The Choice Of Real Estate Securitization

With the vigorous development of the last century the world real estate market, as a new financial tool innovation should, however, real estate securitization. Real estate securitization originated from the late1960s America’s mortgage markets, with the rapidly developing, in the80s, and then the securitization technology is widely used in mortgage debt outside of non mortgage assets, creditor’s rights and in the80s with the rapid rise of the financial market liberalization and internationalization, a vigorous development in European and American markets. And appeared in the90s, asset securitization began to enter in the Asian market, especially after the outbreak of the financial crisis in southeast Asia, in some Asian countries are developing rapidly. The financial instruments as a marker of the financial innovation around the world. Asset securitization is the world in nearly30years the financial sector of the greatest and fastest growing financial innovation and financial instrument, derivative securities and financial engineering is the combination of the technical. Real estate securitization, real estate investment is directly converted into marketable securities. Real estate securitization transform investors directly for real estate property rights to hold securities property rights certificates, the direct real estate investment into securities investment. Is the profit that real estate can be, as a guarantee or collateral to issue securities, and then be sold. Make it into securitised form, make the relationship between real estate and investors with converting property has the right of securities. Real estate securitization in China started relatively late, was initiated in2005by the China construction bank, citic trust and investment limited liability company in the market of more than3billion yuan of personal housing mortgage loans to support the real estate securitization. This is the first in the form of housing mortgage-backed securitization. And another is initiated by the national development bank, supporting investment co., LTD to issue nearly4.2billion yuan to support the real estate securitization. Both the rise of real estate securitization, which fully reflects the domestic situation of bank long support began to break the ice, a new financing platform is built step by step. Based on the real estate securities into a shaft is divided into four parts, the first part will be based on the source of the securitization of real estate concepts and features a rough introduction, with historical analysis method in this paper, the real estate germination and development of the international background; The second part introduces the developed capitalist countries such as America and Britain, countries such as the real estate securitization theory and the practice course, and compare with the development of real estate securitization in our country, and find the countries in the process of the development of real estate securitization successful experience as well as some deficiencies; The third part of the article is based on contemporary China’s basic national conditions, expounded the background of the burgeoning real estate securitization in our country, points out the necessity of the securitization of real estate development and the difficulties faced by developing; The article last part is the key parts, that is, to our country the development of the real estate securitization model design and architecture, the author put forth.