Asset Securitization and Its Application in the Real Estate Field
|Course||Technology Economics and Management|
|Keywords||Asset Securitization Real estate investment trusts Mortgage securitization|
Asset securitization is one of the nearly 40 years of international finance is the most important financial innovations, increasingly becoming important means of financing in the capital markets. Foreign development is already quite mature, has a wealth of experience is worth learning. Credit asset securitization pilot work has been carried out since 2005 in the bank credit asset securitization gained considerable experience, but by the subprime mortgage risk of financial crisis hardship affect the development of financial innovation has been stagnant. Moreover, asset securitization in other areas of our country is nearly blank condition. In recent years, China's real estate industry is the rapid development of the real estate industry has become a pillar industry of China's national economy and plays an important role in national economic development. With the continuous development of the real estate market and rising house prices, closely related to the real estate finance industry has also become the focus of attention. Chinese real estate industry, real estate financing channels for enterprises rely on bank credit single. The risk of the real estate market, real estate development loans and individual housing mortgage passed to the financial system. Presented in the current real estate bubble and the situation of excess liquidity, the real estate business of financing innovation and ease the real estate industry is to the credit of the bank funding pressures, asset securitization can solve our country is currently facing these problems need to be resolved. This paper studies asset securitization in China's real estate sector, from asset securitization basic theory proceed with the analysis of cash flow principle, the principle of bankruptcy remoteness, credit enhancement principle, to compare the development of the foreign asset securitization experience and our reference , summed up China's current development of asset securitization and regulatory compliance status, based on analysis of the feasibility and necessity of application of asset securitization in China's real estate, the three forms suitable for application in the field of China's real estate asset securitization . For showing China's real estate bubble and excess liquidity and other market conditions, analysis of the special risks faced by China's real estate asset securitization. This innovation will asset securitization theory is applied to the field of China's real estate, rich sources of financing for real estate enterprises in China, but also ease the pressure on bank loans, gives an idea of ??the healthy and stable development of China's real estate market and financial market.