Risk Evaluation Of The Asset-backed Securities Of Cube Apartments

On June 3^rd,2016,the“Opinions on Accelerating the Cultivation and Development of the Housing Leasing Market”issued by the General Office of the State Council pointed out that“we should support eligible housing leasing companies to issue bonds and real estate securitized products,and steadily promote the trials of real estate investment trust funds.With the introduction of policies,major real estate developers have planned to issue long-term housing lease asset securitized products.Rubik's Apartment took the lead in launching the first long-term housing lease asset securitized product,followed by Xinjia Apartment,Poly Real Estate and China Merchants Shekou who launched their own long-term housing lease asset securitized products later.With the continuous expansion and improvement of the capital market,asset securitization has developed very rapidly in China.Up to June 27^th,2019,a total of 3,159 securitized products had been issued,involving an amount of 6424.434 billion yuan;2,157 are currently in existence,involving an amount of3085.037 billion yuan.The asset securitized product itself is a low-risk security product,but due to the complexity of such a financing model,we do not have a deep understanding of the low-risk composition of such a product.This paper analyzes the risks involved in the product structure,pricing and basic assets through case studies,quantifies the risk structure,and deeply understands the risk structure and low risk degree of asset securitized products,supporting the investment and management of asset securitized products,which is of practical significance.First of all,this paper introduces the basic situation of asset securitization in China,and introduces the structure design,pricing method and theory of asset securitization.On this basis,according to the principle of typicality and novelty,this paper selects the case of the asset-backed securities issued by Rubik's Apartment,identifies the risks by analyzing the structure,pricing and basic assets of the company,and establishes a three-tier risk assessment indicator system.The target level is the risk of the asset-backed securities issued by Rubik's Apartment.The second layer includes structural risk,pricing risk,underlying asset risk and other risk components.The third layer is 21 specific risks.Secondly,the comprehensive fuzzy evaluation method should be improved by using the principle of entropy,and the weight of the index should be determined by the entropy weight method to overcome the subjectivity.The fuzzy comprehensive evaluation method based on entropy weight method is used to analyze the risk of the asset-backed securities issued by Rubik's Apartment.The results of the evaluation are analyzed to explore the risk structure and risk level of the asset-backed securities issued by Rubik's Apartment.Compared with the actual situation,the model can reasonably evaluate the risk level of the product.Finally,based on the risk assessment of the asset-backed securities issued by Rubik's Apartment,this paper proposes risk control measures for the management and investment of long-term housing leased asset securitized products,and conducts targeted analysis.Emphasis is placed on risk control in all aspects of structural design and pricing.Participants should maintain neutrality and diligence to promote the normal operation of products.Service intermediaries should maintain certain quality control to ensure the accuracy and completeness of information,expecting to reducing the risk of asset securitized products and to ensure the smooth operation of the project.