels for housing companies,Improved the company's financial situation and operating capacity and helps promote the development of real estate enterprises.Finally,based on the conclusions of the case,this paper proposes several recommendations for real estate companies and investors with important practical guidance.