The Research Of Application Of Asset Securitization In Commercial Real Estate Financing

Asset Securitization originated from America, widely accepted around the world, From Europe to Latin America, from Australia to Southeast Asia, many countries have tried hard to promote this financing innovation, because of its characteristics of lower financing cost, smaller risk and higher return. But in China, it is in the initial stages of development, as in the Commercial Real Estate Finance, rare to hear of. This paper introduces the theory of Commercial Real Estate and Asset Securitization, focuses on the application of Asset Securitization to Commercial Real Estate Finance and its feasibility and designs the system of Risk Management, so as to provide some inspiration to the Real Estate.First of all, the article introduces the theory of commercial real estate. As an important branch of the real estate, the characteristics of high risk but the higher return of the commercial real estate has great temptation for the investors. After 2000, the construction trend of shopping-mall overran, to a large extent because of this. Through comparative study, the author analyses the characteristics of Commercial Real Estate, thus lets decision-makers have a better grasp of it.Secondly, the article introduces the theory of Asset Securitization, "one core"-"the cash flow of the basic assets" , and "three principles"-"the reorganization of assets", "risk isolation" and "credit upgrade", grasps the asset securitization theory in essence.The innovation of financing model of Asset Securitization and the designment of the risk management are the core of the article. The thesis analyses the correlative law and tax, accounting systems, macroscopical policies and other aspects, which helps decision-makers better understand Asset-backed Securitization financing environment, but also pointed out the urgent need to improve China's financial system for the government. Then, a case of domestic asset securitization financing is given and studied- "Sanya property voucher". For the respect for reality and innovation, a model of "commercial real estate rent" + "cross-border" is proposed and a system of risk management is designed, so as to make sure that the risk is controlled comprehensively.