An Analysis On China Urban Land Assets Securitilization

The establishment of urban land purchase & reserve system is a new innovation towards the present urban land use system. It could, to a larger extent, government could generally operate and control the first land trade market and maintain urban land's value and its accumulation and improve the capacity of government's revenue. But in the other hand, it is exposed of series demerits, among which is vital that its financial channel is too limited. If it is simply depends on traditional channels such an fiscal supports or loans from banks, it would be in lack of resources that it could not efficiently operate the projects such as urban land integration ,land development & readjustment and land reserve, and etc. Therefore, it is of vital significance that a innovative financial channel should be found. The article, based on the attempts on reforms on the existing urban land use system, and combined with ideas about assets securitilization in finance engineering, tries to put forward a concept of urban land securitilization, which is supported by assumptions on the introduction of urban land lease system. It mainly focus on designs of varied land assets—backed securities ,which aim to support financial consistence in the process of land reserve institution's business in Urban land integration, development and reservation. The article, formulates in a main framework on urban land securitilization and it is divided six chapters in the overall content.Chpter one, forewords. It is a theoretical foundation and prerequisite of the essay. On the analysis of demerits of existing urban land use system, the article introduces the concept of securitilization in finance engineering , then present the idea of urban land securitilization ,which refers that land reserve institutions , with its incentive to lower the costs on finance , integrate the land assets that could probably produce yields in future ,then rearrange the facts of risks and yields in the land assets through a special construction ,finally change it into some kind of flow security in the financial markets. Therefore, the article lists the latest research fruits concerned then points that it is correspond to the market development law if urban land is adequately securitilized.Chapter two, a overall analysis on efficiency of urban land securitilization. The article firstly defines the content of urban land securitilization then systematically analyzes the external efficiency and internal efficiency. It then go on to a higher dissertation of the co relationship between economic efficiency and financial efficiency, finally conclude into four factors to decide the urban land securitilization thai is general...