The Analysis On The Product Design Of The Special Plan For Asset Support Of Imixpark

REITs(Real Estate Investment Trusts)are essentially a form of Real Estate asset securitization and innovative financial products of the Real Estate industry.As a securitization product in the real estate field,REITs not only retains its characteristics of high returns,but also improves the income stability and capital liquidity of invested real estate assets.Under the background of the transformation and upgrading of China's economic structure and the pursuit of financial innovation,the emergence of REITs not only meets the external financing needs of real estate enterprises,but also broadens financing channels for the majority of investors with idle funds.REITs originated from the United States and have a relatively mature market environment.However,due to the differences between China's economic and political environment and that of the United States and other developed countries,the development mode of REITs in China still needs to be explored continuously,and REITs programs suitable for China should be designed in combination with China's national conditions.Therefore,this paper plans to analyze the products combining private real estate fund and REITs according to the first order,and provide experience for the design and development of REITs products in China.In this paper,case analysis,literature research,qualitative and quantitative analysis methods were adopted to analyze the special asset support plan of daarong city,and enlightenment Suggestions were put forward for different subjects.Finally,conclusions were drawn.This paper is divided into five parts: the first part is the introduction,including the research background and significance,research methods and content,domestic and foreign research status and the innovation of the paper;The second part is the introduction of relevant theories of asset securitization and REITs.It mainly describes the process of asset securitization and the design ideas and characteristics of REITs products,and provides directions for the case analysis in the following part.The third part is the case description,which introduces the issuing background,issuer and related participants of the special plan of asset support of Imixpark,as well as the design process and issuing situation of the product of the special plan of asset support of dairong city in detail.The fourth part is the case analysis of product design.It analyzes the project motivation,product operation mode and transaction structure,basic asset composition,product income,credit enhancement mode,product pricing and exit process,and conducts qualitative and quantitative analysis of the advantages and risks in the design.The fifth part is the case enlightenment and Suggestions.The enlightenment Angle is from the case itself,and the Suggestions are put forward from the government departments,issuers and investors.