Design And Application Of The Financing Model Of The Assets-Backed Securitization For Real-estate Enterprises

China's real-estate financing mainly rely on bank loans. In order to change the dependence of the bank loans, the real-estate industry needs to strengthen the direct financing methods to attract and receive funds from the capital markets. At present, the main direct financing methods that available for China's real-estate enterprises are through listed stocks and bonds. However it cannot resolve the main difficulties in financing for the majority of the real estate companies. Foreign real-estate financing experience has shown that the Assets-backed Securitization is an effective model for real-estate corporate finance and worthy to do further development on it.This thesis is to base on the theory of Asset-Backed Securitization as well as to take into account the characteristics and main features of the of China's real-estate industry corporate financing models; meanwhile to combine the implementation of the foreign asset-backed securitization model to put forward the basic pattern and operational flow/process for the asset-backed securitization for China's real-estate enterprises.First of all, this thesis expressed and explained the meaning and the methods of this research through the analysis of the current situation of financing models for China's real-estate companies. Second, by giving a comprehensive analysis in the organization and financing characteristics of the asset-backed securitization model in the real-estate industry of United States, Great Britain, and Japan, then lead to a SWTO analysis in the application of asset-backed securitization in China. Third, through building a basic foundation by analyzing of foreign asset-backed securitization model and also did a SWOT analysis of China's current asset-backed securitization model, the paper proposed the basic pattern and operational flow process for the asset-backed securitization for China's real-estate enterprises. In the end, the article generates the basic model of China's asset-backed securitization and performed research in the application of its main process, as well as carried out the analysis on the application of the asset-backed securitization model for a completed real-estate project to compare the risks and benefits of the asset-backed securitization financing model with other traditional financing methods. Through the comparison, it is easy to realize that the asset-backed securitization represents a significant reduction in financing costs; and on the other hand, it could also improve the benefits of the project and meanwhile reduced the project's financial risks. To sum up, through the entire researches and studies, the article is a definite proof of the statement that the asset-backed securitization is an appropriate and effective financing method for China's real-estate enterprises.