Research On The Asset Backed Securities Of Rubik's Cube Apartments In China

With the development of China's urbanization,land resources are becoming increasingly scarce,which leads to a decrease in the supply of new houses,a year-on-year increase in housing prices,and a continuous increase in the threshold for young people to buy a house for the first time.In this context,the state has successively issued relevant policies,vigorously advocated the policy of the same right of lease and sale,and encouraged enterprises to develop the long-term rental apartment market.Since 2016,the long-term rental apartment industry has shown a blowout trend,and the industry seems to be thriving.But at the same time,it is also accompanied by many problems: large upfront investment,long return cycle,financing difficulties,profit difficulties and other common problems in the industry.This paper selected industry on behalf of the rubik's cube apartment trust usufruct asset securitization special plan as a case study,combined with the related theoretical basis,from the rubik's cube apartment issue ABS traded assets,architecture,credit rating and risk disclosure and preventive measures,through the study of the case,for the future industry provides a reference for opening up new financing channels.Firstly,the paper expounds the basic assets,transaction structure,participants,cash flow,information disclosure and other information of the ABS of rubik's cube apartment.Secondly,the ABS case of rubik's cube apartment is deeply analyzed,including future industry development prospect,future cash flow forecast analysis,potential risk analysis,transaction structure analysis and credit rating analysis.It is worth mentioning that the successful application of double rubik's cube apartment special purpose vehicle SPV architecture design will be rental income of the trust of the right to convert to have stable cash flow of creditor's rights,and through the way of internal and external credit enhancement made securitised products reached the AAA priority in bonds,this innovative architectural design is of great reference significance,also is the traditional asset securitization theory enriched and perfected.Thirdly,based on the above analysis,the possible risks of financing through ABS in the apartment industry are described,and corresponding preventive Suggestions are put forward.Finally,summed up as the first single apartment industry domestic asset securitization products,rubik's cube flat ABS to respond to the state council to speed up the cultivation and development of the housing rental market,reflect the value of the asset securitization services entity economy,apartment for light in the operating enterprises expand the financing channels,is conducive to capital market investors to rent the apartment economic model and commercial value,for the future industry corporate finance provides effective basis for same type.