Research On The Optimization Of The Securitization Plan Of Talent Rental Housing In Hainan Province

In recent years,the bubble effect of real estate has become more and more serious,and the Chinese government has continuously increased its control efforts.In order to support the development strategy of "Houses are for living in and not for speculative investment" and "Encouraging both renting and purchasing",the central and local governments have introduced a series of policies to accelerate the construction of the rental housing market.Compared with the rapid development of other rental housing,the development of talent rental housing is slow due to factors such as operating entities and funding sources.Under this circumstance,asset securitization provides financial support for the development of talent rental housing,and at the same time,the quasi REITs(Real Estate Investment Trusts)model creates an exit channel for it,which greatly improves the efficiency of capital use.In the actual operation and application process of the asset securitization of talent rental housing,it is inevitable that there are still many problems that need to be solved.Promoting the asset securitization of talent rental housing is a challenging task and a long way to go.This article selects the Hainan talent rental housing asset securitization based on the background of " Encouraging both renting and purchasing" and "Millions of talents entering Hainan",which is also one of the first batch of talent rental housing asset securitization projects,as the research object.First,this article introduces the issuing company,the issuing background,the specific transaction structure of the issuing plan and the credit enhancement mechanism.Next,through comparative analysis and other methods,this paper analyzes the case release scheme,analyzes the particularity and specific implementation effect of the quasi-REITs model selected in this case,and finds out the reference for similar projects in the future.The rationality of the pricing of senior securities is also analyzed.Then analyze the shortcomings of the issuance plan,and emphatically point out that there are four main deficiencies in the issuance: Firstly,from the perspective of the classification of securities,in the issuance case,the relevant rights and obligations of the various levels of asset securitization are too separated,and the equity attributes of the priority securities are too low.Only by realizing public offerings can we obtain asset appreciation income,which hinders subsequent promotion to a certain extent.Secondly,the effect of risk isolation is not thorough enough.Although "Bankruptcy isolation" has been achieved,the issuer’s participation in the operation of underlying assets has resulted in associated risks in operation.Thirdly,compared with the development strategy of Hainan Province to attract talents,the coverage area of asset securitization in this period is smaller,which only guarantees the housing problem after the introduction of talents in Haikou City,and cannot further support the introduction of talents throughout Hainan.The fourth is that,from the perspective of credit enhancement mechanism,the main body of credit enhancement institutions is single.In response to the above-mentioned specific defects,this article proposes a number of specific improvement measures for the issuance plan,and then designs a new optimized solution based on this,which is in contrast with the original plan.The effect of the new solution was also calculated,in order to effectively solve the problems in this case and to be correctly used in new projects in the future.The securitization of talent rental housing assets in Hainan Province has adopted the quasi-REITs model and has achieved certain results,which is worth learning from other regions in the process of developing talent rental housing.Although REITs in China are still in their infancy,the successful practice of the quasi-REITs model in talent rental housing asset securitization reflects that REITs can be a positive and beneficial solution in terms of solving talents and regulating real estate.This requires relevant departments to speed up the improvement of REITs related laws and regulations,actively carry out related pilot work of REITs,and strive to promote them in China.