Research On Asset Securitization Of Rental Income From Indemnificatory Public Rental Housing In Wuhan Real Estate

In recent years,due to the acceleration of China's urbanization,the number of migrants in large and medium-sized cities has surged,and housing demand in these regions has continued to rise,and gradually rising house prices have exceeded the affordability of many buyers,the contradiction between housing supply and housing demand is becoming increasingly fierce.In order to solve the housing problems of low-and middle-income people in cities and towns,to improve residents' "happiness" and "gain",and to make social stable and harmony,the state began to vigorously promote affordable housing projects.Public rental housing is an important part of affordable housing projects,and with the development of China's housing rental market,it has attracted more and more attention.At present,the construction funds for affordable public rental housing mainly come from local government and bank credit,but with the continued expansion of the scale of stocks and the rapid increase in incremental scale,the current financing model is unsustainable.At the same time,due to the large amount of capital required for construction,long cost recovery period,and low return on investment,etc.,this situation of financing is further exacerbated.Asset securitization can help improve the liquidity of leased assets.Securitization of leased assets can enable local governments to recoup their investments in advance and reduce their financial pressure.Therefore,the research on the asset securitization of affordable housing projects,especially the securitization of public rental housing lease assets,has important theoretical and practical significance for the construction of affordable housing in China.This article selects the Yangtze River Asset Management-Wuhan Real Estate Affordable Public Rental Housing Rental Income Assets Support Special Plan as the research object.First,the definition and development of affordable housing and the financing process of affordable housing projects are summarized,and the main types and models of asset securitization of affordable housing projects are discussed,and compared the situation in different countries;Then use the case analysis method to introduce the basic situation of the case including the basic background of the implementation background,securitization process and fundraising results of the case,from the financing scale and structure,asset pool design,participating institutions,credit enhancement and rating,product risk and financing costs,etc.,conducted in-depth analysis,and summarized the product has the advantages of high safetyfactor,flexible product term,diverse credit enhancement methods,high expected yield,ease of financial pressure,and early recovery of investment.At the same time,it also pointed out that the case has shortcomings such as high debt concentration,lack of legal subjects,insufficient of liquidity and single basic assets;Finally,according to the related problems in the case,this article proposes solutions from bankruptcy isolation,decentralized debt repayment subjects,improving the trading market,and selecting high-quality basic assets.